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7 Change in fair value of digital assets held, net
The following table presents the components of the Change in fair value of digital assets held, net for the year ended December 31, 2025 and 2024 (in thousands):
| | | Year Ended December 31, | |
| | | 2025 | | | 2024 | | | 2023 | |
| Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange | | $ | 56,031 | | | $ | 71,685 | | | $ | 60,605 | |
| Change in fair value of digital asset inventories and financial assets, net of change in fair value of the payable to customers | | | (208,577 | ) | | | 130,733 | | | | 1,238,819 | |
| Change in fair value of loan and other receivables - digital assets | | | (24,994 | ) | | | 43,675 | | | | 53,510 | |
| Change in fair value of digital asset loan payable | | | 15 | | | | (14,449 | ) | | | (1,102 | ) |
| Impairment losses of digital asset held - intangible assets | | | (497,443 | ) | | | (24,601 | ) | | | — | |
| Total Change in fair value of digital assets held, net | | $ | (674,968 | ) | | $ | 207,043 | | | $ | 1,351,832 | |
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