| Cryptocurrencies |
8.
Cryptocurrencies
Cryptocurrency
holdings were comprised of the following:
Schedule
of cryptocurrencies
holdings
| | |
December 31, 2025 | | |
June 30, 2026 | |
| | |
As of |
|
|
As of | |
| | |
December 31, | | |
June 30, | |
| | |
2025 | | |
2026 | |
| | |
(RMB in thousands) | |
| Current assets: | |
| | | |
| | |
| USDT | |
| 6,035 | | |
| 2,357 | |
| Current assets | |
| 6,035 | | |
| 2,357 | |
| | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | |
| ETH and staked ETH (Note a) | |
| 186,631 | | |
| 98,090 | |
| Bitcoin | |
| 886 | | |
| 686 | |
| Others (Note b) | |
| 90 | | |
| 83 | |
| Non-current
assets | |
| 187,607 | | |
| 98,859 | |
The
following table presents the Group’s cryptocurrency holdings as of December 31, 2025 and June 30, 2026:
Schedule
of cryptocurrencies
holdings activity
| | |
As of December 31, 2025 | | |
As of June 30, 2026 | |
| Cryptocurrency | |
Quantity | | |
Cost basis | | |
Fair value | | |
Quantity | | |
Cost basis | | |
Fair value | |
| | |
| | |
(RMB in thousands) | | |
| | |
(RMB in thousands) | |
| USDT | |
| 858,555 | | |
| 6,035 | | |
| 6,035 | | |
| 346,112 | | |
| 2,357 | | |
| 2,357 | |
| ETH and staked ETH (Note a) | |
| 8,826 | | |
| 162,933 | | |
| 186,631 | | |
| 9,176 | | |
| 160,226 | | |
| 98,090 | |
| Bitcoin | |
| 1 | | |
| 1,051 | | |
| 886 | | |
| 1.72 | | |
| 1,177 | | |
| 686 | |
| Others (Note b) | |
| Multiple | | |
| 455 | | |
| 90 | | |
| Multiple | | |
| 431 | | |
| 83 | |
Note
a: As of December 31, 2025 and June 30, 2026, approximately 1,709
ETH and 1,000
ETH, respectively, were staked. The staked ETH are not subject
to material contractual lock-up arrangements or other significant restrictions on sale. The staking rewards are recognized in
other income, net when earned and control of the reward ETH is obtained. The rewards are measured based on the fair value of the ETH
received on the date earned.
Note
b: The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance.
The
following table presents additional information about the Group’s cryptocurrencies:
Schedule
of cryptocurrency additional information
| | |
2025 | | |
2026 | |
| | |
For the six months ended June 30, | |
| | |
2025 | | |
2026 | |
| | |
(RMB in thousands) | |
| Beginning balance | |
| 178,869 | | |
| 193,642 | |
| Purchases of cryptocurrencies in cash | |
| 12,719 | | |
| — | |
| Cryptocurrencies received from customers | |
| 19,315 | | |
| 2,618 | |
| Staking rewards from self-owned cryptocurrencies | |
| — | | |
| 1,574 | |
| Operating expenses paid in cryptocurrencies | |
| (455 | ) | |
| (7 | ) |
| Sales and exchanges of cryptocurrencies | |
| (16,342 | ) | |
| (2,509 | ) |
| Changes in fair value of cryptocurrencies | |
| (27,966 | ) | |
| (89,487 | ) |
| Foreign exchange differences | |
| (900 | ) | |
| (4,615 | ) |
| Ending balance | |
| 165,240 | | |
| 101,216 | |
|