| Disclosure of digital assets held [text block] |
12 Digital assets held
The tables below present the movement of Digital assets held - inventories and Digital assets held - intangible assets for the year ended December 31, 2025 and 2024 (in thousands).
| | | Digital | | | Digital | |
| | | assets held - inventories | | | assets held - intangible assets | |
| | | 2025 | | | 2024 | | | 2025 | | | 2024 | |
| As of January 1, | | $ | 573,876 | | | $ | 1,289,346 | | | $ | 1,878,268 | | | $ | — | |
| Reclassification of digital assets from inventories to intangible assets | | | — | | | | (928,690 | ) | | | — | | | | 928,690 | |
| Reclassification of digital assets to financial assets | | | (2,154 | ) | | | (3,709 | ) | | | — | | | | (3 | ) |
| Additions | | | 244,587,454 | | | | 250,218,679 | | | | 103,538,787 | | | | 5,606,967 | |
| Disposals | | | (244,811,387 | ) | | | (250,201,282 | ) | | | (103,216,831 | ) | | | (5,554,454 | ) |
| Loan and other receivables made, net(i) | | | 876 | | | | (1,724 | ) | | | (193,907 | ) | | | (76,483 | ) |
| Net settlement of Investments in financial assets | | | — | | | | — | | | | (381,447 | ) | | | (22,187 | ) |
| Revaluation | | | (142,487 | ) | | | 201,256 | | | | 409,644 | | | | 1,020,339 | |
| Impairment losses | | | — | | | | — | | | | (497,443 | ) | | | (24,601 | ) |
| As of December 31, | | $ | 206,178 | | | $ | 573,876 | | | $ | 1,537,071 | | | $ | 1,878,268 | |
| (i) | The net repayment or proceeds from Loan and other receivables made/(returned), net, accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions. |
BULLISH
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12 Digital assets held—(continued)
The tables below present the movement of Digital assets held - financial assets for the year ended December 31, 2025 and 2024 (in thousands):
| | | Digital | |
| | | assets held - financial assets | |
| | | 2025 | | | 2024 | |
| As of January 1, | | $ | 132,649 | | | $ | 253,663 | |
| Reclassification of digital assets to financial assets | | | 2,154 | | | | 3,712 | |
| Additions/(disposals), net | | | 2,908,689 | | | | (60,877 | ) |
| Proceeds from issuance of Ordinary shares | | | 1,150,000 | | | | — | |
| Loan and other receivables made, net(i) | | | (3,138,839 | ) | | | (26,810 | ) |
| Net settlement of Investments in financial assets | | | 6,086 | | | | (8,598 | ) |
| Net settlement of perpetual contracts | | | (12,764 | ) | | | (29,603 | ) |
| Revaluation | | | (10,060 | ) | | | 1,162 | |
| As of December 31, | | $ | 1,037,915 | | | $ | 132,649 | |
| (i) | The net repayment or proceeds from Loan and other receivables accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions/(disposals), net. |
The table below presents the breakdown of Digital assets held - financial assets by venue (in thousands):
| | | December 31, | | | December 31, | |
| | | 2025 | | | 2024 | |
| Digital financial assets held on the Exchange wallets | | $ | 84,993 | | | $ | 67,514 | |
| Digital financial assets held on the non-Exchange wallets | | | 952,922 | | | | 65,135 | |
| Total Digital assets held - financial assets | | $ | 1,037,915 | | | $ | 132,649 | |
BULLISH
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12 Digital assets held—(continued)
The table below presents the implied units and carrying amount of digital assets, denominated in units and US dollars, for Digital assets held - inventories, Digital assets - intangible assets, and Digital assets - financial assets (in thousands):
| | | December 31, | | | December 31, | |
| | | 2025 | | | 2024 | |
| | | Units | | | Fair Value | | | Units | | | Fair Value | |
| BTC(i) | | | 18.03 | | | $ | 1,598,225 | | | | 22.70 | | | $ | 2,143,529 | |
| ETH(i) | | | 12.52 | | | | 37,410 | | | | 61.65 | | | | 208,862 | |
| Stablecoins(ii) | | | | | | | 1,056,666 | | | | | | | | 206,551 | |
| Others(iii) | | | | | | | 88,863 | | | | | | | | 25,851 | |
| Total Digital assets held - inventories, intangible assets, and financial assets | | | | | | $ | 2,781,164 | | | | | | | $ | 2,584,793 | |
| (i) | BTC and ETH balances presented include tokens that are wrapped such as cbBTC (8,177 units valued at $725.8 million as of December 31, 2025 and none as of December 31, 2024), wBTC (227 units valued at $20.1 million as of December 31, 2025, 247.9 units valued at $23.4 million as of December 31, 2024) and weETH (160.6 units valued at $0.5 million as of December 31, 2025, 48.1 units valued at $0.2 million as of December 31, 2024). |
| (ii) | Stablecoins are a digital asset intended to maintain a stable value by tracking a reference asset, such as USD, typically on a one-to-one basis. As of December 31, 2025 individual assets that comprise greater than 5% of the balance include USDC ($464.9 million), USDG ($204.3 million), and PYUSD ($161.1 million). As of December 31, 2024, individual assets that comprise greater than 5% of the balance include USDC ($127.9 million), SUSDE ($51.3 million), and USDT ($19.7 million). No other stablecoins represent greater than 5% of the total balance. |
| (iii) | Any digital asset that individually represents less than 5% of the digital asset balance presented is grouped together as Others. |
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