v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets
12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Loans and other receivables [text block]

13  Loan and other receivables - digital assets

 

The tables below present the movement of Loan and other receivables - digital assets for the year ended  December 31, 2025 and 2024 (in thousands):

 

  

Loan and other receivables - digital assets

 
  

2025

  

2024

 

As of January 1,

 $166,388  $17,696 

Digital asset loan receivables made, net

  248,073   78,498 

Digital asset pledged as collateral made, net

  51,692   22,488 

Interest

  5,323   4,031 

Revaluation gain/(loss)

  (24,994)  43,675 

As of December 31,

 $446,481  $166,388 

 

The following table presents Loan and other receivables - digital assets by type of underlying digital asset provided, denominated in units and US dollars, as of  December 31, 2025 and 2024 (in thousands). Amounts totaling less than 5% of the outstanding balance are aggregated in the Others line:

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC

  1.90  $168,630   0.80  $74,901 

ETH

  1.96   5,843   0.42   1,427 

USDC

      132,775       20,500 

Others

      9,128        

Total Digital assets - credit line facility and other lending arrangements

     $316,376      $96,828 
                 

BTC

  0.01  $792   0.00  $236 

ETH

  0.57   1,699   0.58   1,977 

USDC

      12,008       19,446 

Others

      281       277 

Total Digital assets - margin lending services

     $14,780      $21,936 
                 

BTC

  1.30  $115,325   0.50   47,624 

Total Digital assets - pledged as collateral

     $115,325      $47,624 
                 

BTC

  3.21  $284,747   1.30  $122,761 

ETH

  2.53   7,542   1.00   3,404 

USDC

      144,783       39,946 

Others

      9,409       277 

Total Loan and other receivables - digital assets

     $446,481      $166,388 

 

  

 

 

The Group provides collateralized digital asset loans via margin lending services and credit line facilities. The maximum exposure to credit risk is the carrying value. As of December 31, 2025 and 2024, the net exposure after considering collateral was zero. No significant change in fair value attributable to credit risk was recorded for Loans and other receivables - digital assets for the years ended December 31, 2025 and 2024.

 

See Note 26(f) for the fair value hierarchy based on the degree to which the fair value is observable.