Exhibit 99.2
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Page |
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BULLISH — UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
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Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 |
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| Unaudited Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025 | 4 |
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Notes to the Unaudited Condensed Consolidated Financial Statements |
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
FOR THE three and six months ended June 30, 2026 and 2025
(In thousands, except per share data)
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Three months ended June 30, |
Six months ended June 30, |
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Notes |
2026 |
2025 |
2026 |
2025 |
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Digital assets sales |
4 | $ | 32,585,087 | $ | 58,630,645 | $ | 84,397,834 | $ | 138,866,802 | |||||||||||
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Cost of digital assets derecognized |
5 | (32,569,561 | ) | (58,615,273 | ) | (84,362,303 | ) | (138,824,914 | ) | |||||||||||
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Other revenues |
6 | 64,951 | 32,292 | 122,433 | 52,596 | |||||||||||||||
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Change in fair value of digital assets held, net |
7 | (244,614 | ) | 68,409 | (804,198 | ) | (178,353 | ) | ||||||||||||
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Net spread related income and change in fair value of perpetual futures on the Exchange |
(98 | ) | (1,989 | ) | (63 | ) | (5,691 | ) | ||||||||||||
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Change in fair value of investment in financial assets |
14 | (30,578 | ) | 86,359 | (122,951 | ) | 14,549 | |||||||||||||
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Administrative expenses |
8 | (56,268 | ) | (43,017 | ) | (104,548 | ) | (90,203 | ) | |||||||||||
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Other expenses |
9 | (32,513 | ) | (17,362 | ) | (78,043 | ) | (32,425 | ) | |||||||||||
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Finance expense |
10 | (14,459 | ) | (13,291 | ) | (28,547 | ) | (23,531 | ) | |||||||||||
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Change in fair value of derivatives |
22,383 | (2,379 | ) | 91,580 | (2,379 | ) | ||||||||||||||
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Change in fair value of financial liability at FVTPL |
(4,300 | ) | (15,250 | ) | 4,200 | (16,150 | ) | |||||||||||||
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Income/(loss) before income tax |
$ | (279,970 | ) | $ | 109,144 | $ | (884,606 | ) | $ | (239,699 | ) | |||||||||
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Income tax benefit/(expense) |
11 | (4 | ) | (876 | ) | (230 | ) | (655 | ) | |||||||||||
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Net income/(loss) |
$ | (279,974 | ) | $ | 108,268 | $ | (884,836 | ) | $ | (240,354 | ) | |||||||||
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Attributable to: |
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Owners of the Group |
(270,193 | ) | 107,513 | (851,906 | ) | (236,481 | ) | |||||||||||||
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Non-controlling interests |
(9,781 | ) | 755 | (32,930 | ) | (3,873 | ) | |||||||||||||
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Net income/(loss) |
$ | (279,974 | ) | $ | 108,268 | $ | (884,836 | ) | $ | (240,354 | ) | |||||||||
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Other comprehensive income/(loss) |
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Items that will not be subsequently reclassified to profit or loss: |
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Revaluation of digital assets held as investments |
30,210 | 478,689 | 3,574 | 378,786 | ||||||||||||||||
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Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk |
(8,500 | ) | (4,350 | ) | 5,750 | 1,700 | ||||||||||||||
| $ | 21,710 | $ | 474,339 | $ | 9,324 | $ | 380,486 | |||||||||||||
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Items that may be reclassified subsequently to profit or loss: |
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Foreign exchange differences on translation of foreign operations |
(62 | ) | 1,591 | (364 | ) | 2,134 | ||||||||||||||
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Total comprehensive income/(loss) |
$ | (258,326 | ) | $ | 584,198 | $ | (875,876 | ) | $ | 142,266 | ||||||||||
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Attributable to: |
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Owners of the Group |
(250,774 | ) | 576,422 | (844,677 | ) | 140,104 | ||||||||||||||
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Non-controlling interests |
(7,552 | ) | 7,776 | (31,199 | ) | 2,162 | ||||||||||||||
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Total comprehensive income/(loss) |
$ | (258,326 | ) | $ | 584,198 | $ | (875,876 | ) | $ | 142,266 | ||||||||||
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Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share |
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Basic |
23 | 151,684 | 113,215 | 151,417 | 113,215 | |||||||||||||||
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Diluted |
23 | 151,684 | 115,951 | 151,417 | 113,215 | |||||||||||||||
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Earnings/(Loss) per share |
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Basic |
23 | $ | (1.78 | ) | $ | 0.95 | $ | (5.63 | ) | $ | (2.09 | ) | ||||||||
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Diluted |
23 | $ | (1.78 | ) | $ | 0.93 | $ | (5.63 | ) | $ | (2.09 | ) | ||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF June 30, 2026 AND December 31, 2025
(In thousands)
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Notes |
June 30, 2026 |
December 31, 2025 |
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ASSETS |
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Non-current assets |
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Goodwill |
$ | 62,648 | $ | 63,062 | ||||||||
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Other intangible assets |
29,978 | 31,104 | ||||||||||
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Property and equipment and right-of-use assets |
27,541 | 28,369 | ||||||||||
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Deferred tax assets |
2,823 | 2,865 | ||||||||||
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Other assets |
15 | 26,074 | 21,311 | |||||||||
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Restricted cash |
16 | 5,817 | 5,727 | |||||||||
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Total non-current assets |
$ | 154,881 | $ | 152,438 | ||||||||
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Current assets |
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Digital assets held - inventories |
12 | $ | 139,131 | $ | 206,178 | |||||||
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Digital assets held - intangible assets |
12 | 1,133,596 | 1,537,071 | |||||||||
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Digital assets held - financial assets |
12 | 952,626 | 1,037,915 | |||||||||
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Loan and other receivables - digital assets |
13 | 269,111 | 446,481 | |||||||||
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Derivative financial instruments |
20 | - | - | |||||||||
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Investments in financial assets |
14 | 226,237 | 404,144 | |||||||||
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Other assets |
15 | 64,687 | 47,502 | |||||||||
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Customer segregated cash |
52,724 | 20,044 | ||||||||||
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Restricted cash |
16 | 17,106 | 16,839 | |||||||||
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Cash and cash equivalents |
17 | 86,614 | 87,892 | |||||||||
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Total current assets |
$ | 2,941,832 | $ | 3,804,066 | ||||||||
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Total assets |
$ | 3,096,713 | $ | 3,956,504 | ||||||||
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LIABILITIES |
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Non-current liabilities |
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Borrowings from related parties |
24 | $ | 495,650 | $ | 505,600 | |||||||
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Convertible redeemable preference shares |
- | - | ||||||||||
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Digital assets loan payable |
19 | 2,916 | 5,267 | |||||||||
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Lease liabilities |
13,064 | 14,378 | ||||||||||
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Deferred tax liabilities |
1 | 18 | ||||||||||
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Other payables |
18 | - | 3,000 | |||||||||
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Total non-current liabilities |
$ | 511,631 | $ | 528,263 | ||||||||
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Current liabilities |
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Customer segregated cash liabilities |
$ | 52,724 | $ | 20,044 | ||||||||
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Borrowings |
11 | 49,982 | ||||||||||
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Digital assets loan payable |
19 | 66 | 334 | |||||||||
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Lease liabilities |
6,446 | 5,524 | ||||||||||
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Other payables |
18 | 61,697 | 54,028 | |||||||||
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Derivative financial instruments |
20 | 4,108 | - | |||||||||
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Total current liabilities |
$ | 125,052 | $ | 129,912 | ||||||||
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Total liabilities |
$ | 636,683 | $ | 658,175 | ||||||||
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Net assets |
$ | 2,460,030 | $ | 3,298,329 | ||||||||
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EQUITY |
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Share capital and share premium |
$ | 5,124,909 | $ | 5,110,063 | ||||||||
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Option premium on convertible redeemable preference shares |
- | - | ||||||||||
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Reserves |
414,108 | 774,224 | ||||||||||
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Accumulated deficit |
(3,123,985 | ) | (2,668,100 | ) | ||||||||
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Total shareholders' equity attributable to the owners of the Group |
$ | 2,415,032 | $ | 3,216,187 | ||||||||
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Non-controlling interests |
44,998 | 82,142 | ||||||||||
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Total equity |
$ | 2,460,030 | $ | 3,298,329 | ||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
FOR THE THREE months ended June 30, 2026 and 2025
(In thousands)
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Reserves |
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Option |
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premium on |
Revaluation |
Total equity |
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convertible |
Share- |
reserves for |
attributable |
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redeemable |
based |
digital assets |
to the |
Non- |
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Share |
Share |
preference |
payment |
held as |
Other |
Accumulated |
owners of |
controlling |
Total |
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capital |
premium |
shares |
reserves |
investments |
reserves |
deficit |
the Group |
interests |
equity |
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As of April 1, 2025 |
$ | 226 | $ | 3,821,311 | $ | 18,399 | $ | 74,988 | $ | 581,600 | $ | 63,672 | $ | (2,601,700 | ) | $ | 1,958,496 | $ | 5,364 | $ | 1,963,860 | |||||||||||||||||||
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Net income/(loss) |
- | - | - | - | - | - | 107,513 | 107,513 | 755 | 108,268 | ||||||||||||||||||||||||||||||
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Other comprehensive income/(loss) for the period |
- | - | - | 6 | 471,718 | (2,815 | ) | - | 468,909 | 7,021 | 475,930 | |||||||||||||||||||||||||||||
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Total comprehensive income for the year/period |
— | — | — | 6 | 471,718 | (2,815 | ) | 107,513 | 576,422 | 7,776 | 584,198 | |||||||||||||||||||||||||||||
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Equity settled share-based payments |
- | - | - | 3,256 | - | - | - | 3,256 | - | 3,256 | ||||||||||||||||||||||||||||||
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Transfer of revaluation gain of digital assets held as investments upon disposal |
- | - | - | - | (118,562 | ) | - | 118,562 | — | - | — | |||||||||||||||||||||||||||||
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As of June 30, 2025 |
$ | 226 | $ | 3,821,311 | $ | 18,399 | $ | 78,250 | $ | 934,756 | $ | 60,857 | $ | (2,375,625 | ) | $ | 2,538,174 | $ | 13,140 | $ | 2,551,314 | |||||||||||||||||||
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As of April 1, 2026 |
$ | 302 | $ | 5,118,952 | $ | — | $ | 83,576 | $ | 239,481 | $ | 67,157 | $ | (2,860,139 | ) | $ | 2,649,329 | $ | 53,878 | $ | 2,703,207 | |||||||||||||||||||
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Net income |
- | - | - | - | - | - | (270,193 | ) | (270,193 | ) | (9,781 | ) | (279,974 | ) | ||||||||||||||||||||||||||
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Other comprehensive income/(loss) for the period |
- | - | - | - | 27,675 | (8,256 | ) | - | 19,419 | 2,229 | 21,648 | |||||||||||||||||||||||||||||
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Total comprehensive income/(loss) |
— | — | — | — | 27,675 | (8,256 | ) | (270,193 | ) | (250,774 | ) | (7,552 | ) | (258,326 | ) | |||||||||||||||||||||||||
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Issuance of shares, including exercise of stock options |
1 | 5,654 | - | (3,128 | ) | - | - | - | 2,527 | - | 2,527 | |||||||||||||||||||||||||||||
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Change in non-controlling interest in BMC1 |
- | - | - | - | 607 | 85 | 636 | 1,328 | (1,328 | ) | 0 | |||||||||||||||||||||||||||||
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Trading Rewards Program Warrants Issued |
- | - | - | 7,591 | - | - | - | 7,591 | - | 7,591 | ||||||||||||||||||||||||||||||
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Equity settled share-based payments |
- | - | - | 5,031 | - | - | - | 5,031 | - | 5,031 | ||||||||||||||||||||||||||||||
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Transfer of revaluation gain of digital assets held as investments upon disposal |
- | - | - | - | (5,711 | ) | - | 5,711 | 0 | - | 0 | |||||||||||||||||||||||||||||
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As of June 30, 2026 |
$ | 303 | $ | 5,124,606 | $ | — | $ | 93,070 | $ | 262,052 | $ | 58,986 | $ | (3,123,985 | ) | $ | 2,415,032 | $ | 44,998 | $ | 2,460,030 | |||||||||||||||||||
FOR THE six months ended June 30, 2026 and 2025
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Reserves |
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Option |
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premium on |
Revaluation |
Total equity |
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convertible |
Share- |
reserves for |
attributable |
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redeemable |
based |
digital assets |
to the |
Non- |
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Share |
Share |
preference |
payment |
held as |
Other |
Accumulated |
owners of |
controlling |
Total |
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capital |
premium |
shares |
reserves |
investments |
reserves |
deficit |
the Group |
interests |
equity |
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As of January 1, 2025 |
$ | 226 | $ | 3,821,311 | $ | 18,399 | $ | 69,852 | $ | 731,838 | $ | 57,107 | $ | (2,309,053 | ) | $ | 2,389,680 | $ | 10,979 | $ | 2,400,659 | |||||||||||||||||||
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Net income/(loss) |
- | - | - | - | - | - | (236,481 | ) | (236,481 | ) | (3,873 | ) | (240,354 | ) | ||||||||||||||||||||||||||
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Other comprehensive income/(loss) for the period |
- | - | - | 9 | 372,827 | 3,750 | - | 376,586 | 6,034 | 382,620 | ||||||||||||||||||||||||||||||
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Total comprehensive income for the year/period |
— | — | — | 9 | 372,827 | 3,750 | (236,481 | ) | 140,105 | 2,161 | 142,266 | |||||||||||||||||||||||||||||
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Equity settled share-based payments |
- | - | - | 8,389 | - | - | - | 8,389 | - | 8,389 | ||||||||||||||||||||||||||||||
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Transfer of revaluation gain of digital assets held as investments upon disposal |
- | - | - | - | (169,909 | ) | - | 169,909 | — | - | — | |||||||||||||||||||||||||||||
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As of June 30, 2025 |
$ | 226 | $ | 3,821,311 | $ | 18,399 | $ | 78,250 | $ | 934,756 | $ | 60,857 | $ | (2,375,625 | ) | $ | 2,538,174 | $ | 13,140 | $ | 2,551,314 | |||||||||||||||||||
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As of January 1, 2026 |
$ | 301 | $ | 5,109,762 | $ | — | $ | 70,339 | $ | 650,288 | $ | 53,597 | $ | (2,668,100 | ) | $ | 3,216,187 | $ | 82,142 | $ | 3,298,329 | |||||||||||||||||||
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Net income |
- | - | - | - | - | - | (851,906 | ) | (851,906 | ) | (32,930 | ) | (884,836 | ) | ||||||||||||||||||||||||||
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Other comprehensive income/(loss) for the period |
- | - | - | - | 2,054 | 5,175 | - | 7,229 | 1,731 | 8,960 | ||||||||||||||||||||||||||||||
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Total comprehensive income/(loss) |
— | — | — | — | 2,054 | 5,175 | (851,906 | ) | (844,677 | ) | (31,199 | ) | (875,876 | ) | ||||||||||||||||||||||||||
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Issuance of shares, including exercise of stock options |
2 | 14,844 | - | (10,970 | ) | - | - | - | 3,876 | — | 3,876 | |||||||||||||||||||||||||||||
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Change in non-controlling interest in BMC1 |
- | - | - | - | 16,950 | 214 | (11,219 | ) | 5,945 | (5,945 | ) | 0 | ||||||||||||||||||||||||||||
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Trading Rewards Program Warrants Issued |
- | - | - | 23,067 | - | - | - | 23,067 | - | 23,067 | ||||||||||||||||||||||||||||||
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Equity settled share-based payments |
- | - | - | 10,634 | - | - | - | 10,634 | - | 10,634 | ||||||||||||||||||||||||||||||
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Transfer of revaluation gain of digital assets held as investments upon disposal |
- | - | - | - | (407,240 | ) | - | 407,240 | — | - | — | |||||||||||||||||||||||||||||
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As of June 30, 2026 |
$ | 303 | $ | 5,124,606 | $ | — | $ | 93,070 | $ | 262,052 | $ | 58,986 | $ | (3,123,985 | ) | $ | 2,415,032 | $ | 44,998 | $ | 2,460,030 | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE six months ended June 30, 2026 and 2025
(In thousands)
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Six months ended |
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June 30, |
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Notes |
2026 |
2025 |
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Cash flows from operating activities |
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Net loss |
$ | (884,836 | ) | $ | (240,354 | ) | ||||||
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Adjustments for: |
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Interest income |
6 | (10,504 | ) | (6,026 | ) | |||||||
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Debt interest expense |
10 | 27,970 | 23,000 | |||||||||
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Lease interest expense |
10 | 577 | 531 | |||||||||
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Net foreign exchange loss |
— | (44 | ) | |||||||||
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Share-based payments expenses |
10,634 | 8,389 | ||||||||||
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Depreciation of property and equipment and right-of-use assets |
9 | 3,150 | 3,130 | |||||||||
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Amortization of other intangible assets |
9 | 1,115 | 1,173 | |||||||||
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Impairment of right-of-use asset |
9 | 591 | — | |||||||||
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(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net |
298,029 | 17,364 | ||||||||||
|
Change in fair value of financial liability at FVTPL |
(4,182 | ) | 16,150 | |||||||||
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Impairment losses of digital assets |
540,042 | 148,819 | ||||||||||
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Operating cash flows before changes in operating assets and liabilities |
(17,414 | ) | (27,868 | ) | ||||||||
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Decrease/(increase) in other assets |
(37,876 | ) | 3,019 | |||||||||
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Decrease/(increase) in deferred tax assets |
41 | (431 | ) | |||||||||
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Decrease/(increase) in digital assets held - inventories |
(6,671 | ) | 273,380 | |||||||||
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Decrease/(increase) in digital assets held - financial assets |
202,933 | (825,304 | ) | |||||||||
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Decrease/(increase) in digital assets held - loan receivable |
(92,724 | ) | 593,256 | |||||||||
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Increase/(decrease) in other payables |
21,010 | (5,273 | ) | |||||||||
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Increase/(decrease) in customer segregated cash liabilities |
32,680 | (2,244 | ) | |||||||||
|
Increase/(decrease) in deferred tax liabilities |
(16 | ) | 6 | |||||||||
|
Interest received |
5,846 | 4,885 | ||||||||||
|
Net cash provided by/(used in) operating activities |
$ | 107,809 | $ | 13,426 | ||||||||
|
Cash flows from investing activities |
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Purchase of investment in financial assets |
(6,449 | ) | (1,275 | ) | ||||||||
|
Proceeds on investment in financial assets |
4,163 | — | ||||||||||
|
Purchase of property and equipment |
(1,047 | ) | (250 | ) | ||||||||
|
Proceeds on disposal of property and equipment |
29 | — | ||||||||||
|
Purchase of digital assets held - intangible assets |
(907 | ) | (41,664 | ) | ||||||||
|
Proceeds on disposal of digital assets held - intangible assets |
5,240 | 30,448 | ||||||||||
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Net cash provided by/(used in) investing activities |
$ | 1,029 | $ | (12,741 | ) | |||||||
|
Cash flows from financing activities |
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Proceeds from issuance of ordinary shares |
3,876 | — | ||||||||||
|
Interest paid |
(27,970 | ) | (20,639 | ) | ||||||||
|
Proceeds from loans |
— | 174,300 | ||||||||||
|
Repayment of loans |
(50,000 | ) | (149,300 | ) | ||||||||
|
Repayment on lease liabilities |
(2,855 | ) | (2,863 | ) | ||||||||
|
Net cash provided by/(used in) financing activities |
$ | (76,949 | ) | $ | 1,498 | |||||||
|
Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash |
31,889 | 2,183 | ||||||||||
|
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period |
130,502 | $ | 55,783 | |||||||||
|
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash |
(130 | ) | $ | (107 | ) | |||||||
|
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period |
$ | 162,261 | $ | 57,859 | ||||||||
|
Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following: |
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|
Customer segregated cash |
52,724 | 4,138 | ||||||||||
|
Restricted cash |
16 | 22,923 | 18,161 | |||||||||
|
Cash and cash equivalents |
17 | 86,614 | 35,560 | |||||||||
|
Total cash and cash equivalents, customer segregated cash and restricted cash |
$ | 162,261 | $ | 57,859 | ||||||||
|
Supplemental schedule of non-cash investing and financing activities |
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|
Recognition of right-of-use assets against lease liabilities |
— | 3,467 | ||||||||||
|
Purchase of digital assets held - intangible assets |
(8,074,124 | ) | (35,764,843 | ) | ||||||||
|
Proceeds on disposal of digital assets held - intangible assets |
8,123,895 | 35,478,545 | ||||||||||
|
Digital asset loan receivables made, net |
86,910 | 28,137 | ||||||||||
|
Digital asset pledged as collateral made, net |
98,452 | 79,974 | ||||||||||
|
Interest Received in Digital Assets |
1,601 | — | ||||||||||
|
Purchase of investment in financial assets via USDC |
— | (10,116 | ) | |||||||||
|
Prepayment on intangible assets (made)/returned, net |
(17,364 | ) | 2,036 | |||||||||
|
Non-cash purchase of investment |
(6,770 | ) | — | |||||||||
|
Non-cash proceeds of sales of investments |
159,315 | — | ||||||||||
|
Interest paid in digital assets |
(9,606 | ) | (2,892 | ) | ||||||||
|
Proceeds from borrowings via digital assets |
2,364,403 | 2,326,320 | ||||||||||
|
Repayment from borrowings via digital assets |
(2,355,744 | ) | (2,303,147 | ) | ||||||||
|
Proceeds from digital assets loan payable via digital assets |
256,050 | 216,743 | ||||||||||
|
Repayments from digital assets loan payable via digital assets |
(256,002 | ) | (215,362 | ) | ||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
Bullish (the “Company”) is an exempted company incorporated and domiciled in the Cayman Islands. The Company and its subsidiaries are collectively referred to as the “Group.” Our Common Stock, par value $0.002 per share (“common stock”), has been listed on the New York Stock Exchange under the ticker symbol “BLSH” since August 2025.
These unaudited condensed consolidated interim financial statements (the “interim financial statements”) are as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025. Comparative balance sheet information is as of December 31, 2025.
The principal activity of the Group is providing infrastructure and information services. This includes the operations of its subsidiary, Bullish (GI) Limited, which operates a digital asset trading platform (the “Exchange”) and CoinDesk Inc. (“CoinDesk”) which provides digital asset media and information services.
The interim financial statements are presented in U.S. dollars, which is the functional currency of the Group.
The Group operates as a single operating and reportable segment. The Chief Executive Officer (“CEO”) serves as the Chief Operating Decision Maker (“CODM”) and reviews financial information on a consolidated basis for purposes of resource allocation and performance assessment.
2 Summary of principal accounting policies
|
2.1 |
Compliance with IFRS |
The interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). Certain information or footnote disclosures, normally included in annual financial statements prepared in accordance with IFRS, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
These interim financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary to fairly present our financial position, operating results and cash flows for the periods presented. All material intercompany transactions and balances have been eliminated in consolidation.
Interim results are not necessarily indicative of results expected for any other interim period or a full fiscal year.
These interim financial statements should be read in conjunction with the Group’s audited consolidated financial statements and the notes included in our annual report on Form 20-F for the year ended December 31, 2025.
|
2.2 |
Basis of preparation and accounting policies |
The accounting policies have been consistently applied to the current and prior periods presented, as are the methods of computation unless otherwise stated.
|
2.3 |
New standards and amendments not yet effective |
The Group has evaluated the new standards and amendments disclosed in the annual financial statements that are effective for the current period and determined that they are not applicable to these interim financial statements. The Group is in the process of reviewing the effects of applying the new standards and amendments disclosed in the annual financial statements that are not yet effective.
3 Critical accounting judgments and key sources of estimation uncertainty
In preparing these interim financial statements, management has made judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities, income, and expenses. Actual results may differ from these estimates.
The significant judgments and key sources of estimation uncertainty applied are consistent with those described in the Group’s audited consolidated financial statements for the year ended December 31, 2025.
4 Digital assets sales
The following tables summarize the disaggregation of Digital assets sales by venue for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
|
On the Exchange |
$ | 32,585,087 | $ | 58,600,575 | $ | 84,397,834 | $ | 138,532,869 | ||||||||
|
On other venues(i) |
- | 30,070 | - | 333,933 | ||||||||||||
|
Total Digital asset sales |
$ | 32,585,087 | $ | 58,630,645 | $ | 84,397,834 | $ | 138,866,802 | ||||||||
|
(i) |
Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets. |
4 Digital assets sales—(continued)
Below is the table of Digital assets sales on the Exchange disaggregated by major geography, based on domicile of the customers, accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
|
United Kingdom |
$ | 11,500,671 | $ | 13,702,655 | $ | 27,706,748 | $ | 39,388,615 | ||||||||
|
United Arab Emirates |
6,629,282 | 5,810,781 | 17,785,030 | 11,917,325 | ||||||||||||
|
Cayman Islands |
9,089,307 | 2,199,920 | 19,821,138 | 4,328,049 | ||||||||||||
|
Singapore |
* | 1,433,338 | * | 13,452,532 | ||||||||||||
|
British Virgin Islands |
* | 25,641,115 | * | 43,950,980 | ||||||||||||
|
Cyprus |
* | 2,251,957 | * | 10,364,746 | ||||||||||||
|
Netherlands |
* | * | * | 394,788 | ||||||||||||
|
Rest of the World |
5,365,827 | 7,560,809 | 19,084,918 | 14,735,834 | ||||||||||||
|
Total Digital asset sales on the Exchange |
$ | 32,585,087 | $ | 58,600,575 | $ | 84,397,834 | $ | 138,532,869 | ||||||||
* Digital asset sales attributable to the geography during the period did not exceed the 10% threshold.
Below are the tables of Digital assets sales on the Exchange disaggregated by major customers accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Customer A |
* | 768,304 | * | 12,039,110 | ||||||||||||
|
Customer B |
8,240,519 | 10,027,341 | 21,266,728 | 33,104,795 | ||||||||||||
|
Customer C |
* | 1,748,389 | * | 9,827,919 | ||||||||||||
|
Customer D |
6,436,766 | * | 17,106,866 | * | ||||||||||||
|
Customer E |
* | 16,919,662 | * | 19,559,205 | ||||||||||||
|
Customer F |
4,103,451 | * | * | * | ||||||||||||
|
Customer G |
3,260,142 | * | * | * | ||||||||||||
* Digital asset sales attributable to the customer during the period did not exceed the 10% threshold.
5 Cost of digital assets derecognized
The following table presents the Cost of digital assets derecognized by venue for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
On the Exchange |
$ | 32,569,561 | $ | 58,585,058 | $ | 84,362,303 | $ | 138,490,874 | ||||||||
|
On other venues(i) |
- | 30,215 | - | 334,040 | ||||||||||||
|
Total Cost of digital assets derecognized |
$ | 32,569,561 | $ | 58,615,273 | $ | 84,362,303 | $ | 138,824,914 | ||||||||
|
(i) |
Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets. |
6 Other revenues
The following table presents Other revenues by category for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Transaction fee income(i) |
$ | 2,263 | $ | 384 | $ | 4,974 | $ | 947 | ||||||||
|
Subscription and services revenue(ii) |
62,688 | 31,908 | 117,459 | 51,649 | ||||||||||||
|
Total Other revenues(iii) |
$ | 64,951 | $ | 32,292 | $ | 122,433 | $ | 52,596 | ||||||||
| (i) |
For the three months ended June 30, 2026 and 2025, the Exchange recorded transaction fee income from peer-to-peer spot trades of $0.3 million and $0.3 million, respectively, and $0.7 million and $0.8 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(ii) |
This includes interest income of $4.7 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $10.3 million and $6.0 million for the six months ended June 30, 2026 and 2025, respectively. This amount also includes other income from non-customers of $13.0 million and $10.3 million for the three months ended June 30, 2026 and 2025, respectively, and $28.9 million and $10.5 million for the six months ended June 30, 2026 and 2025, respectively. |
|
(iii) |
This includes the total of interest income and other income from non-customers, which amounted to $17.7 million and $13.7 million for the three months ended June 30, 2026 and 2025, respectively, and $39.2 million and $16.5 million for the six months ended June 30, 2026 and 2025, respectively. |
7 Change in fair value of digital assets held, net
The following table presents the components of the Change in fair value of digital assets held, net for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange |
$ | 12,207 | $ | 10,175 | $ | 27,472 | $ | 28,863 | ||||||||
|
Change in fair value of digital asset inventories and financial assets, net of change in fair value of the payable to customers |
(65,253 | ) | 22,837 | (216,177 | ) | (92,430 | ) | |||||||||
|
Change in fair value of loan and other receivables - digital assets |
(12,143 | ) | 54,958 | (85,379 | ) | 33,558 | ||||||||||
|
Change in fair value of digital asset loan payable |
2,088 | (12,830 | ) | 2,369 | 475 | |||||||||||
|
Impairment losses of digital asset held - intangible assets |
(181,513 | ) | (6,731 | ) | (532,483 | ) | (148,819 | ) | ||||||||
|
Total Change in fair value of digital assets held, net |
$ | (244,614 | ) | $ | 68,409 | $ | (804,198 | ) | $ | (178,353 | ) | |||||
8 Administrative expenses
The following table presents the components of Administrative expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Compensation and benefits |
$ | 39,212 | $ | 30,059 | $ | 77,465 | $ | 65,661 | ||||||||
|
Legal and professional fees |
17,056 | 12,958 | 27,083 | 24,542 | ||||||||||||
|
Total Administrative expenses |
$ | 56,268 | $ | 43,017 | $ | 104,548 | $ | 90,203 | ||||||||
9 Other expenses
The following table presents the components of Other expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Information technology and software expenses |
$ | 6,345 | $ | 5,422 | $ | 12,058 | $ | 9,969 | ||||||||
|
Production expenses |
6,115 | 4,809 | 9,842 | 7,814 | ||||||||||||
|
Depreciation of property and equipment and right-of-use assets |
1,480 | 1,632 | 3,150 | 3,130 | ||||||||||||
|
Advertisement and promotion expenses |
2,748 | 2,563 | 4,804 | 4,437 | ||||||||||||
|
Amortization of intangible assets |
558 | 557 | 1,115 | 1,173 | ||||||||||||
|
Custody fees |
446 | 368 | 860 | 944 | ||||||||||||
|
Other share-based payment expenses |
7,591 | - | 23,029 | - | ||||||||||||
|
Impairment of right-of-use assets |
- | - | 591 | - | ||||||||||||
|
Digital asset impairment |
- | - | 8,239 | - | ||||||||||||
|
Other |
7,230 | 2,011 | 14,355 | 4,958 | ||||||||||||
|
Total Other expenses |
$ | 32,513 | $ | 17,362 | $ | 78,043 | $ | 32,425 | ||||||||
10 Finance expense
The following table presents the components of Finance expense for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Loan interest expense |
$ | 14,193 | $ | 13,013 | $ | 27,970 | $ | 23,000 | ||||||||
|
Lease interest expense |
266 | 278 | 577 | 531 | ||||||||||||
|
Total Finance expense |
$ | 14,459 | $ | 13,291 | $ | 28,547 | $ | 23,531 | ||||||||
Loan interest expense for the three and six months ended June 30, 2026 and 2025 includes expenses related to borrowing arrangements detailed in the annual financial statements.
11 Income tax (benefit) expense
The following table presents the components of Income tax (benefit) expense for the three and six months ended June 30, 2026 and 2025 (in thousands):
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Current income tax expense |
$ | (150 | ) | $ | 1,043 | $ | 205 | $ | 1,089 | |||||||
|
Deferred income tax benefit |
154 | (167 | ) | 25 | (434 | ) | ||||||||||
|
Total Income tax (benefit) expense |
$ | 4 | $ | 876 | $ | 230 | $ | 655 | ||||||||
12 Digital assets held
The table below presents the breakdown of Digital assets held - financial assets by venue (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Digital financial assets held on the Exchange wallets |
$ | 59,976 | $ | 84,993 | ||||
|
Digital financial assets held on the non-Exchange wallets |
892,650 | 952,922 | ||||||
|
Total Digital assets held - financial assets |
$ | 952,626 | $ | 1,037,915 | ||||
12 Digital assets held—(continued)
The table below presents the implied units and carrying amount of digital assets, denominated in units and US dollars, for Digital assets held - inventories, Digital assets - intangible assets, and Digital assets - financial assets (in thousands):
|
June 30, |
December 31, |
|||||||||||||||
|
2026 |
2025 |
|||||||||||||||
|
Units |
Fair Value |
Units |
Fair Value |
|||||||||||||
|
BTC(i) |
19.99 | $ | 1,171,444 | 18.03 | $ | 1,598,225 | ||||||||||
|
ETH(i) |
9.54 | 14,948 | 12.52 | 37,410 | ||||||||||||
|
Stablecoins(ii) |
742,506 | 1,056,666 | ||||||||||||||
|
Others(iii) |
296,455 | 88,863 | ||||||||||||||
|
Total Digital assets held - inventories, intangible assets, and financial assets |
$ | 2,225,353 | $ | 2,781,164 | ||||||||||||
|
(i) |
BTC and ETH balances presented include tokens that are wrapped such as cbBTC (12,287.2 units valued at $720.1 million as of June 30, 2026 and 8,177.4 units valued at $725.8 million as of December 31, 2025), wBTC (187.3 units valued at $11.0 million as of June 30, 2026, 226.8 units valued at $20.1 million as of December 31, 2025) and weETH (176.5 units valued at $0.3 million as of June 30, 2026, 160.6 units valued at $0.5 million as of December 31, 2025). |
|
(ii) |
Stablecoins are a digital asset intended to maintain a stable value by tracking a reference asset, such as USD, typically on a one-to-one basis. As of June 30, 2026, individual assets that comprise greater than 5% of the balance include USDC ($458.0 million), USDG ($150.8 million), and SOFID ($50.0 million). As of December 31, 2025, individual assets that comprise greater than 5% of the balance include USDC ($464.9 million), USDG ($204.3 million), and PYUSD ($161.1 million). No other stablecoins represent greater than 5% of the total balance. |
|
(iii) |
Any digital asset that individually represents less than 5% of the digital asset balance presented is grouped together as Others. |
13 Loan and other receivables - digital assets
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 June 30, 2026 and December 31, 2025 (in thousands). Amounts totaling less than 5% of the outstanding balance are aggregated in the Others line:
|
June 30, |
December 31, |
|||||||||||||||
|
2026 |
2025 |
|||||||||||||||
|
Units |
Fair Value |
Units |
Fair Value |
|||||||||||||
|
BTC |
1.57 | $ | 91,818 | 1.90 | $ | 168,630 | ||||||||||
|
ETH |
1.70 | 2,657 | 1.96 | 5,843 | ||||||||||||
|
USDC |
142,669 | 132,775 | ||||||||||||||
|
USD |
16,821 | - | ||||||||||||||
|
Others |
11,227 | 9,128 | ||||||||||||||
|
Total Digital assets - credit line facility and other lending arrangements |
$ | 265,192 | $ | 316,376 | ||||||||||||
|
BTC |
0.03 | $ | 1,464 | 0.01 | $ | 792 | ||||||||||
|
ETH |
0.40 | 614 | 0.57 | 1,699 | ||||||||||||
|
USDC |
926 | 12,008 | ||||||||||||||
|
XRP |
499 | - | ||||||||||||||
|
SOL |
416 | - | ||||||||||||||
|
Others |
- | 281 | ||||||||||||||
|
Total Digital assets - margin lending services |
$ | 3,919 | $ | 14,780 | ||||||||||||
|
BTC |
— | $ | — | 1.30 | $ | 115,325 | ||||||||||
|
Total Digital assets - pledged as collateral |
$ | — | $ | 115,325 | ||||||||||||
|
BTC |
1.59 | $ | 93,282 | 3.21 | $ | 284,747 | ||||||||||
|
ETH |
2.09 | 3,271 | 2.53 | 7,542 | ||||||||||||
|
USDC |
143,595 | 144,783 | ||||||||||||||
|
USD |
16,821 | - | ||||||||||||||
|
XRP |
499 | - | ||||||||||||||
|
SOL |
416 | - | ||||||||||||||
|
Others |
11,227 | 9,409 | ||||||||||||||
|
Total Loan and other receivables - digital assets |
$ | 269,111 | $ | 446,481 | ||||||||||||
14 Investments in financial assets
The table below presents the fair value of Investments in financial assets by investment type (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
BTC funds |
$ | 124,808 | $ | 186,067 | ||||
|
Grayscale CoinDesk Crypto 5 ETF |
59,517 | 93,184 | ||||||
|
CoinDesk 20 |
- | 87,802 | ||||||
|
Other digital assets funds |
12,376 | 12,408 | ||||||
|
Other investments in financial assets |
29,536 | 24,683 | ||||||
|
Total Investments in financial assets |
$ | 226,237 | $ | 404,144 | ||||
For the six months ended June 30, 2026, the Group held digital assets exchange-traded funds and private funds valued at $196.7 million (December 31, 2025: $379.4 million) as well as equity investments valued at $29.5 million (December 31, 2025: $24.7 million).
15 Other assets
The table below presents the components of non-current and current Other assets (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Non-current assets |
||||||||
|
Deposits |
$ | 1,297 | $ | 1,180 | ||||
|
Other receivables |
414 | 323 | ||||||
|
Finance lease receivables |
302 | 739 | ||||||
|
Prepayments |
17,448 | 16,252 | ||||||
|
Deferred trading rewards program costs |
6,613 | 2,817 | ||||||
|
Total Other assets (non-current) |
$ | 26,074 | $ | 21,311 | ||||
|
Current assets |
||||||||
|
Accounts receivable |
$ | 22,310 | $ | 24,625 | ||||
|
Finance lease receivables |
348 | 110 | ||||||
|
Prepayments |
14,097 | 18,943 | ||||||
|
Other receivables |
23,764 | 3,824 | ||||||
|
Deferred trading rewards program costs |
4,168 | - | ||||||
|
Total Other assets (current) |
$ | 64,687 | $ | 47,502 | ||||
As of June 30, 2026 and December 31, 2025 the carrying values of current Other assets approximated their fair values.
16 Restricted cash
As of June 30, 2026, current Restricted cash primarily related to deposits for insurance policies of $17.1 million (December 31, 2025: $16.8 million) and non-current Restricted cash primarily related to guarantees for lease agreements of $5.8 million (December 31, 2025: $5.7 million).
17 Cash and cash equivalents
The table below presents the components of Cash and cash equivalents (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Cash at banks |
$ | 78,611 | $ | 80,159 | ||||
|
Cash on the Exchange at banks |
7,994 | 7,626 | ||||||
|
Cash held in brokers |
9 | 107 | ||||||
|
Total Cash and cash equivalents |
$ | 86,614 | $ | 87,892 | ||||
As of June 30, 2026 and December 31, 2025, the carrying values of Cash and cash equivalents approximated their fair values.
18 Other payables
The table below presents the components of Other payables (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Non-current payables |
||||||||
|
Trading rewards program liability |
$ | — | $ | 3,000 | ||||
|
Total Other payables (non-current) |
$ | — | $ | 3,000 | ||||
|
Current payables |
||||||||
|
Accrued compensation and benefits |
$ | 11,609 | $ | 20,363 | ||||
|
Accrued expenses |
19,716 | 10,569 | ||||||
|
Deferred income |
12,346 | 10,557 | ||||||
|
Loan interest payable to the related party(i) |
9,272 | 8,764 | ||||||
|
Amounts due to related parties(i) |
651 | 807 | ||||||
|
Other payables |
8,103 | 2,968 | ||||||
|
Total Other payables (current) |
$ | 61,697 | $ | 54,028 | ||||
|
(i) |
For additional details regarding transactions with related parties see Note 24. |
As of June 30, 2026 and December 31, 2025, the carrying values of Other payables approximated their fair values.
19 Digital assets loan payable
The table below presents the components of Digital assets loan payable (in thousands):
| June 30, | December 31, | |||||||
|
2026 |
2025 |
|||||||
|
Unsecured borrowing at FVTPL |
$ | 2,916 | $ | 5,267 | ||||
|
Secured borrowing at FVTPL |
$ | 66 | $ | 334 | ||||
|
Digital assets loan payable (non-current) |
$ | 2,916 | $ | 5,267 | ||||
|
Digital assets loan payable (current) |
$ | 66 | $ | 334 | ||||
20 Derivative financial instruments
The table below presents details regarding Derivative financial instruments (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Derivative financial instruments (assets) |
||||||||
|
Digital currency perpetual contracts - carrying amount |
$ | — | $ | — | ||||
|
Derivative financial instruments (liabilities) |
||||||||
|
Digital currency perpetual contracts - carrying amount |
4,108 | - | ||||||
|
Total notional amount |
||||||||
|
Digital currency perpetual contracts |
$ | 279,976 | $ | 140,522 | ||||
The notional amount of Derivative financial instruments primarily represents the over-the-counter perpetual futures contracts that the Group holds off Exchange. Derivative financial instruments are held as trading derivatives that are not designated in a hedge accounting relationship.
21 Fair value of financial instruments
The Group's accounting policies and valuation methodologies for fair value measurements are consistent with those described in the annual financial statements. There have been no changes to the Group's fair value measurement methodologies during the six months ended June 30, 2026.
Assets and Liabilities Measured at Fair Value
The following table presents the Group's assets and liabilities measured at fair value as of June 30, 2026 and December 31, 2025 (in thousands):
|
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
|
As of June 30, 2026 |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments in financial assets |
$ | 178,239 | $ | 11,120 | $ | 36,878 | $ | 226,237 | ||||||||
|
Digital assets held — inventories |
139,131 | - | - | 139,131 | ||||||||||||
|
Digital assets held — intangible assets |
1,123,682 | 9,914 | - | 1,133,596 | ||||||||||||
|
Digital assets held — financial assets |
936,501 | 16,125 | - | 952,626 | ||||||||||||
|
Loan and other receivables — digital assets |
- | 269,111 | - | 269,111 | ||||||||||||
|
Derivative financial instruments - current assets |
- | - | - | - | ||||||||||||
|
Total assets |
$ | 2,377,553 | $ | 306,270 | $ | 36,878 | $ | 2,720,701 | ||||||||
|
Liabilities |
||||||||||||||||
|
Borrowings from related parties |
$ | - | $ | - | $ | 495,650 | $ | 495,650 | ||||||||
|
Digital assets loan payable |
- | 66 | 2,916 | 2,982 | ||||||||||||
|
Derivative financial instruments - current liabilities |
- | 4,108 | - | 4,108 | ||||||||||||
|
Total liabilities |
$ | - | $ | 4,174 | $ | 498,566 | $ | 502,740 | ||||||||
|
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
|
As of December 31, 2025 |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments in financial assets |
$ | 358,184 | $ | 17,275 | $ | 28,685 | $ | 404,144 | ||||||||
|
Digital assets held — inventories |
206,178 | - | - | 206,178 | ||||||||||||
|
Digital assets held — intangible assets |
1,537,071 | - | - | 1,537,071 | ||||||||||||
|
Digital assets held — financial assets |
1,037,915 | - | - | 1,037,915 | ||||||||||||
|
Loan and other receivables — digital assets |
- | 446,481 | - | 446,481 | ||||||||||||
|
Derivative financial instruments - current assets |
- | - | - | - | ||||||||||||
|
Total assets |
$ | 3,139,348 | $ | 463,756 | $ | 28,685 | $ | 3,631,789 | ||||||||
|
Liabilities |
||||||||||||||||
|
Borrowings from related parties |
$ | - | $ | - | $ | 505,600 | $ | 505,600 | ||||||||
|
Digital assets loan payable |
- | - | 5,601 | 5,601 | ||||||||||||
|
Derivative financial instruments - current liabilities |
- | - | - | - | ||||||||||||
|
Total liabilities |
$ | - | $ | - | $ | 511,201 | $ | 511,201 | ||||||||
Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period in which they occur, and reflect changes in the availability of observable market data or, for Level 3 instruments, changes in the financial information and other factors considered by management.
21 Fair Value of Financial Instruments—(continued)
Level 3 Financial Instruments
The Group holds certain financial instruments classified as Level 3 under IFRS 13 Fair Value Measurement, for which fair value is estimated by management based on available financial information and other relevant factors, consistent with the methodology described in the Group's annual financial statements on Form 20-F. Activity for Level 3 instruments, including purchases, sales, issuances, settlements, transfers, and realized and unrealized gains and losses, was not material for the six months ended June 30, 2026 and 2025.
Unrealized gains (losses) included in earnings for the six months ended June 30, 2026 and 2025, attributable to Level 3 instruments still held at period end, were not material.
22 Share-based payments
On July 31, 2025, the Company’s Board of Directors approved a reverse stock split of the Company’s Class A common shares, Class B preference shares, and Class C common shares on a 1-for-2 basis (the “Reverse Split”) which became effective on August 1, 2025. All share and per-share amounts presented in this note, including comparative periods, have been retrospectively adjusted to reflect the reverse stock split. Refer to the annual financial statements for further details on the Reverse Split.
For a description of the Group's share-based payment arrangements, refer to Note 29 of the Group's annual consolidated financial statements for the year ended December 31, 2025. The tables below present share-based award activity for the three and six months ended June 30, 2026 and the comparative period presented.
The table below presents details of the Trading Rewards Program ("TRP") warrants activity during the three and six months ended June 30, 2026 and 2025:
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Outstanding at beginning of period |
955,704 | - | 369,853 | - | ||||||||||||
|
Granted during the period |
585,852 | - | 1,171,703 | - | ||||||||||||
|
Outstanding at end of period |
1,541,556 | - | 1,541,556 | - | ||||||||||||
22 Share-based payments—(continued)
Options
The tables below present details of the options activity during the three and six months ended June 30, 2026 and 2025:
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||||||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||||||||||||||||||
|
Weighted |
Weighted |
Weighted |
Weighted |
|||||||||||||||||||||||||||||
|
average |
average |
average |
average |
|||||||||||||||||||||||||||||
|
Options |
exercise price |
Options |
exercise price |
Options |
exercise price |
Options |
exercise price |
|||||||||||||||||||||||||
|
Outstanding at beginning of period |
6,633,785 | $ | 19.75 | 5,917,842 | $ | 23.58 | 5,845,207 | $ | 18.10 | 4,943,913 | $ | 25.76 | ||||||||||||||||||||
|
Granted during the period |
17,027 | $ | 29.97 | 114,792 | $ | 23.98 | 1,140,954 | $ | 27.49 | 1,176,419 | $ | 23.62 | ||||||||||||||||||||
|
Forfeited during the period |
(127,627 | ) | $ | 23.31 | (236,299 | ) | $ | 17.24 | (219,307 | ) | $ | 22.16 | (323,997 | ) | $ | 18.96 | ||||||||||||||||
|
Exercised during the period |
(185,944 | ) | $ | 15.31 | — | $ | — | (429,613 | ) | $ | 14.95 | — | $ | — | ||||||||||||||||||
|
Outstanding at the end of period |
6,337,241 | $ | 19.84 | 5,796,335 | $ | 17.74 | 6,337,241 | $ | 19.84 | 5,796,335 | $ | 17.74 | ||||||||||||||||||||
|
Exercisable at the end of period |
3,023,707 | $ | 18.24 | — | 3,023,707 | $ | 18.24 | — | ||||||||||||||||||||||||
RSUs
The tables below present details of the RSU activity during the three and six months ended June 30, 2026 and 2025:
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Outstanding at beginning of the period |
33,111 | 200,007 | 193,148 | 200,007 | ||||||||||||
|
Granted during the period |
- | - | - | - | ||||||||||||
|
Forfeited during the period |
- | - | - | - | ||||||||||||
|
Released during the period |
- | - | (160,037 | ) | - | |||||||||||
|
Outstanding at end of the period |
33,111 | 200,007 | 33,111 | 200,007 | ||||||||||||
23 Earnings/(loss) per share
For the three months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of basic earnings per share was 151,684,192 and 113,214,765, respectively. For the three months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of diluted earnings per share was 151,684,192 and 115,950,703.
For the six months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of basic earnings per share was 151,416,722 and 113,214,765, respectively. For the six months ended June 30, 2026 and 2025, the weighted average number of ordinary shares outstanding used in the calculation of diluted earnings per share was 151,416,722 and 113,214,765.
24 Related party transactions
The table below presents related party transactions entered into during the period (in thousands):
|
For the three months ended June 30, |
For the six months ended June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
Other expenses |
||||||||||||||||
|
Services fees charged to a related party |
$ | — | $ | (241 | ) | $ | — | $ | (481 | ) | ||||||
|
Finance expense |
||||||||||||||||
|
Loan interest expenses charged by related parties |
$ | 9,272 | $ | 8,669 | $ | 17,846 | $ | 17,243 | ||||||||
The table below presents outstanding balances arising from the above transactions as of June 30, 2026 and December 31, 2025 (in thousands):
|
June 30, |
December 31, |
|||||||
|
2026 |
2025 |
|||||||
|
Other payables |
||||||||
|
Amounts due to related parties |
$ | 651 | $ | 807 | ||||
|
Loan interest expense payable to related parties |
9,272 | 8,764 | ||||||
|
Borrowings from the Related Party |
||||||||
|
Amounts due to related parties |
495,650 | 505,600 | ||||||
25 Subsequent events
The Group has evaluated subsequent events through August 13, 2026, the date the condensed consolidated financial statements were available for issuance. There were no subsequent events that required recognition or disclosure in the financial statements.
|
|