| Schedule of Analysis of the Group's Results by Reportable Segment |
The following is an analysis of the Group’s results by reportable segment for the six months ended June 30, 2026: | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Revenue | | $ | 40,002 | | | $ | 11,436 | | | $ | — | | | $ | 51,438 | | | | | | | | | | | | | | | | | | | | | Gains/(losses) from operations | | | | | | | | | | | | | | | | | | (Loss)/gain on digital assets and digital asset ETPs | | | (1,864,208 | ) | | | (15,751 | ) | | | 2,620 | | | | (1,877,339 | ) | | Gain/(loss) on certificate liabilities | | | 1,754,778 | | | | 18,690 | | | | (18,690 | ) | | | 1,754,778 | | | Other operating gains/(losses) | | | 109,430 | | | | 486 | | | | (486 | ) | | | 109,430 | | | Total gains/(losses) from operations | | | — | | | | 3,425 | | | | (16,556 | ) | | | (13,131 | ) | | | | | | | | | | | | | | | | | | | | Total revenues, gains/(losses) from operations(2) | | $ | 40,002 | | | $ | 14,861 | | | $ | (16,556 | ) | | $ | 38,307 | | | | | | | | | | | | | | | | | | | | | Operating expenses(3) | | | | | | | | | | | | | | | | | | Cost of revenue (excluding depreciation and amortization) | | | (5,043 | ) | | | (2,663 | ) | | | — | | | | (7,706 | ) | | Salaries and employee benefits | | | (3,599 | ) | | | (2,459 | ) | | | (1,879 | ) | | | (7,937 | ) | | Professional fees | | | (943 | ) | | | (872 | ) | | | (5,790 | ) | | | (7,605 | ) | | Marketing expenses | | | (1,413 | ) | | | — | | | | (1,922 | ) | | | (3,335 | ) | | Technology expense | | | (419 | ) | | | (574 | ) | | | (1,552 | ) | | | (2,545 | ) | | Allowance for credit losses | | | — | | | | 231 | | | | — | | | | 231 | | | Other general and administrative expenses | | | (1,068 | ) | | | (1,389 | ) | | | (1,871 | ) | | | (4,328 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | 16,556 | | | | 16,556 | | | Segment EBITDA | | $ | 27,517 | | | $ | 7,135 | | | $ | (13,014 | ) | | $ | 21,638 | | | Share based compensation | | | — | | | | — | | | | (6,089 | ) | | | (6,089 | ) | | Depreciation and amortization | | | (1,259 | ) | | | (452 | ) | | | (453 | ) | | | (2,164 | ) | | Interest income | | | 293 | | | | 293 | | | | 292 | | | | 878 | | | Interest expense | | | (1,696 | ) | | | (1,696 | ) | | | (1,697 | ) | | | (5,089 | ) | | Loss on treasury digital assets | | | — | | | | — | | | | (15,398 | ) | | | (15,398 | ) | | Fair value loss on investments | | | — | | | | — | | | | 1,099 | | | | 1,099 | | | Non-recurring expenses(5) | | | (758 | ) | | | (564 | ) | | | (619 | ) | | | (1,941 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | (16,556 | ) | | | (16,556 | ) | | Income/(loss) before income taxes | | $ | 24,097 | | | $ | 4,716 | | | $ | (52,435 | ) | | $ | (23,622 | ) | ____________ (1) Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. (2) The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (4) Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging, as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads. (5) Segment EBITDA excludes one-off transactions and other non-recurring items that are not considered indicative of the Group’s ongoing operating performance. The following is an analysis of the Group’s results by reportable segment for the six months ended June 30, 2025. | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Revenue | | $ | 59,613 | | | $ | 22,149 | | | $ | (1,812 | ) | | $ | 79,950 | | | | | | | | | | | | | | | | | | | | | Gains/(losses) from operations | | | | | | | | | | | | | | | | | | (Loss)/gain on digital assets and digital asset ETPs | | | (201,572 | ) | | | 21,771 | | | | 695 | | | | (179,106 | ) | | Gain on certificate liabilities | | | 86,169 | | | | (19,063 | ) | | | 19,063 | | | | 86,169 | | | Other operating gains | | | 115,403 | | | | 1,636 | | | | (1,636 | ) | | | 115,403 | | | Total gains from operations | | | — | | | | 4,344 | | | | 18,122 | | | | 22,466 | | | | | | | | | | | | | | | | | | | | | Total revenues, gains/(losses) from operations(2) | | $ | 59,613 | | | $ | 26,493 | | | $ | 16,310 | | | $ | 102,416 | | | | | | | | | | | | | | | | | | | | | Operating expenses(3) | | | | | | | | | | | | | | | | | | Cost of revenue (excluding depreciation and amortization) | | | (7,123 | ) | | | (1,664 | ) | | | — | | | | (8,787 | ) | | Salaries and employee benefits | | | (2,775 | ) | | | (2,206 | ) | | | (2,476 | ) | | | (7,457 | ) | | Professional fees | | | (842 | ) | | | (610 | ) | | | (1,239 | ) | | | (2,691 | ) | | Marketing expenses | | | (1,044 | ) | | | (10 | ) | | | (1,171 | ) | | | (2,225 | ) | | Technology expense | | | (507 | ) | | | (470 | ) | | | (1,080 | ) | | | (2,057 | ) | | Allowance for credit losses | | | — | | | | 270 | | | | — | | | | 270 | | | Other general and administrative expenses | | | (999 | ) | | | (542 | ) | | | (782 | ) | | | (2,323 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | (18,122 | ) | | | (18,122 | ) | | Segment EBITDA | | $ | 46,323 | | | $ | 21,261 | | | $ | (8,560 | ) | | $ | 59,024 | | | Share based compensation | | | — | | | | — | | | | 171 | | | | 171 | | | Depreciation and amortization | | | (1,025 | ) | | | (192 | ) | | | (192 | ) | | | (1,409 | ) | | Interest income | | | 159 | | | | 159 | | | | 158 | | | | 476 | | | Interest expense | | | (992 | ) | | | (992 | ) | | | (992 | ) | | | (2,976 | ) | | Gain on treasury digital assets | | | — | | | | — | | | | 5,538 | | | | 5,538 | | | Fair value gain on investments | | | — | | | | — | | | | (689 | ) | | | (689 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | 18,122 | | | | 18,122 | | | Income/(loss) before income taxes | | $ | 44,465 | | | $ | 20,236 | | | $ | 13,556 | | | $ | 78,257 | | ____________ (1) Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. (2) The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (4) Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads.
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| Schedule of Analysis of the Group's Results by Reportable Segment |
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The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2025. | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Revenue | | $ | 126,371 | | | $ | 39,306 | | | $ | — | | | $ | 165,677 | | | | | | | | | | | | | | | | | | | | | Gains/(losses) from operations | | | | | | | | | | | | | | | | | | (Loss)/gain on digital assets and digital asset ETPs | | | (1,009,065 | ) | | | 31,038 | | | | (4,746 | ) | | | (982,773 | ) | | Gain on certificate liabilities | | | 802,747 | | | | (4,584 | ) | | | 4,584 | | | | 802,747 | | | Other operating gains | | | 206,318 | | | | 5,698 | | | | (17 | ) | | | 211,999 | | | Total gains/(losses) from operations | | | — | | | | 32,152 | | | | (179 | ) | | | 31,973 | | | | | | | | | | | | | | | | | | | | | Total revenues, gains/(losses) from operations(2) | | $ | 126,371 | | | $ | 71,458 | | | $ | (179 | ) | | $ | 197,650 | | | | | | | | | | | | | | | | | | | | | Operating expenses(3) | | | | | | | | | | | | | | | | | | Cost of revenue (excluding depreciation and amortization) | | | (15,434 | ) | | | (4,755 | ) | | | — | | | | (20,189 | ) | | Salaries and employee benefits | | | (6,859 | ) | | | (5,602 | ) | | | (7,060 | ) | | | (19,521 | ) | | Professional fees | | | (2,254 | ) | | | (1,989 | ) | | | (5,627 | ) | | | (9,870 | ) | | Marketing expenses | | | (2,637 | ) | | | (15 | ) | | | (2,639 | ) | | | (5,291 | ) | | Technology expense | | | (1,089 | ) | | | (907 | ) | | | (2,478 | ) | | | (4,474 | ) | | Allowance for credit losses | | | — | | | | 1,142 | | | | — | | | | 1,142 | | | Other general and administrative expenses | | | (1,873 | ) | | | (1,665 | ) | | | (2,936 | ) | | | (6,474 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | (1,633 | ) | | | (1,633 | ) | | Segment EBITDA | | $ | 96,225 | | | $ | 57,667 | | | $ | (22,373 | ) | | $ | 131,340 | | | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Share based compensation | | | — | | | | — | | | | (2,839 | ) | | | (2,839 | ) | | Depreciation and amortization | | | (2,188 | ) | | | (474 | ) | | | (481 | ) | | | (3,143 | ) | | Interest income | | | 598 | | | | 598 | | | | 597 | | | | 1,793 | | | Interest expense | | | (2,601 | ) | | | (2,601 | ) | | | (2,602 | ) | | | (7,804 | ) | | Loss on treasury digital assets | | | — | | | | — | | | | (4,685 | ) | | | (4,685 | ) | | Fair value loss on investments | | | — | | | | — | | | | (1,574 | ) | | | (1,574 | ) | | XBT/ETP Pricing differential | | | — | | | | — | | | | 1,633 | | | | 1,633 | | | Income/(loss) before income taxes | | $ | 92,034 | | | $ | 55,190 | | | $ | (32,503 | ) | | $ | 114,721 | | ____________ (1) Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. (2) The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (4) Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads. The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2024. | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Revenue | | $ | 111,691 | | | $ | 43,849 | | | $ | — | | | $ | 155,540 | | | | | | | | | | | | | | | | | | | | | Gains/(losses) from operations | | | | | | | | | | | | | | | | | | Gain on digital assets and digital asset ETPs | | | 2,891,150 | | | | 37,663 | | | | 4,597 | | | | 2,933,410 | | | Loss on certificate liabilities | | | (2,910,985 | ) | | | (14,588 | ) | | | 14,588 | | | | (2,910,985 | ) | | Other operating gain | | | 19,835 | | | | (1 | ) | | | 1 | | | | 19,835 | | | Total gains/(losses) from operations | | | — | | | | 23,074 | | | | 19,186 | | | | 42,260 | | | | | | | | | | | | | | | | | | | | | Total revenues, gains/(losses) from operations(2) | | $ | 111,691 | | | $ | 66,923 | | | $ | 19,186 | | | $ | 197,800 | | | | | | | | | | | | | | | | | | | | | Operating expenses(3) | | | | | | | | | | | | | | | | | | Cost of revenue (excluding depreciation and amortization) | | | (9,621 | ) | | | (5,507 | ) | | | (81 | ) | | | (15,209 | ) | | Salaries and employee benefits | | | (3,016 | ) | | | (3,195 | ) | | | (15,526 | ) | | | (21,737 | ) | | Professional fees | | | (1,310 | ) | | | (66 | ) | | | (3,279 | ) | | | (4,655 | ) | | Marketing expenses | | | (3,593 | ) | | | (70 | ) | | | (1,808 | ) | | | (5,471 | ) | | Technology expense | | | — | | | | — | | | | (2,738 | ) | | | (2,738 | ) | | Allowance for credit losses | | | — | | | | (1,902 | ) | | | — | | | | (1,902 | ) | | Other general and administrative expenses | | | (753 | ) | | | (1,372 | ) | | | (3,561 | ) | | | (5,686 | ) | | XBT/ETP Pricing differential(4) | | | — | | | | — | | | | (15,760 | ) | | | (15,760 | ) | | Segment EBITDA | | $ | 93,398 | | | $ | 54,811 | | | $ | (23,567 | ) | | $ | 124,642 | | | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Share based compensation | | | — | | | — | | | (12,369 | ) | | | (12,369 | ) | | Depreciation and amortization | | | — | | | — | | | (3,022 | ) | | | (3,022 | ) | | Income from sale of FTX claim | | | — | | | — | | | 36,816 | | | | 36,816 | | | Interest income | | | — | | | — | | | 8,495 | | | | 8,495 | | | Interest expense | | | — | | | — | | | (11,355 | ) | | | (11,355 | ) | | Gain on treasury digital assets | | | — | | | — | | | 3,493 | | | | 3,493 | | | Fair value gain on investments, net of impairment of equity method investment | | | — | | | — | | | 923 | | | | 923 | | | XBT/ETP Pricing differential | | | — | | | — | | | 15,760 | | | | 15,760 | | | Income before income taxes | | $ | 93,398 | | $ | 54,811 | | $ | 15,174 | | | $ | 163,383 | | ____________ (1) Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. (2) The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (4) Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads. The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2023. | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Revenue | | $ | 53,709 | | | $ | 34,002 | | | $ | — | | | $ | 87,711 | | | | | | | | | | | | | | | | | | | | | Gains/(losses) from operations | | | | | | | | | | | | | | | | | | Gain on digital assets and digital asset ETPs | | | 1,731,831 | | | | 7,367 | | | | 5,605 | | | | 1,744,803 | | | Loss on certificate liabilities | | | (1,703,465 | ) | | | 341 | | | | (341 | ) | | | (1,703,465 | ) | | Other operating loss | | | (28,366 | ) | | | (422 | ) | | | 422 | | | | (28,366 | ) | | Total gains/(losses) from operations | | | — | | | | 7,286 | | | | 5,686 | | | | 12,972 | | | | | | | | | | | | | | | | | | | | | Total revenues, gains/(losses) from operations(2) | | $ | 53,709 | | | $ | 41,288 | | | $ | 5,686 | | | $ | 100,683 | | | | | | | | | | | | | | | | | | | | | Operating expenses(3) | | | | | | | | | | | | | | | | | | Cost of revenue (excluding depreciation and amortization) | | | (3,994 | ) | | | (2,803 | ) | | | (295 | ) | | | (7,092 | ) | | Salaries and employee benefits | | | (1,952 | ) | | | (2,889 | ) | | | (8,475 | ) | | | (13,316 | ) | | Professional fees | | | (1,230 | ) | | | (772 | ) | | | (2,495 | ) | | | (4,497 | ) | | Marketing expenses | | | (1,716 | ) | | | — | | | | (1,503 | ) | | | (3,219 | ) | | Technology expense | | | — | | | | — | | | | (2,404 | ) | | | (2,404 | ) | | Other general and administrative expenses(4) | | | (449 | ) | | | (666 | ) | | | (2,513 | ) | | | (3,628 | ) | | XBT/ETP Pricing differential | | | — | | | | — | | | | (2,234 | ) | | | (2,234 | ) | | Segment EBITDA | | $ | 44,368 | | | $ | 34,158 | | | $ | (14,233 | ) | | $ | 64,293 | | | | | Asset
Management | | Capital
Markets | | Unallocated(1) | | Total | | Share based compensation | | | — | | | — | | | (1,261 | ) | | | (1,261 | ) | | Depreciation and amortization | | | — | | | — | | | (3,993 | ) | | | (3,993 | ) | | Interest income | | | — | | | — | | | 7,975 | | | | 7,975 | | | Interest expense | | | — | | | — | | | (8,510 | ) | | | (8,510 | ) | | Fair value gain on investments, net of impairment of equity method investment | | | — | | | — | | | 15,732 | | | | 15,732 | | | XBT/ETP Pricing differential | | | — | | | — | | | 2,234 | | | | 2,234 | | | Income/(loss) before income taxes | | $ | 44,368 | | $ | 34,158 | | $ | (2,056 | ) | | $ | 76,470 | | ____________ (1) Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments. (2) The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (4) Other segment items for each reportable segment include regulatory expenses, entertainment expenses, travel, and hotel expenses.
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