Digital Assets |
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| Digital Assets | 9. DIGITAL ASSETS
The Company’s digital assets consist of Tether (USDT), a stablecoin pegged to the U.S. dollar, held to facilitate the acquisition of Fusion Five Continents Securities Limited (“Fusion Five”) and related funding activity described below, and USDT held by Fusion Five on behalf of its clients in connection with client funding and securities trading activities.
Digital assets are measured at fair value in accordance with ASC 350-60, Intangibles—Goodwill and Other—Crypto Assets, as updated by ASU 2023-08, Accounting for and Disclosure of Crypto Assets, with changes in fair value recognized in net income. The Company determines fair value using quoted prices for identical assets in an active market accessible by the Company as of the measurement date, without adjustment, which the Company has concluded represents a Level 1 measurement within the fair value hierarchy of ASC 820, Fair Value Measurement. No realized or unrealized gains or losses were recognized during the period, as USDT was received, held, and settled at $1.00 per token throughout.
The Company classifies its digital assets as current assets, as they are readily convertible to cash and the Company does not intend, nor is it restricted, to hold such assets beyond twelve months from the balance sheet date. The Company holds no digital assets that are subject to contractual sale restrictions. See Note 3 — Summary of Significant Accounting Policies, Digital Assets – External Trust Company and Payable – External Trust Company, for the Company’s accounting policy and disclosures related to digital assets held by Fusion Five on behalf of its clients.
The following table presents the Company’s digital asset holdings as of June 30, 2026. USDT was the Company’s only significant individual crypto asset holding during the period, and the Company held no digital assets as of December 31, 2025.
The following table presents the changes in the Company’s own digital assets, held for its general corporate purposes, and describes the nature of each addition and disposition, for the six months ended June 30, 2026 and 2025. Digital assets held on behalf of clients are excluded from this table, as their movement corresponds directly to client-directed funding and withdrawal activity rather than the Company’s own treasury and acquisition-related transactions.
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