v3.26.1
Stable Coins
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Stable Coins Stable Coins
Stable coins balances as of December 31, 2024 and 2025 included the following:
December 31, 2024December 31, 2025
UnitsHK$UnitsHK$US$
Stable coins (USDC)- - 32,649,748 254,646,365 32,717,018 
- 254,646,365 32,717,018 
The following table presents a summary of changes in our stable coins at for the year ended December 31, 2025:
Total
HK$
Balance at December 31, 2024- 
Receipt from PIPE1,079,765,700 
Purchases of stable coins106,197,000 
Disposals of stable coins(936,028,525)
Change in fair value of stable coins(21,671)
Option premium income 4,407,000 
Investment income from stable coins326,689 
Others172 
Balance at December 31, 2025254,646,365 
Balance at December 31, 2025 (US$)32,717,018 
Investment income from stable coins included interest income, HK$156,542, and commission income, HK$170,147. Digital Assets
Digital assets balances as of December 31, 2024 and 2025 included the following:
December 31, 2024December 31, 2025
UnitsCost Basis Fair ValueUnitsCost BasisCost BasisFair ValueFair Value
HK$HK$HK$US$HK$US$
Bitcoin- - - 340 244,183,314 31,372,723 232,751,003 29,903,897 
Bitcoin Cash - - - 391,702 1,703,106,631 218,815,494 1,821,134,280 233,979,710 
Binance Coin - - - 569 3,921,556 503,842 3,833,787 492,566 
Tether- - - 173,209,209 1,351,031,831 173,580,850 1,351,010,850 173,578,154 
Digital asset holdings that are not individually significant- - - 550 31,577 4,057 31,286 4,020 
- - 3,302,274,909 424,276,966 3,408,761,206 437,958,347 

The Company started engaging in digital assets investment in November 2025 and did not hold any investments in digital assets prior to November 2025.
The Company determines the fair value of its digital assets in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase, Binance, Kraken and Galaxy, the active exchanges that the Company has determined are its principal markets for its digital assets (Level 1 inputs). Changes in fair value are recognized as incurred in "Change in fair value of digital assets”, within investment gain or loss in the Company’s Consolidated Statement of Operation and Comprehensive Income (Loss).
The following table presents a summary of changes in our digital assets at fair value:

BitcoinBitcoin Cash Binance Coin TetherDigital asset holdings that are not individually significantTotal
HK$HK$HK$HK$HK$HK$
Digital assets, Balance at December 31, 2024- - - - - - 
Receipt from PIPE- - - 2,339,715,300 257,400,000 2,597,115,300 
Purchases of digital assets - - - 81,636,840 858,000,078 939,636,918 
Exchange of digital assets244,179,005 1,833,078,556 4,330,377 (966,202,833)(1,115,385,105)- 
Disposals of digital assets- (129,165,334)- (106,197,000)- (235,362,334)
Gain on disposals of digital assets - - - 873,409 - 873,409 
Change in fair value of digital assets(11,432,311)118,027,648 (87,768)(20,981)(291)106,486,297 
Investment income from digital assets4,309 125,680 24 1,208,631 15,536 1,354,180 
Digital asset transaction fees and others- (932,270)(408,846)(2,516)1,068 (1,342,564)
Digital assets, Balance at December 31, 2025 232,751,003 1,821,134,280 3,833,787 1,351,010,850 31,286 3,408,761,206 
Balance at December 31, 2025 (US$)29,903,897 233,979,710 492,566 173,578,154 4,020 437,958,347 
Investment income from digital assets included interest income from digital assets and commission income provided by the cryptocurrency custodians.
Digital Assets – Restricted
Digital assets balance as of December 31, 2024 and 2025 included the following:

December 31, 2024December 31, 2025
UnitsCost Basis Fair ValueUnitsCost BasisCost BasisFair ValueFair Value
HK$HK$HK$US$HK$US$
Bitcoin Cash - - - 30,000 125,556,941 16,131,582 140,283,000 18,023,589 
- - 125,556,941 16,131,582 140,283,000 18,023,589 

As of December 31, 2025, the Company reserved digital assets (bitcoin cash) in an amount of HK$140,283,000 (US$18,023,589) as a deposit for derivative contracts with a cryptocurrency counterparty. Change in fair value of the restricted digital assets is included in the change in fair value of the digital assets on the Consolidated Statements of Operation and Comprehensive Income (Loss). The restriction on the sale of the reserved digital assets will be released upon the expiration or execution of the derivative contracts.
The following table presents a summary of changes in our digital assets - restricted at fair value:
Bitcoin CashTotal
HK$HK$
Digital assets - restricted, Balance at December 31, 2024- - 
Purchases of digital assets – restricted125,556,941 125,556,941 
Change in fair value of digital assets – restricted 14,726,059 14,726,059 
Digital assets - restricted, Balance at December 31, 2025140,283,000 140,283,000 
Digital assets - restricted, Balance at December 31, 2025 (US$)18,023,589 18,023,589