LM Funding America Inc (NASDAQ: LMFA) is a Bitcoin mining and specialty finance company that operates three distinct business lines: Bitcoin treasury operations, Bitcoin mining, and specialty finance. Revenue is generated through Bitcoin mining proceeds, gains on Bitcoin holdings, and finance receivables from delinquent community association accounts. The specialty finance segment focuses on nonprofit community associations primarily in Florida, purchasing rights under delinquent assessments in exchange for a portion of collected proceeds, including under its New Neighbor Guaranty program. During FY2025, LMFA invested $2.2 million in mining equipment, purchased $22.8 million in Bitcoin, and acquired a mining site for approximately $4.2 million. The company funded these activities partly through $27.3 million in net equity offering proceeds and $13.0 million in borrowings during FY2025. Approximately 86% of Bitcoin holdings are custodied at regulated third-party custodians chartered under New York Banking Law, with the remainder held in depository accounts where mining proceeds are deposited.

Revenue model

Transactional and asset-based: Bitcoin mining revenue recognized at daily closing prices from the principal market upon production; gains and losses on Bitcoin fair value; and specialty finance income from purchasing delinquent community association assessment accounts and collecting a portion of proceeds from account debtors.

Products and services

Bitcoin mining operations at owned and hosted facilities; Bitcoin treasury accumulation and custody; specialty finance products for nonprofit community associations including delinquent account purchasing and the New Neighbor Guaranty program.

Customers and end markets

Nonprofit community associations (homeowners associations and similar entities) primarily located in Florida for the specialty finance segment; Bitcoin network as the end market for mining operations.

Value-chain role

Bitcoin miner and treasury holder; specialty finance provider purchasing distressed receivables from community associations; uses regulated third-party custodians under New York Banking Law for approximately 86% of Bitcoin custody (as of the 10-K filed 2026-03-31).

Geographic exposure

Specialty finance operations primarily in Florida; Bitcoin mining operations at owned mining sites; custody arrangements with custodians chartered under New York Banking Law.

Source: SEC 10-K, filed 2026-03-31

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