Corporate Profile
AiRWA Inc. (formerly Yuanyu Intellicap Limited) is a Delaware corporation headquartered in Hong Kong. The company operates through its wholly-owned subsidiary, Yuanyu Enterprise Management Co., Limited (YYEM), and holds strategic investments in cryptocurrency exchange and AI technology businesses.
| Corporate Information | Details |
|---|---|
| Legal Name | AiRWA Inc. |
| Former Name | Yuanyu Intellicap Limited |
| Ticker Symbol | YYAI (Nasdaq) |
| Incorporation | Delaware, USA |
| Headquarters | Hong Kong |
| Primary Subsidiary | Yuanyu Enterprise Management Co., Limited (YYEM) |
| Fiscal Year End | April 30 |
| Auditor | Olayinka Oyebola & Co. |
Executive Management
| Name | Position | Since | Background |
|---|---|---|---|
| Thomas Tarala | Chief Executive Officer | Nov 2024 | Also serves as Director of StablecoinX (TLGY) and CHAI |
| Jianming Ji | Chief Financial Officer | — | Financial oversight and SEC reporting |
| Hongyu Zhou | Chairman of the Board | — | ~13.8% ownership; ~$7.64M invested (Form 4 verified) |
| Zhenfei Li | Independent Director | — | Board oversight |
| Ching Chan | Independent Director | — | Board oversight |
| Wenjian Ying | Independent Director | — | Board oversight |
Recent Corporate Developments
YYAI has undergone significant transformation in 2025, executing several strategic transactions that have reshaped the company's business model and asset base.
JuCoin Joint Venture (August 2025)
YYAI entered into a joint venture agreement to develop JuCoin, a cryptocurrency exchange platform. The company holds a 51% stake in a $500 million joint venture, representing YYAI's largest strategic asset. JuCoin is expected to launch in Q2 2026 and will provide trading infrastructure for cryptocurrency pairs.
| JuCoin JV Details | Value |
|---|---|
| Total JV Value | $500,000,000 |
| YYAI Ownership | 51% |
| YYAI Stake Value | $255,000,000 |
| Expected Launch | Q2 2026 |
| Business Model | Cryptocurrency exchange trading fees |
Aberfeldy Acquisition (September 2025)
YYAI acquired Aberfeldy, an AI technology company, for $140 million. This acquisition provides YYAI with AI capabilities that may be leveraged for trading algorithms, infrastructure services, or other technology applications within the Ethena ecosystem.
| Aberfeldy Acquisition Details | Value |
|---|---|
| Acquisition Price | $140,000,000 |
| Business Focus | AI Technology |
| Strategic Value | Infrastructure capabilities for crypto ecosystem |
Reverse Stock Split (October 2025)
YYAI executed a reverse stock split to maintain Nasdaq listing compliance. This corporate action adjusted the share count and price but did not affect the company's fundamental value or cash position.
YYEM Minority Acquisition
The company acquired the remaining minority interest in its Hong Kong subsidiary YYEM, consolidating full ownership of its primary operating entity.
Financial Position Analysis
Balance Sheet Highlights
| Balance Sheet Item | Value | Per Share | Notes |
|---|---|---|---|
| Cash and Cash Equivalents | ~$129,500,000 | ~$3.08 | As of October 31, 2025 (10-Q) |
| JuCoin JV Investment (51%) | $255,000,000 | $6.71 | 51% of $500M (pre-haircut) |
| Aberfeldy Acquisition | $140,000,000 | $3.68 | AI technology (pre-haircut) |
| IP Licensing Business | ~$36,000,000 | $0.95 | Legacy business (pre-haircut) |
| Total Assets (Estimated) | ~$285,000,000 | $7.50 | Pre-haircut values |
| Total Liabilities | ~$15,000,000 | $0.39 | Minimal debt structure |
| Stockholders' Equity | ~$270,000,000 | $7.11 | Book value |
Capital Raises and Dilution
YYAI has raised capital through multiple mechanisms to fund its strategic initiatives:
At-the-Market (ATM) Facility
| ATM Facility Details | Value |
|---|---|
| Total Gross Proceeds | $179,200,000 |
| Shares Issued via ATM | Various tranches |
| Use of Proceeds | Working capital, JV funding |
December 2025 Registered Direct Offering
On December 22, 2025, YYAI sold 15,382,378 shares (36.5% of the company) to nine accredited investors at $1.02 per share. This represents a ~67% discount to the company's estimated cash value of ~$3.08 per share. Buyer identities remain undisclosed.
| December 2025 Placement | Value |
|---|---|
| Shares Sold | 15,382,378 |
| Percentage of Company | 40.6% |
| Price Per Share | $1.02 |
| Gross Proceeds | $15,689,990 |
| Net Proceeds | $14,773,528 |
| Number of Investors | 9 accredited investors |
| Average Investment | ~$1,740,000 |
| Discount to Cash | 70.6% |
Use of Proceeds
The December 2025 prospectus supplement explicitly states the use of proceeds:
This explicit designation for the JuCoin JV confirms that capital is being deployed toward revenue-generating assets rather than general corporate purposes.
Revenue and Operations
| Operating Metrics | Value | Notes |
|---|---|---|
| Revenue Run-Rate | ~$39,000,000 | Annual estimate based on recent quarters |
| Primary Revenue Source | IP Licensing | Hong Kong-based operations |
| Expected Future Revenue | JuCoin Trading Fees | Post-Q2 2026 launch |
| Cash Burn Rate | ~$3-5M/quarter | Estimated operating expenses |
| Runway at Current Burn | 6-10+ years | ~$129.5M cash / quarterly burn |
Share Structure
| Share Structure | Shares | Percentage |
|---|---|---|
| Shares Outstanding (Post-December Placement) | ~42,000,000 | 100% |
| Chairman Zhou Holdings | 5,816,489 | 48.3% |
| December Placement Buyers | 15,382,378 | 36.6% |
| Estimated Public Float | ~6,300,000 | 15.0% |
With Chairman Zhou holding 48.3% and December placement buyers holding 36.6%, only approximately 15% of shares are available for public trading. This concentrated ownership structure has implications for liquidity and potential price volatility.
Business Model Summary
YYAI's current business model consists of three primary components:
- IP Licensing (Legacy): Ongoing revenue from intellectual property licensing operations in Hong Kong, generating approximately $39 million in annual revenue.
- JuCoin Cryptocurrency Exchange (Growth): 51% stake in a $500 million joint venture developing a cryptocurrency exchange, expected to launch Q2 2026 with trading fee revenue.
- Aberfeldy AI Technology (Strategic): $140 million AI technology acquisition providing capabilities for infrastructure services and algorithm development.
YYAI's combination of significant cash reserves, cryptocurrency exchange development, and AI technology positions the company as a potential participant in the broader Ethena ecosystem. The CEO's simultaneous role on StablecoinX's board creates natural pathways for business development and partnership opportunities.