Note 4 - Digital Assets Sales

12 Months Ended

Dec. 31, 2025

4 Digital assets sales

The following tables summarize the disaggregation of Digital assets sales by venue for the years ended December 31, 2025, 2024 and 2023 (in thousands):

	Year Ended December 31,
	2025		2024		2023
On the Exchange	$	244,414,963	$	250,179,460	$	115,607,215
On other venues(i)		396,424		21,822		884,944
Total Digital asset sales	$	244,811,387	$	250,201,282	$	116,492,159

⁽ⁱ⁾	Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.

Below is the table of Digital assets sales on the Exchange disaggregated by major geography, based on domicile of the customers, accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*
United Kingdom	$	72,492,926	$	74,295,884	$	38,127,807
Cayman Islands		46,923,742		*		14,377,101
British Virgin Islands		34,980,001		35,270,979		15,305,642
Singapore		*		90,980,790		13,786,923
Netherlands		*		*		23,693,869
Rest of the World		90,018,294		49,631,807		10,315,873
Total Digital asset sales	$	244,414,963	$	250,179,460	$	115,607,215

* Digital asset sales attributable to the geography during the period did not exceed the 10% threshold.

Below is the table of Digital assets sales on the Exchange disaggregated by major customers accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

Year Ended December 31,

2025

2024

2023

Customer A

57,649,927

62,890,467

34,908,743

Customer B

27,955,612

Customer C

85,566,459

Customer D

11,891,307

Customer E

14,361,697

Customer F

11,691,258

* Digital asset sales attributable to the customer during the period did not exceed the 10% threshold.