Zeta Network Group
Zeta Network Group is a U.S.-based digital company organized around cryptocurrency mining through its wholly owned subsidiary, Model Queen Limited. The group operates as a holding and operating structure with activities tied to digital assets and related corporate financing and capital structure transactions.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOperations that generate digital assets through mining activity.
Holding, converting, and managing crypto assets and stablecoins.
Equity, warrant, note, and conversion-related financing activity.
Products
Reported · share of revenue- Concerts and Entertainment Events96.2 %
- Construction Management Consulting Services3.8 %
Source: 20-F FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The business is tied to the digital asset ecosystem rather than traditional end markets, so its economic counterparties are mainly crypto-related participants and capital providers. In practice, value is created through mining output, asset conversions, and financing structures that support the operating subsidiary and the parent company.
Buys or receives mined crypto assets and related digital asset transactions; value comes from blockchain-based settlement and asset exposure.
Provide equity, notes, warrants, or placement services used to fund operations and balance-sheet activity.
Engage in conversions, exchanges, and other non-operating crypto settlements.
Strategy
The company’s direction appears centered on maintaining and expanding its cryptocurrency mining platform while using capital markets transactions to fund the business. Its structure suggests a focus on digital asset accumulation, balance-sheet flexibility, and the legal/financing architecture needed to support a high-volatility crypto operation.
Mining is the core operating activity and the direct source of digital asset generation.
Crypto holdings and conversions affect liquidity, exposure, and realized value.
Capital raises and conversions support ongoing operations in a volatile sector.
Geography
The company is headquartered in the United States, with reported business and corporate addresses in New York. Its operating subsidiary, Model Queen Limited, is organized in Hong Kong, which creates exposure to Hong Kong tax and regulatory rules even though the parent is U.S.-based.
Risks
The business is exposed to the volatility and technical risk of cryptocurrency mining, including changes in token prices, mining economics, and asset impairment. It also faces financing and dilution risk from frequent equity-linked instruments, plus accounting complexity around fair value estimates and conversion transactions.
- Cryptocurrency price volatilityImpact: HighLikelihood: High
Mining revenue and treasury values move with token prices and conversion rates.
Exposure: Mined crypto assets and treasury holdings
- Financing dilution and complexityImpact: HighLikelihood: High
Convertible notes, warrants, and share issuances can dilute shareholders and increase structural complexity.
Exposure: Capital structure
- Mining economics and operating disruptionImpact: HighLikelihood: Medium
Mining returns depend on equipment performance, energy costs, and network difficulty.
Exposure: Crypto mining operations
- Fair value measurement uncertaintyImpact: MediumLikelihood: High
Warrants and crypto-related balances rely on estimates and market inputs.
Exposure
Accounting
Judgemental itemsAny service or transaction revenue must be recognized when performance obligations are satisfied.
Impact: Affects timing of reported revenue
Crypto assets may require write-downs when carrying value exceeds recoverable value.
Impact: Can materially reduce asset values and earnings
Warrants are remeasured using assumptions that can move with market conditions.
Impact: Affects other income/expense and equity
Converting notes, payables, and warrants into shares changes debt, equity, and non-cash financing flows.
Impact: Impacts leverage and cash flow presentation
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Last updated: 28/09/2026