v3.26.1
Stable Coins – Restricted
 6 Months Ended
Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Stable Coins – Restricted Stable Coins
Stable coins balances as of December 31, 2025 and June 30, 2026 included the following:
December 31, 2025June 30, 2026
(Audited)(Unaudited)
UnitsHK$UnitsHK$US$
Stable coins (USDC)32,649,748 254,646,365 7,155,951 55,793,319 7,114,680 
254,646,365 55,793,319 7,114,680 
The following table presents a summary of changes in our stable coins at for the six months ended June 30, 2026:
Total
HK$
Balance at December 31, 2025 (Audited)254,646,365 
Purchases of stable coins78,343,785 
Release from stable coins - restricted133,380,000 
Transfer to stable coins - restricted(201,836,700)
Disposals of stable coins(210,131,314)
Change in fair value of stable coins(1,423)
Investment income from stable coins1,392,666 
Others(60)
Balance at June 30, 2026 (Unaudited)55,793,319 
Balance at June 30, 2026 (US$) (Unaudited)7,114,680 
Stable Coins – Restricted
Stable coins – restricted represents stable coins (USDC) reserved as a deposit for derivative contracts with a cryptocurrency counterparty. The restriction of the stable coins reserved will be released upon the expiration or execution of the derivative contracts. As of December 31, 2025 and June 30, 2026, the ending balance of stable coins – restricted was HK$ nil.
The following table presents a summary of changes in the stable coins - restricted at fair value:
Total
HK$
Stable coins - restricted, Balance at December 31, 2025 (Audited)- 
Transfer from stable coins204,742,200 
Release to stable coins(133,380,000)
Exercise of a derivative contract(75,660,000)
Option premium income4,297,800 
Stable coins - restricted, Balance at June 30, 2026 (Unaudited)- 
Stable coins - restricted, Balance at June 30, 2026 (US$) (Unaudited)- 
Digital Assets
Digital assets balances as of December 31, 2025 and June 30, 2026 included the following:
December 31, 2025June 30, 2026
(Audited)(Unaudited)
UnitsCost BasisFair ValueUnitsCost BasisCost BasisFair ValueFair Value
HK$HK$HK$US$HK$US$
Bitcoin340 244,183,314 232,751,003 342244,982,361 31,239,781 156,309,436 19,932,343 
Bitcoin Cash391,702 1,703,106,631 1,821,134,280 676,049 2,966,563,224 378,291,663 1,053,141,113 134,294,965 
Binance Coin569 3,921,556 3,833,787 569 3,922,215 500,155 2,424,758 309,202 
Tether173,209,209 1,351,031,831 1,351,010,850 30,015,258 234,119,012 29,854,503 234,118,860 29,854,483 
Digital asset holdings that are not individually significant550 31,577 31,286 81731,788 4,054 17,486 2,230 
3,302,274,909 3,408,761,206 3,449,618,600 439,890,156 1,446,011,653 184,393,223 
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 unaudited condensed consolidated statements of operations and comprehensive loss.
The following table presents a summary of changes in our digital assets at fair value:
BitcoinBitcoin CashBinance CoinTetherDigital asset holdings that are not individually significantTotal
HK$HK$HK$HK$HK$HK$
Digital assets, Balance at December 31, 2025 (Audited)232,751,003 1,821,134,280 3,833,787 1,351,010,850 31,286 3,408,761,206 
Purchases of digital assets- - - 258,239,167 234,000,780 492,239,947 
Exercise of derivative contracts - 72,117,402 - - - 72,117,402 
Release from digital assets - restricted- 125,556,941 - - - 125,556,941 
Exchange of digital assets- 1,065,535,300 - (1,065,535,300)- - 
Disposal of digital assets- - - (312,343,785)(234,215,167)(546,558,952)
Gain on disposals of digital assets - - - 480 214,387 214,867 
Change in fair value of digital assets(77,240,615)(2,031,449,760)(1,409,688)20,830 (14,012)(2,110,093,245)
Investment income from digital assets799,078 269,186 659 2,726,700 284 3,795,907 
Digital asset transaction fees and others(30)(22,236)- (82)(72)(22,420)
Digital assets, Balance at June 30, 2026 (Unaudited)156,309,436 1,053,141,113 2,424,758 234,118,860 17,486 1,446,011,653 
Digital assets, Balance at June 30, 2026 (US$) (Unaudited)19,932,343 134,294,965 309,202 29,854,483 2,230 184,393,223 
Investment income from digital assets included interest income from digital assets.Digital Assets – Restricted
Digital assets balance as of December 31, 2025 and June 30, 2026 included the following:
December 31, 2025June 30, 2026
(Audited)(Unaudited)
UnitsCost BasisFair ValueUnitsCost BasisCost BasisFair ValueFair Value
HK$HK$HK$US$HK$US$
Bitcoin Cash30,000 125,556,941 140,283,000 - - - - - 
125,556,941 140,283,000 - - - - 
As of December 31, 2025, the Company reserved digital assets (bitcoin cash) in an amount of HK$140,283,000 as a deposit for derivative contracts with a cryptocurrency counterparty. On January 30, 2026, the derivative contracts were expired and the digital assets reserved were released. Change in fair value of the restricted digital assets before the expiration was included in the change in fair value of the digital assets on the unaudited condensed consolidated statements of operations and comprehensive loss.
The following table presents a summary of changes in our digital assets - restricted at fair value:
Bitcoin CashTotal
HK$HK$
Digital assets - restricted, Balance at December 31, 2025 (Audited)140,283,000 140,283,000 
Change in fair value of digital assets – restricted(14,726,059)(14,726,059)
Release to digital assets(125,556,941)(125,556,941)
Digital assets - restricted, Balance at June 30, 2026 (Unaudited)- - 
Digital assets - restricted, Balance at June 30, 2026 (US$) (Unaudited)- -