Other Operating Gains (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Other Operating Gains/(Losses) [Line Items]

Schedule of Other Operating Gains/(Losses)

The other operating gains consists of the following:

		For the Six Months Ended June 30,
(in thousands)		2026				2025
(Loss)/gain on digital asset payables/receivables		$	(42,101	)		$	10,287
Gain on derivatives(1)			82,677				1,202
Gain of foreign exchange			6,060				30,474
Gain on other operating activities			62,794				73,440
Total other operating gains		$	109,430			$	115,403

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(1) The Group holds perpetual and futures derivative contracts both referencing and settled in digital assets, for the purpose of hedging its liability to holders of the XBT certificate liabilities. Gains on these derivatives increased from $1,202 for the period ended 30 June 2025 to $82,677 for the period ended 30 June 2026. The size of gains on derivatives fluctuates based on the Group’s operational needs and prevailing market conditions.

Coinshares International Limited [Member]

Other Operating Gains/(Losses) [Line Items]

Schedule of Other Operating Gains/(Losses)

The other operating gains/(losses) consist of the following:

		For the Years Ended December 31,
(in thousands)		2025				2024				2023
Gain on digital asset payables/receivables		$	48,533			$	160,886			$	51,363
Gain/(loss) on derivatives			152,183				(148,689	)			(83,826	)
Gain of foreign exchange			11,529				6,942				3,935
(Loss)/gain on other operating activities			(246	)			696				162
Total other operating gains/(losses)		$	211,999			$	19,835			$	(28,366	)