v3.26.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Schedule of Financial Assets and Financial Liabilities

Financial assets and financial liabilities as at December 31, 2025 and 2024 are as follows:

 

   Asset / (liabilities)
at amortized cost		   Assets /
(liabilities) at fair value through profit/(loss)		   Total 
December 31, 2024            
Cash  $15,931,525   $
-
   $15,931,525 
Client Cash Deposits   10,665,147    
-
    10,665,147 
Digital assets, digital assets loaned, and digital assets staked   
-
    555,838,900    555,838,900 
Equity investments   
-
    257,425,063    257,425,063 
Public investments   
-
    778,085    778,085 
Private investments   
-
    37,348,081    37,348,081 
Accounts payable and accrued liabilities   (3,482,464)   
-
    (3,482,464)
Loan payable   (9,693,294)   
-
    (9,693,294)
Trading liabilities   
-
    (15,109,375)   (15,109,375)
ETP holders payable   
-
    (871,162,347)   (871,162,347)
December 31, 2025               
Cash  $91,234,090   $
-
   $91,234,090 
Client Cash Deposits   5,615,054    
-
    5,615,054 
Digital assets, digital assets loaned, and digital assets staked   
-
    515,586,931    515,586,931 
Equity investments   
-
    131,982,050    131,982,050 
Public investments   
-
    272,520    272,520 
Private investments   
-
    29,372,628    29,372,628 
Accounts payable and accrued liabilities   (9,270,110)   
-
    (9,270,110)
Loan payable   (2,611,009)   
-
    (2,611,009)
Lease liability   (3,102,188)   
-
    (3,102,188)
Warrant liability   
-
    (13,599,316)   (13,599,316)
Trading liabilities   
-
    (24,122,640)   (24,122,640)
ETP holders payable   
-
    (622,304,667)   (622,304,667)
Schedule of Expected Credit Losses Expected credit losses for the year ended December 31, 2025, are as follows:
   Asset   Quantity   Current   Non-current   Gross Total   ECL   Net Total 
Counterparty A   SOL    326,500.00    16,189,931    24,719,701    40,909,632    (248,000)   40,661,632 
Genesis   BTC    67.98    5,971,565    
-
    5,971,565    (4,478,673)   1,492,892 
Schedule of Liquidity by Assets / (Liabilities)

The following table shows the Company’s source of liquidity by assets / (liabilities) as at December 31, 2025 and 2024:

 

December 31, 2025
   Total   Less than 1 year   1-3 years 
Cash  $91,234,090   $91,234,090   $
-
 
Client cash deposits   5,615,054    5,615,054    
-
 
Prepaid expenses   9,596,921    9,596,921    
-
 
Digital assets, digital assets loaned, and digital assets staked   515,586,931    482,763,021    32,823,910 
Public Investments   272,520    272,520    
-
 
Private investments   29,372,628    
-
    29,372,628 
Equity investments   131,982,050    75,411,946    56,570,104 
Accounts payable and accrued liabilities   (9,270,110)   (9,270,110)   
-
 
Loan payable   (2,611,009)   (2,611,009)   
-
 
Trading liabilities   (24,122,640)   (24,122,640)     
Lease liability   (3,102,188)   (553,973)   (2,548,215)
ETP holders payable   (622,304,667)   (622,304,667)   
-
 
Total assets / (liabilities)  $122,249,580   $6,031,153   $116,218,427 

 

December 31, 2024
   Total   Less than 1 year   1-3 years 
Cash  $15,931,525   $15,931,525   $
-
 
Client cash deposits   10,665,147    10,665,147    
-
 
Prepaid expenses   1,797,724    1,797,724    
-
 
Digital assets, digital assets loaned, and digital assets staked   555,838,900    555,504,190    334,710 
Public Investments   778,085    778,085    
-
 
Private investments   37,348,081    
-
    37,348,081 
Equity investments   257,425,063    126,317,000    131,108,063 
Accounts payable and accrued liabilities   (3,482,464)   (3,482,464)   
-
 
Loan payable   (9,693,294)   (9,693,294)   
-
 
Trading liabilities   (15,109,375)   (15,109,375)     
ETP holders payable   (871,162,347)   (871,162,347)   
-
 
Total assets / (liabilities)  $(19,662,955)  $(188,453,809)  $168,790,854 
Schedule of Financial and Non-Financial Assets and Liabilities

As at December 31, 2025 and 2024, the Company had the following financial and non-financial assets and liabilities, (amounts posted in Canadian dollars) denominated in foreign currencies: 

 

   December 31, 2025 
   Canadian Dollars   British Pound   Swiss Franc   Swedish Krona   European Euro   Arab Emirates Dirham 
Cash  $2,284,909   $51,536   $8,928,624   $12,978,875   $4,570,541   $457,515 
Private investments   27,944,774    
-
    
-
    
-
    
-
    
-
 
Prepaid investment   
-
    
-
    528,255    
-
    
-
    34,278 
Accounts payable and accrued liabilities   (1,003,289)   
-
    (449,107)   
-
    (20,219)   (14,057)
ETP holders payable   
-
    
-
    
-
    (285,235,369)   (9,211,650)   
-
 
Net assets (liabilities)  $29,226,394   $51,536   $9,007,772   $(272,256,494)  $(4,661,328)  $477,736 

 

   December 31, 2024 
   Canadian Dollars   Britsh Pound   Swiss Franc   Swedish Krona   European Euro   Arab Emirates Dirham 
Cash  $1,768,319   $
-
   $3,573,221   $6,823,399   $2,533,427   $61,252 
Private investments   1,367,716    
-
    35,457,990    
-
    
-
    
-
 
Prepaid investment   447,753    
-
    
-
    
-
    
-
    
-
 
Accounts payable and accrued liabilities   (1,695,248)   (55,416)   (247,501)   
-
    (15,562)   
-
 
Net assets (liabilities)  $1,888,540   $(55,416)  $38,783,710   $6,823,399   $2,517,865   $61,252 
Schedule of Financial Instruments, Measured at Fair Value in the Statements of Financial Position

The following table illustrates the classification and hierarchy of the Company’s financial instruments, measured at fair value in the statements of financial position as at December 31, 2025 and 2024.

  

Level 1

(Quoted Market

price)

  

Level 2

(Valuation

technique -observable

market Inputs)

  

Level 3

(Valuation

technique -

non-observable market

inputs)

   Total 
Privately traded investments  $
-
   $
-
   $37,348,081   $37,348,081 
Digital assets   
-
    555,838,900    
-
    555,838,900 
Equity investments   
-
    
-
    257,425,063    257,425,063 
Publicly traded investments   778,085    
-
    
-
    778,085 
December 31, 2024  $778,085   $555,838,900   $294,773,144   $851,390,129 
                     
Privately traded investments  $
-
   $
-
   $29,372,628   $29,372,628 
Digital assets   
-
    496,934,790    18,652,141    515,586,931 
Equity investments   
-
    
-
    131,982,050    131,982,050 
Publicly traded investments   272,520    
-
    
-
    272,520 
Warrant liability   
-
    
-
    (13,599,316)   (13,599,316)
December 31, 2025  $272,520   $496,934,790   $166,407,503   $663,614,813 
Schedule of Net Realized Losses and Net Unrealized Gains are Recognized in the Statements of Loss

The following table presents the changes in fair value measurements of financial instruments classified as Level 1 during the years ended December 31, 2025 and 2024. These financial instruments are measured at fair value based utilizing quoted market prices. The net realized losses and net unrealized gains are recognized in the statements of loss.

 

Level 1 investments, financial assets at fair value  December 31,
2025		   December 31,
2024		 
Opening balance  $778,085   $
-
 
Realized loss on investments   (419,093)   
-
 
Transferred from level 3   272,520    778,085 
Investments sold   (358,992)   
-
 
   $272,520   $778,085 

The following table presents the changes in fair value measurements of financial instruments classified as Level 2 during the years ended December 31, 2025 and 2024. These financial instruments are measured at fair value utilizing observable market inputs. The net realized losses and net unrealized gains are recognized in the statements of loss.

 

Level 2 investments, financial assets at fair value  December 31,
2025		   December 31,
2024		 
Opening balance  $555,838,900   $370,469,700 
Digital assets acquired   232,267,760    401,118,676 
Digital assets disposed   (87,878,518)   (514,217,138)
Digital assets earned from staking, lending and fees   12,332,036    26,075,436 
Realized gain on digital assets   49,635,380    306,744,938 
Unrealized losses on digital assets   (260,376,909)   (34,372,022)
Settlement of Genesis loan   (6,100,598)   
-
 
Digital assets transferred in from level 3   2,749,352    
-
 
Fees and other   (1,532,613)   19,310 
   $496,934,790   $555,838,900 

The following table presents the changes in fair value measurements of financial instruments classified as Level 3 during the years ended December 31, 2025 and 2024. These financial instruments are measured at fair value utilizing non-observable market inputs. The net realized losses and net unrealized gains are recognized in the statements of loss.

 

Level 3 investments, financial assets at fair value  December 31,
2025		   December 31,
2024		 
Opening balance  $294,773,144   $32,717,095 
Purchases   50,865,445    173,814,141 
Transferred to level 1   (272,520)   (778,085)
Acquired as subsidiary   (379,906)   
-
 
Realized gain   31,217,931    83,723,906 
Unrealized (loss)/ gain   (121,974,940)   5,296,087 
Transferred to level 2   (2,749,352)   
-
 
Foreign exchange gain   (527,269)   
-
 
Equity investments disposed   (71,685,819)   
-
 
Digital assets earned from staking, lending and fees   740,105    
-
 
   $180,006,819   $294,773,144 
Level 3 investments, financial liabilities at fair value  December 31,
2025		   December 31,
2024		 
Opening balance  $
-
   $
        -
 
Warrants granted   53,195,195    
-
 
Change in fair value   (39,595,879)   
-
 
   $13,599,316   $
-
 
Schedule of Presents the Fair Value, Categorized by Key Valuation Techniques and the Unobservable Inputs

The following table presents the fair value, categorized by key valuation techniques and the unobservable inputs used within Level 3 as at December 31, 2025 and 2024.

 

Description  Fair value   Valuation 
technique		 

Significant
Unobservable

input(s)

 

Range of
significant
unobservable

input(s)

3iQ Corp.  $300,460   Recent financing  Marketability of shares  0% discount
Luxor Technology Corporation   500,050   Recent financing  Marketability of shares  0% discount
Neuronomics AG   89,581   Recent financing  Marketability of shares  0% discount
Amina Bank   35,457,990   Market approach  Marketability of shares  0% discount
ZKP Corporation   1,000,000   Recent financing  Marketability of shares  0% discount
Brazil Potash Corp.   778,085   Market approach  Marketability of shares  0% discount
Equity Investments in digital   257,425,063   Market approach  Discount for lack of marketability  25% discount
December 31, 2024  $295,551,229          
Luxor Technology Corporation  $524,963   Recent financing  Marketability of shares  0% discount
Amina Bank   24,285,752   Market approach  Marketability of shares  0% discount
ZKP Corporation   1,000,000   Recent financing  Marketability of shares  0% discount
Global Benchmarks AB   199,875   Recent financing  Marketability of shares  0% discount
CH Technical Solutions SA   362,038   Recent financing  Marketability of shares  0% discount
Canada Stablecorp Inc.   500,000   Recent financing  Marketability of shares  0% discount
Continental Stable Coin   500,000   Recent financing  Marketability of shares  0% discount
Bonsol Labs Inc.   2,000,000   Recent financing  Marketability of shares  0% discount
TenX Protocols Inc.   272,520   Recent financing  Marketability of shares  0% discount
Equity Investments in digital   131,982,050   Market approach  Discount for lack of
marketability		  16% discount
Digital assets on loan   18,652,141   Market approach  Discount for lack of marketability  30% discount
December 31, 2025  $180,279,339