v3.25.2
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 30,327 $ 36,639
Adjustments to reconcile net income to net cash used in operating activities:    
Net income received or to be received by digital assets (92,314) (161,789)
Equipment written off 168
Realized gain on sale of digital assets (2,426) (22,982)
Unrealized gain on digital assets receivables or payables (5,170)
Unrealized (gain)/loss on digital assets (15,074) 4,603
Depreciation of equipment:    
- Servers, computers, and network equipment 752 22
- Mining equipment 12,525 12,194
Interest expense   3,056
Share based compensation 299
Earnings from equity method investments (71)
Deferred income tax 1,876 5,228
Changes in operating assets and liabilities:    
Accounts receivable 106
Prepayments (5,371) (2,425)
Inventory (366)
Amount due from/(due to) related parties 4,565 (38,131)
Other current assets 2,276 (4,413)
Deposit receivables (324)
Accounts payable 10,826 2,139
Taxes (credit)/payable (156) 2,221
Accrued expenses and other payables 2,563 448
Net cash used in operating activities (54,299) (163,880)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sales of digital assets 76,833 130,643
Purchase of digital assets (10,500) (14,011)
Acquisition of subsidiaries, net of cash acquired (9,880)
Purchases of equipment (7,610) (36)
Net cash provided by investing activities 48,843 116,596
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of ordinary shares 431 75,187
Payment of issuance costs (11,560)
Net cash provided by financing activities 431 63,627
Net change in cash and cash equivalents (5,025) 16,343
Cash and cash equivalents at beginning of the periods 45,111 32,005
Cash and cash equivalents at end of the periods 40,086 48,348
SUPPLEMENTAL INFORMATION    
Cash paid for interest 96
Cash paid for income tax 482 628
Supplemental non-cash operating activities    
Net digital assets provided by operating activities 93,509 172,854
Supplemental non-cash investing activities    
Net digital assets used in investing activities (57,089) (116,632)
Supplemental non-cash financing activities    
Proceeds from long term-loans-digital assets $ 5,000