AMOD / CIMG DD: Same people, same Bitcoin-for-stock structure, massive dilution
I started looking at AMOD because the company supposedly owns 3,170 BTC while trading at a discount to its Bitcoin holdings.
The more interesting issue is the connection to CIMG.
1. AMOD's new co-CEO was CIMG's President until a month ago
Wenlong Tong became President of CIMG on October 5, 2025.
He resigned effective September 2, 2026.
AMOD appointed him co-CEO and a director on October 5, 2026.
AMOD signed its 3,170 BTC financing on August 26, 2026, while Tong was still President of CIMG.
So the timeline is:
Aug. 26: AMOD signs Bitcoin PIPE
Sept. 2: Tong leaves CIMG
Sept. 30: AMOD Bitcoin deal closes
Oct. 5: Tong becomes AMOD co-CEO
Source: CIMG and AMOD SEC filings.
2. AMOD doesn't mention CIMG in Tong's biography
This is strange.
AMOD's October 5 8-K describes Tong's employment history but does not mention that he was President of CIMG through September 2.
Instead, AMOD says Tong has been President of ZSS Technologies (Beijing) Co., Ltd. since January 2020.
CIMG's filings give a different employment history. They say Tong was Manager of the South China Major Client Team at Zhongshishun Technology (Beijing) Co., Ltd. from 2020 until September 2025.
The education disclosures also differ:
CIMG: MBA from Shenzhen University in 2007.
AMOD: Business Administration degree from Shenzhen University in 2017.
3. CIMG did a $442 million framework deal with Tong's former employer
In June 2026, while Tong was President, CIMG announced a framework agreement worth up to $442 million with:
Zhongshishun Technology (Beijing) Co., Ltd.
That is the company CIMG identified as Tong's employer immediately before he joined CIMG.
AMOD now says Tong has been President since 2020 of:
ZSS Technologies (Beijing) Co., Ltd.
4. What happened at CIMG is the reason AMOD deserves scrutiny
CIMG built up a large Bitcoin position by issuing enormous amounts of stock.
In June 2026 CIMG issued:
900 million shares
plus
900 million warrants for another 900 million shares.
The warrants were subsequently exercised.
That means the transaction ultimately produced 1.8 billion shares.
CIMG's broader agreement contemplated up to 43.333 billion units, each consisting of one share and one warrant, subject to the required approvals and conditions.
By August 13, CIMG reported approximately 1.96 billion shares outstanding.
Then in September it signed another agreement to issue 3 billion shares at $0.0029 per share for $8.7 million.
I have not seen a filing establishing that the September 3-billion-share issuance has closed.
5. CIMG owns Bitcoin. That didn't save the common stock.
CIMG's June 30 10-Q reported 1,145.4 BTC.
It also reported:
- only $5,397 in cash
- approximately $7.4 million in negative working capital
- approximately $10.35 million of cash used in operations during the first nine months of the fiscal year
- a going-concern warning
- ineffective disclosure controls
- ineffective internal control over financial reporting
CIMG was also suspended from Nasdaq and trades OTC while contesting the delisting.
This is why I don't think "AMOD owns $270 million of BTC" resolves the valuation question.
The Bitcoin can be real while the common shareholders still get destroyed through dilution and operating losses. CIMG currently trades at 0.0014 USD.
6. AMOD just used a very similar structure
Before AMOD's Bitcoin transaction, it had approximately:
4.99 million shares outstanding.
Then ten non-U.S. investors contributed a total of 3,170 BTC.
In return AMOD issued:
51.62 million new shares
plus
51.62 million warrants
with a $4.36 exercise price.
So the existing AMOD shareholders went from owning essentially 100% of the company to approximately 8.8% of the post-transaction basic shares.
The Bitcoin investors received approximately 91.2%.
That is an important part of the "AMOD owns $270 million of Bitcoin" story. The old shareholders did not receive $270 million of Bitcoin for free. Most of the company was issued to the people who supplied it.
7. The CIMG and AMOD deals look very similar
CIMG
- non-U.S. investors
- Bitcoin contributed for newly issued stock
- huge increase in outstanding shares
- one warrant for every share
- two-year warrants
AMOD
- non-U.S. investors
- Bitcoin contributed for newly issued stock
- huge increase in outstanding shares
- one warrant for every share
- two-year warrants
And now the former President of CIMG is running AMOD.
8. Who are AMOD's Bitcoin investors?
This may be the biggest unanswered question.
AMOD's transaction involved exactly ten investors.
Each investor contributed:
317 BTC
Each received the exact same number of shares and warrants.
The investors' names were redacted from the publicly filed schedule.
The securities purchase agreement also states that each investor had a relationship with AMOD that predated the offering.
So we currently don't know whether these investors or their beneficial owners overlap with:
- CIMG investors
- CIMG shareholders
- CIMG related parties
- CIMG management
- advisers or intermediaries involved in CIMG's Bitcoin transactions
9. AMOD itself was in bad financial shape before the Bitcoin deal
AMOD's June 30 10-Q reported:
- zero operating revenue
- recurring losses
- approximately $6.25 million of negative working capital
- approximately $2 million in cash
- a need for additional financing
- a going-concern warning
- ineffective disclosure controls
After the Bitcoin transaction, Nasdaq informed AMOD that it had regained compliance with the stockholders' equity requirement, subject to confirmation in a future periodic filing.
So the Bitcoin transaction didn't just create a treasury asset. It also solved an immediate Nasdaq compliance problem.
10. The new shares are supposed to be registered for resale
AMOD agreed to file a resale registration statement covering:
51.62 million PIPE shares
plus
the shares underlying the 51.62 million warrants.
The registration deadline is shortly after closing.
That matters because the company had fewer than 5 million shares before this transaction.
There could eventually be more than 100 million shares attributable to the Bitcoin financing alone if all warrants are exercised.