| Derivatives |
10. Derivatives The Group’s derivative balance as of December 31, 2025 and 2024 were primarily put features linked to the change in the fair value of digital assets embedded within the XBT CS Physical Certificate Liabilities and CS Physical Certificate Liabilities. See Note 8 for additional information about XBT CS Physical Certificate Liabilities and CS Physical Certificate Liabilities. No derivatives are designated as hedges. The following table summarizes information on derivative instruments by their location in the Consolidated Balance Sheets: | | | Derivative Assets | | Derivative Liabilities | | | | Consolidated
Balance Sheets Location | | Fair Value | | Consolidated
Balance Sheets Location | | Fair value | | Instrument: | | December 31, 2025 | | Digital asset perpetuals and futures (DA settled) | | Digital asset receivables | | $ | 30,124 | | Digital asset payables | | $ | 9 | | Digital asset futures (cash settled) | | Prepaids and other current assets | | | 395 | | | | | — | | OTC liabilities | | | | | — | | Digital asset payables | | | 13,291 | | CS Physical Certificate Liabilities | | | | | — | | CS Physical Certificate Liabilities | | | 2,041,154 | | XBT CS Physical Certificate Liabilities | | | | | — | | XBT CS Physical Certificate Liabilities | | | 1,279 | | Solana seed | | | | | — | | Digital asset payables | | | 155,074 | | Total | | | | $ | 30,519 | | | | $ | 2,210,807 | | | | | | | | | | | | | | | | December 31, 2024 | | Digital asset perpetuals and futures (DA settled) | | Digital asset receivables | | $ | 2,129 | | Digital asset payables | | $ | 509 | | Digital asset futures (cash settled) | | | | | — | | Trade and other payables | | | 361 | | OTC liabilities | | | | | — | | Digital asset payables | | | 16,988 | | CS Physical Certificate Liabilities | | | | | — | | CS Physical Certificate Liabilities | | | 1,453,943 | | Solana seed | | | | | — | | Digital asset payables | | | 224,208 | | Total | | | | $ | 2,129 | | | | $ | 1,696,009 | The impacts of gains/(losses) on derivative instruments recognized in the Consolidated Statements of Operations and Comprehensive Income were as follows: | | | Consolidated Statements of Operations
and Comprehensive Income Location | | For the years ended December 31, | | Instrument: | | 2025 | | 2024 | | 2023 | | Digital asset perpetuals and futures (DA settled) | | Other operating gains/(losses) | | $ | 62,506 | | | $ | 18,689 | | | $ | 4,026 | | | Cash-settled derivatives | | Other operating gains/(losses) | | | (11,937 | ) | | | (54,473 | ) | | | 21,294 | | | OTC liabilities | | Other operating gains/(losses) | | | 6,030 | | | | (5,082 | ) | | | (11,459 | ) | | CS Physical Certificate Liabilities and XBT CS Physical
Certificate Liabilities | | Gain/(loss) on certificate liabilities | | | 635,929 | | | | (708,451 | ) | | | (224,824 | ) | | Solana seed | | Other operating gains/(losses) | | | 95,644 | | | | (107,823 | ) | | | (97,687 | ) | | Total | | | | $ | 788,172 | | | $ | (857,140 | ) | | $ | (308,650 | ) | |