| Investments, at fair value through profit and loss |
| 5. | Investments,
at fair value through profit and loss |
During
the year ended December 31, 2025, the Company had a realized loss of $419,093 and an unrealized loss of $16,501,202 (December 31, 2024
– realized gain of $112,984 and an unrealized gain of $7,908,831) on private and public investments.
Public
Investments
At
December 31, 2025, the Company’s one public investment had a total fair value of $272,520.
| Public Issuer | | Note | | | Security description | | Cost | | | Estimated
Fair Value | | | %
of FV | | | TenX Protocols Inc. | | | | | 1,334,000 common shares and 667,000 warrants | | $ | 729,965 | | | $ | 272,520 | | | | 100.0 | % | | Total public investments | | | | | | | $ | 729,965 | | | $ | 272,520 | | | | 100.0 | % |
At
December 31, 2024, the Company’s one public investment had a total fair value of $778,085.
| Public Issuer | | Note | | | Security description | | Cost | | | Estimated
Fair Value | | | %
of FV | | | Brazil Potash Corp. | | (i) | | | 404,200 common shares | | $ | 1,389,024 | | | $ | 778,085 | | | | 100.0 | % | | Total public investments | | | | | | | $ | 1,389,024 | | | $ | 778,085 | | | | 100.0 | % |
Private
Investments
At December 31, 2025, the Company’s twelve private investments
had a total fair value of $29,372,628.
| Note | | Note | | Security description | | Cost | | | Estimated
Fair Value | | | %
of FV | | | Amina Bank AG | | | | 3,906,250 non-voting shares | | $ | 24,749,403 | | | $ | 24,285,752 | | | | 82.7 | % | | Earnity Inc. | | | | 85,142 preferred shares | | | 95,538 | | | | - | | | | 0.0 | % | | Luxor Technology Corporation | | | | 201,633 preferred shares | | | 460,016 | | | | 524,963 | | | | 1.8 | % | | SDK:meta, LLC | | | | 1,000,000 units | | | 2,495,232 | | | | - | | | | 0.0 | % | | Skolem Technologies Ltd. | | | | 16,354 preferred shares | | | 129,495 | | | | - | | | | 0.0 | % | | VolMEX Labs Corporation | | | | Rights to certain preferred shares and warrants | | | 30,000 | | | | - | | | | 0.0 | % | | Global Benchmarks AB | | (i) | | 53,300 common shares | | | 199,875 | | | | 199,875 | | | | 0.7 | % | | ZKP Corporation | | (i) | | 370,370 common shares | | | 1,000,000 | | | | 1,000,000 | | | | 3.4 | % | | CH Technical Solutions SA | | | | 25 common shares | | | 3,952,977 | | | | 362,038 | | | | 1.2 | % | | Canada Stablecorp Inc. | | | | 303,030 common shares | | | 500,000 | | | | 500,000 | | | | 1.7 | % | | Continental Stable Coin | | | | Rights to certain preferred shares | | | 500,000 | | | | 500,000 | | | | 1.7 | % | | Bonsol Labs Inc. | | | | Rights to certain preferred shares | | | 2,000,000 | | | | 2,000,000 | | | | 6.8 | % | | | | | | | | | | | | | | | | | | | | Total private investments | | | | | | $ | 36,112,536 | | | $ | 29,372,628 | | | | 100.0 | % |
At
December 31, 2024, the Company’s nine private investments had a total fair value of $37,348,081.
| Private Issuer | | Note | | | Security description | | Cost | | | Estimated
Fair Value | | | %
of FV | | | 3iQ Corp. | | | | | 61,712 common shares | | $ | 63,270 | | | $ | 300,459 | | | | 0.8 | % | | Amina Bank AG | | | | | 3,906,250 non-voting shares | | | 25,286,777 | | | | 35,457,982 | | | | 95.0 | % | | Earnity Inc. | | | | | 85,142 preferred shares | | | 102,205 | | | | - | | | | 0.0 | % | | Luxor Technology Corporation | | | | | 201,633 preferred shares | | | 462,145 | | | | 500,058 | | | | 1.3 | % | | Neuronomics AG | | | | | 724 common shares | | | 89,582 | | | | 89,582 | | | | 0.2 | % | | SDK:meta, LLC | | | | | 1,000,000 units | | | 2,506,780 | | | | - | | | | 0.0 | % | | Skolem Technologies Ltd. | | | | | 16,354 preferred shares | | | 130,095 | | | | - | | | | 0.0 | % | | VolMEX Labs Corporation | | | | | Rights to certain preferred shares and warrants | | | 30,000 | | | | - | | | | 0.0 | % | | ZKP Corporation | | (i) | | | 370,370 common shares | | | 1,000,000 | | | | 1,000,000 | | | | 2.7 | % | | Total private investments | | | | | | | $ | 29,670,854 | | | $ | 37,348,081 | | | | 100.0 | % |
| (i) | Investments
in related party entities - see Note 26 |
|