v3.26.3
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Measurement [Abstract]  
Schedule of Fair Value Measurement

The fair value measurement hierarchy for the Group’s assets and liabilities measured and recorded at fair value on a recurring basis is as follows:

 

    Valuation
technique(s)
  June 30, 2026  
In thousands of USD   and key input   Fair value     Level 1     Level 2     Level 3  
Digital assets   Quoted price     34,762       34,762       -       -  
Embedded derivative liability - Digital assets - receivables   Quoted price     225       -       225       -  
Short-term investments:                                    
Investment H in available-for-sale debt instrument   Liquidation value method     1,996       -       -       1,996  
Investment J and L in listed equity instrument   Quoted price     1,832       1,832       -       -  
Embedded derivative asset - Digital asset-settled payables   Quoted price     7,841       -       7,841       -  
Derivative assets   Discounted cash flows; forward NO3 electricity prices     19,517       -       -       19,517  
Derivative liabilities   Discounted cash flows; forward NO3 electricity prices     6,529       -       -       6,529  
Embedded derivative liability - Digital assets loan   Quoted price     27,104       -       27,104       -  
    Valuation
technique(s)
  December 31, 2025  
In thousands of USD   and key input   Fair value     Level 1     Level 2     Level 3  
Digital assets   Quoted price     85,488       85,488       -       -  
Embedded derivative liability - Digital assets - receivables   Quoted price     31,039       -       31,039       -  
Short-term investments:                                    
Investment H in available-for-sale debt instrument   Recent transaction price     3,000       -       -       3,000  
Investment J and L in listed equity instrument   Quoted price     876       876       -       -  
Embedded derivative asset - Digital asset-settled payables   Quoted price     498       -       498       -  
Schedule of Financial Instruments

The following table presents the changes in level 3 financial instruments for the six months ended June 30, 2026 and 2025.

 

In thousands of USD   Unlisted equity instruments and debt instruments     Derivative assets     Derivative liabilities  
At January 1, 2026     3,000       -       -  
Net fair value changes recognized in net income     -       19,517       6,529  
Allowance for credit losses recognized in net income     (1,004 )     -       -  
At June 30, 2026     1,996       19,517       6,529  
                         
At January 1, 2025     3,540       -       295,736  
Derecognition of derivative liabilities on conversion     -       -       (122,091 )
Net fair value changes recognized in net income     -       -       (165,352 )
At June 30, 2025     3,540       -       8,293