v3.26.3
Related Party Transactions - Schedule of Related Parties (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Digital assets receivable from a related party      
Digital assets receivables from a related party $ 162,171   $ 135,558
Borrowings from a related party      
Short-term borrowings 117,548  
Provide service to related parties [1] 657 $ 617  
Receive service from a related party 139 199  
Interest expense on borrowings from a related party [2] 35,184 3,016  
Share of losses from equity method investments 3,606 2,503  
Realized losses on derivative instruments $ 6,442  
Maximum facility    
Contract 1 [Member]      
Borrowings from a related party      
Agreement date     April 2025
Maximum facility     $ 200,000
Amendment to Contract 1 [Member]      
Borrowings from a related party      
Agreement date July 2025    
Maximum facility $ 400,000    
Contract 2 [Member]      
Borrowings from a related party      
Agreement date     October 2025
Maximum facility     $ 100,000
Contract 3 [Member]      
Borrowings from a related party      
Agreement date     December 2025
Maximum facility     $ 50,000
Contract 4 [Member]      
Borrowings from a related party      
Agreement date January 2026    
Maximum facility $ 50,000    
Contract 5 [Member]      
Borrowings from a related party      
Agreement date February 2026    
Maximum facility $ 50,000    
Contract 6 [Member]      
Borrowings from a related party      
Agreement date March 2026    
Maximum facility $ 50,000    
Contract 7 [Member]      
Borrowings from a related party      
Agreement date May 2026    
Maximum facility $ 60,000    
Related Party [Member]      
Due from related parties      
Total due from related parties 9,659   9,654
Digital assets receivable from a related party      
Digital assets receivables from a related party 162,171   135,558
Due to a related party      
Other payables 5,225   4,340
Borrowings from a related party      
Short-term borrowings [3] 117,548  
Current portion of long-term borrowings from a related party 373,500   275,000
Noncurrent portion of long-term borrowings 142,083   246,831
Borrowings from a Related Party 633,131   521,831
Related Party [Member] | Other payables [Member]      
Due to a related party      
Other payables [4] 5,225   4,340
Related Party [Member] | Accounts receivables [Member]      
Due from related parties      
Total due from related parties [1] 318   313
Related Party [Member] | Other receivables [Member]      
Due from related parties      
Total due from related parties [1]     9,341
Related Party [Member] | Digital assets – receivables [Member]      
Digital assets receivable from a related party      
Digital assets receivables from a related party $ 162,171   $ 135,558
[1] Mainly related to the hosting service provided by the Group for year ended December 31, 2024. The Group did not provide any hosting service to any related party for the periods ended June 30, 2025 and 2026.
[2] Interest expense on borrowings from a related party includes capitalized borrowing costs.
[3] BIT Assets Collateralized Loan Since April 2025, the Group has entered into a series of loan agreements with BIT Group (collectively, the “BIT Assets Collateralized Loan”) on substantially the same terms, as summarised below. Loans drawn under the facilities bear a variable interest rate equal to 9.0% plus a market-based reference rate and are repayable in fixed monthly instalments over a 24-month term. The facilities are collateralized by assets of the Group, including mining rigs, inventories, datacenter assets and such other collateral as may be mutually agreed between the parties, and are maintained in compliance with an agreed loan-to-value ratio. The facilities entered into in 2026 were fully drawn down as of June 30, 2026. Refer to Note 10 for further details. Contract Agreement date Maximum facility (In millions of USD) Contract 1 April 2025 200 Amendment to Contract 1 July 2025 400 Contract 2 October 2025 100 Contract 3 December 2025 50 Contract 4 January 2026 50 Contract 5 February 2026 50 Contract 6 March 2026 50 Contract 7 May 2026 60 For the six months ended June 30, 2026 and 2025, the interest expense incurred on the BIT Assets Collateralized Loan is US$32.7 million and US$3.0 million, respectively. The effective interest rate of the BIT Assets Collateralized Loan for the six months ended June 30, 2026 is 13.0%. As of June 30, 2026, a portion of the BIT Assets Collateralized Loan’s principal amount amounting to US$373.5 million is due to be repaid within twelve months of June 30, 2026 and the remaining portion of principal amount amounting to US$142.1 million is due to be repaid thereafter. BIT BTC Collateralized Loan In September 2025, the Group entered into a loan agreement (the “BIT BTC Collateralized Loan”) with BIT Group for a financing facility of up to US$400.0 million. Loans drawn under the facility bear interest at 8.35% per annum, payable monthly in arrears. Each drawdown has a tenor of 24 months from its drawdown date and is collateralized by Bitcoin, maintained based on a loan-to-value ratio. For the six months ended June 30, 2026, the interest expense incurred on the BIT BTC Collateralized Loan is US$0.5 million. No interest expense was incurred for the six months ended June 30, 2025 as the facility commenced in September 2025. The outstanding principal amount of US$67.2 million was fully repaid in digital assets in January and February 2026, and the Group had no outstanding balance under the facility as of June 30, 2026.
[4] As of June 30, 2026, other payables primarily represent interest payable on borrowings and accrued service expenses related to custody services. As of December 31, 2025, other payables primarily represent deposits received in connection with hosting services and accrued service expenses. The deposits related to hosting services were released in September 2025 upon settlement of the related receivable.