Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Coinshares International Limited [Member]

Property and Equipment, Net [Line Items]

13. Property and equipment, net

	As of December 31,
	2025			2024
Furniture and fixtures	$	1,080		$	928
Office equipment		968			781
Total		2,048			1,709
Less: accumulated depreciation		(1,682	)		(1,421	)
Property and equipment, net	$	366		$	288

For the years ended December 31, 2025, 2024, and 2023, depreciation expense of property and equipment was $0.2 million, $0.3 million, and $0.3 million, respectively, and is included in depreciation and amortization on the consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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