v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 456,838 $ 149,352
Restricted cash, current 33,214 22,366
Digital assets 34,762 85,488
Digital assets receivables from a related party 162,171 135,558
Accounts receivables 38,889 31,374
Prepayments and other current assets 89,892 698,291
Inventories, net 251,999
Short-term investments 4,028 4,976
Derivative assets, current 17,011
Total current assets 846,464 1,389,058
Noncurrent assets    
Restricted cash, noncurrent 6,236 6,159
Other noncurrent assets 205,262 24,681
Long-term investments, net 35,964 39,081
Operating lease right-of-use assets, net 104,055 104,725
Property, plant and equipment, net 2,098,296 1,086,275
Intangible assets, net 82,914 93,432
Goodwill 35,818 35,818
Derivative assets, noncurrent 2,506
Deferred tax assets 28,918 8,682
Total noncurrent assets 2,599,969 1,398,853
TOTAL ASSETS 3,446,433 2,787,911
Current liabilities    
Accounts payables 177,263 119,818
Current 54,181 54,964
Income tax payables 11,926 13,355
Derivative liabilities 6,529
Deferred revenues, current 55,682 64,391
Short-term borrowings 26,000 26,000
Current portion of long-term borrowings 99 13
Short-term borrowings from a related party 117,548
Current portion of operating lease liabilities 13,065 11,888
Total current liabilities 841,018 569,769
Noncurrent liabilities    
Other noncurrent liabilities 3,799 2,413
Deferred revenues, noncurrent 59,565 63,255
Long-term borrowings 1,182,454 947,183
Operating lease liabilities 97,531 98,468
Deferred tax liabilities 17,172 11,973
Total noncurrent liabilities 1,502,604 1,370,123
TOTAL LIABILITIES 2,343,622 1,939,892
Commitments and Contingencies
SHAREHOLDERS’ EQUITY    
Ordinary shares, value [1]
Treasury shares (nil as of June 30, 2026 and 3,364,711 Class A ordinary shares as of December 31, 2025) (35,990)
Additional paid-in capital 1,888,766 1,418,111
Accumulated deficit (785,961) (534,156)
Accumulated other comprehensive income 6 54
TOTAL SHAREHOLDERS’ EQUITY 1,102,811 848,019
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 3,446,433 2,787,911
Related Party [Member]    
Current assets    
Digital assets receivables from a related party 162,171 135,558
Amounts due from related parties 9,659 9,654
Current liabilities    
Amounts due to a related party 5,225 4,340
Short-term borrowings from a related party [2] 117,548
Current portion of long-term borrowings from a related party 373,500 275,000
Noncurrent liabilities    
Noncurrent portion of long-term borrowings $ 142,083 $ 246,831
[1] Amount less than US$1,000
[2] 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.