AGM Group Holdings is a small technology company with two business lines: cryptocurrency mining hardware and fintech/blockchain software services. The core hardware business involves designing, manufacturing, and selling ASIC miners — specialized machines used to mine Bitcoin and other cryptocurrencies. AGM's flagship product is the KOI MINER C16, built on a chip manufactured by SMIC, and sold directly to crypto miners in the U.S., Canada, and Europe. AGM also provides software development and consulting services to brokers and institutional clients in Asia, though this is a secondary activity. AGM's hardware revenue is driven by units sold and price per machine. The company sources components from a highly concentrated supplier base — the top two suppliers accounted for 100% of cost of revenues in FY24 — and sells to an equally concentrated customer base, with the top three customers accounting for 97% of FY24 revenue. In practice, AGM operates more as an asset-light trading and distribution business than a true manufacturer. In May 2025, AGM agreed to sell its hardware manufacturing subsidiary, Nanjing Lucun, for $57.5M, though the deal remains subject to closing conditions. AGM faces serious operational and financial challenges, including a pending Nasdaq delisting, four auditor changes since 2022, and near-zero tangible assets.