v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income/loss $ (785,469) $ 79,564 $ 1,300,015
Adjustments for:      
Interest income (14,822) (12,241) (12,046)
Debt interest expense 51,595 37,466 2,174
Lease interest expense 775 1,063 809
Net foreign exchange loss 0 390 123
Share-based payments expenses 16,201 22,587 6,173
Depreciation of property and equipment and right-of-use assets 4,822 6,199 5,423
Amortization of other intangible assets 2,245 2,348 0
Impairment of right-of-use asset 0 956 0
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net 181,264 (261,097) (1,354,190)
(Gain) from derecognition of lease (415) 0 0
Impairment losses of digital assets 497,442 24,601 0
Operating cash flows before changes in operating assets and liabilities (26,261) (54,814) (51,519)
Increase in other assets (56,634) (9,402) (2,869)
Decrease in deferred tax assets (777) 1,610 1,480
Decrease in digital assets held - inventories 324,767 (49,341) 139,187
Decrease/(increase) in digital assets held - intangible assets 0 0 0
Decrease/(Increase) in digital assets held - financial assets (242,873) 92,402 (224,769)
Decrease/(increase) in digital assets held - loan receivable 0 (28,534) 65,896
Increase/(decrease) in other payables 7,608 44 96
Increase/(decrease) in customer segregated cash liabilities 13,662 6,320 (66,022)
Increase/(decrease) in deferred tax liabilities 12 (19) (17)
Interest received 9,129 11,755 11,869
Net cash provided by/(used in) operating activities 28,632 (29,979) (126,668)
Cash flows from investing activities      
Cash paid from business combinations 0 (4,625) 1,290
Purchase of investment in financial assets (24,619) (25,000) 0
Proceeds on investment in financial assets 48,213 167 3,568
Purchase of property and equipment (9,931) (391) (966)
Proceeds on disposal of property and equipment 0 0 32
Purchase of digital assets held - intangible assets (41,858) (3,320) 0
Prepayment on intangible assets (250) (12,001) 0
Proceeds on disposal of digital assets held - intangible assets 30,549 86 0
Net cash provided by/(used in) investing activities 2,104 (45,084) 3,924
Cash flows from financing activities      
Net proceeds from issuance of Ordinary shares 59,194 0 0
Interest paid (40,733) (21,096) (2,983)
Repayment of convertible redeemable preference shares 0 0 (714,565)
Dividends paid 0 0 (534,644)
Proceeds from borrowings 174,300 25,000 43,000
Repayment of borrowings (149,302) 0 0
Repayment on lease liabilities (1,064) (4,884) (3,460)
Net cash provided by/(used in) financing activities 42,395 (980) (1,212,652)
Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash 73,131 (76,043) (1,335,396)
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period 55,783 131,526 1,466,922
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash 1,588 300 0
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period 130,502 55,783 131,526
Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following:      
Customer segregated cash 20,044 6,382 62
Restricted cash 22,566 17,861 18,563
Cash and cash equivalents 87,892 31,540 112,901
Total cash and cash equivalents, customer segregated cash and restricted cash 130,502 55,783 131,526
Supplemental schedule of non-cash investing and financing activities      
Recognition of right-of-use assets against lease liabilities 10,460 8,445 826
Purchase of digital assets held - intangible assets (103,538,633) (5,603,647) 0
Proceeds on disposal of digital assets held - intangible assets 103,216,609 5,554,368 0
Digital asset loan receivables made, net 248,073 78,498 0
Digital asset pledged as collateral posted, net 51,692 22,488 0
Interest Received in Digital Assets 5,323 0 0
Acquisition of subsidiary paid via USDC 0 0 (72,574)
Investments in financial assets paid via USDC, net (6,086) (30,784) (1,000)
Prepayment on intangible assets made (4,001) (8,043) 0
Non-Cash Purchase of investment 489,748 0 0
Non-Cash Proceeds of Sales of Investments (108,301) 0 0
Interest paid in digital assets (11,636) (8,668) 0
Repayment of convertible redeemable preference shares via digital assets 0 0 (472,359)
Proceeds from borrowings via digital assets 3,185,184 0 453,729
Repayment from borrowings via digital assets (3,185,202) 0 0
Proceeds from digital assets loan payable via digital assets 654,864 0 0
Repayments from digital assets loan payable via digital assets (654,726) 0 0
Dividends paid via digital assets 0 0 (1,494,219)
Proceeds from issuance of ordinary shares 1,150,000 0 0
Financial liability [member]      
Adjustments for:      
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net $ 20,101 $ 43,350 $ 0