| Fair Value |
11. Fair Value Recurring Fair Value Measurements Please see below detail for the Group’s investments measured on a recurring basis at fair value: | | | January 1,
2024 | | Additions | | (Disposals) | | Investment
Gain/(Loss) | | Transfers
between
levels | | December 31,
2024 | | Level 1 Investments | | $ | 1 | | $ | — | | $ | — | | | $ | — | | | $ | — | | $ | 1 | | Level 2 Investments | | | — | | | — | | | — | | | | — | | | | — | | | — | | Level 3 Investments | | | 6,297 | | | 843 | | | (6,232 | ) | | | 670 | | | | — | | | 1,578 | | Total investments held at fair value | | | 6,298 | | | 843 | | | (6,232 | ) | | | 670 | | | | — | | | 1,579 | | Associates | | | 74 | | | — | | | — | | | | (74 | ) | | | — | | | — | | Total investments valued using the equity method | | | 74 | | | — | | | — | | | | (74 | ) | | | — | | | — | | Total investments | | $ | 6,372 | | $ | 843 | | $ | (6,232 | ) | | $ | 596 | | | $ | — | | $ | 1,579 | | | | January 1,
2025 | | Additions | | (Disposals) | | Investment
Gain/(Loss) | | Transfers
between
levels | | December 31,
2025 | | Level 1 Investments | | $ | 1 | | $ | — | | $ | — | | | $ | 2 | | | $ | — | | $ | 3 | | Level 2 Investments | | | — | | | — | | | — | | | | — | | | | — | | | — | | Level 3 Investments | | | 1,578 | | | 165 | | | (78 | ) | | | (686 | ) | | | — | | | 979 | | Total investments held at fair value | | | 1,579 | | | 165 | | | (78 | ) | | | (684 | ) | | | — | | | 982 | | Associates | | | — | | | — | | | — | | | | — | | | | — | | | — | | Total investments valued using the equity method | | | — | | | — | | | — | | | | — | | | | — | | | — | | Total investments | | $ | 1,579 | | $ | 165 | | $ | (78 | ) | | $ | (684 | ) | | $ | — | | $ | 982 | Please see below for additional items measured on a recurring basis at fair value. | | | As of December 31, 2025 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | | | | Digital assets – held for operations | | $ | 3,974,713 | | $ | — | | $ | — | | $ | 3,974,713 | | Digital assets – held as treasury | | | 33,354 | | | — | | | — | | | 33,354 | | Digital asset ETPs | | | — | | | 1,145,428 | | | — | | | 1,145,428 | | Digital asset receivables, net | | | — | | | 108,517 | | | — | | | 108,517 | | Prepaid and other current assets – cash settled digital asset futures(i) | | | 395 | | | — | | | — | | | 395 | | Total | | $ | 4,008,462 | | $ | 1,253,945 | | $ | — | | $ | 5,262,407 | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | XBT Certificate Liabilities | | $ | 2,465,007 | | $ | — | | $ | — | | | 2,465,007 | | XBT CS Physical Certificate Liabilities | | | 1,279 | | | — | | | — | | | 1,279 | | CS Physical Certificate Liabilities | | | 2,041,154 | | | — | | | — | | | 2,041,154 | | Digital asset payables | | | 168,374 | | | — | | | — | | | 168,374 | | Total | | $ | 4,675,814 | | $ | — | | $ | — | | $ | 4,675,814 | (i) Represents the value of cash settled digital asset futures. | | | As of December 31, 2024 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | | | | | Digital assets – held for operations | | $ | 4,466,678 | | $ | — | | $ | — | | $ | 4,466,678 | | Digital assets – held as treasury | | | 11,177 | | | 4,072 | | | — | | | 15,249 | | Digital asset ETPs | | | — | | | 1,190,998 | | | — | | | 1,190,998 | | Digital asset receivables, net | | | — | | | 205,892 | | | — | | | 205,892 | | Total | | $ | 4,477,855 | | $ | 1,400,962 | | $ | — | | $ | 5,878,817 | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | XBT Certificate Liabilities | | $ | 3,695,537 | | $ | — | | $ | — | | | 3,695,537 | | CS Physical Certificate Liabilities | | | 1,453,943 | | | — | | | — | | | 1,453,943 | | Digital asset payables | | | 241,705 | | | — | | | — | | | 241,705 | | Trade and other payables – cash settled digital asset futures | | | 361 | | | | | | | | | 361 | | Total | | $ | 5,391,546 | | $ | — | | $ | — | | $ | 5,391,546 | The net realized and unrealized gains and losses on digital assets and digital asset ETPs for the years ended December 31, 2025, 2024, and 2023 were a $982.8 million loss, a $2,933.4 million gain, and a $1,744.8 million gain, respectively. The gains/losses on XBT Certificate Liabilities, XBT CS Physical Certificate Liabilities, and CS Physical Certificate Liabilities for the years ended December 31, 2025, 2024 and 2023 were a $802.7 million gain, a $2,911.0 million loss, and a $1,703.5 million loss. Refer to Note 10 for more information on the net derivative gain (losses) from the digital assets perpetual contracts and futures contracts. |