v3.26.1
FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT
12.
FAIR VALUE MEASUREMENT

Measured at fair value on a recurring basis

The Company measures financial instruments held, at fair value, cash and cash equivalents, crypto assets held, and long-term available-for-sale securities, on a recurring basis.

Most of the Company’s financial instruments held, at fair value are classified as Level 1 since their fair value are determined based on the quoted market price. Some of the Company’s financial instruments held, at fair value that are valued at quoted prices in less active markets are classified as Level 2. Investments in private equity funds are categorized as Level 3 since they are valued utilizing third-party pricing information without adjustment.

The Company classified its money market funds, which are presented in cash and cash equivalents due to high liquidity to be convertible to known amounts of cash and near maturity that they present insignificant risk of changes in value, as Level 1 since their fair value are determined based on the quoted market price.

Crypto assets owned by the Group are presented in crypto assets held and classified as Level 1 since their fair value are determined based on the quoted market price.

The Group measured the fair value of its long-term available-for-sale securities using a market approach and considered those as Level 3 measurement because the Group used unobservable inputs to determine their fair values. The unobservable inputs used were discounts for lack of marketability for such market approach (ranging from 15% to 20%), and the observable inputs used were risk-free interest rates (ranging from 3.5% to 4.5%), as of December 31, 2024 and 2025. Significant increases or decreases in any of those inputs in isolation would result in a significant change in fair value measurement.

As of December 31, 2024 and 2025, information about inputs for the fair value measurements of the Group’s assets that were measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

 

 

As of December 31, 2025

 

 

 

Quoted prices in active markets for identical instruments (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (level 3)

 

 

Total balance

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

Financial instruments held, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Funds

 

 

841,089

 

 

 

8,586,698

 

 

 

3,292,073

 

 

 

12,719,860

 

Bonds

 

 

69,492,657

 

 

 

—

 

 

 

—

 

 

 

69,492,657

 

Stock

 

 

3,329,111

 

 

 

—

 

 

 

—

 

 

 

3,329,111

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Funds

 

 

71,339,317

 

 

 

—

 

 

 

—

 

 

 

71,339,317

 

Crypto assets held

 

 

4,339,298

 

 

 

—

 

 

 

—

 

 

 

4,339,298

 

Long‑term available-for-sale securities

 

 

—

 

 

 

—

 

 

 

6,617,773

 

 

 

6,617,773

 

Total

 

 

149,341,472

 

 

 

8,586,698

 

 

 

9,909,846

 

 

 

167,838,016

 

 

12.
FAIR VALUE MEASUREMENT (Continued)

Measured at fair value on a recurring basis (Continued)

 

 

As of December 31, 2024

 

 

 

Quoted prices in active markets for identical instruments (Level 1)

 

 

Significant other observable inputs (Level 2)

 

 

Significant unobservable inputs (level 3)

 

 

Total balance

 

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

Financial instruments held, at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Funds

 

 

2,691,097

 

 

 

11,770,376

 

 

 

3,692,505

 

 

 

18,153,978

 

Bonds

 

 

54,418,366

 

 

 

—

 

 

 

—

 

 

 

54,418,366

 

Stock

 

 

2,270,679

 

 

 

—

 

 

 

—

 

 

 

2,270,679

 

Others

 

 

704,059

 

 

 

—

 

 

 

—

 

 

 

704,059

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Funds

 

 

4,023,182

 

 

 

—

 

 

 

—

 

 

 

4,023,182

 

Long‑term available-for-sale securities

 

 

—

 

 

 

—

 

 

 

4,410,382

 

 

 

4,410,382

 

Total

 

 

64,107,383

 

 

 

11,770,376

 

 

 

8,102,887

 

 

 

83,980,646

 

During the years ended December 31, 2024 and 2025, there were no transfers between level 1, level 2 and level 3 categories.

The movements of Level 3 fair value measurements for the years ended December 31, 2024 and 2025 are as follows:

 

US$

 

As of January 1, 2024

 

 

7,501,930

 

Additions during the year

 

 

—

 

Net unrealized gain

 

 

600,957

 

As of December 31, 2024

 

 

8,102,887

 

Additions during the year

 

 

—

 

Net unrealized gain

 

 

1,806,959

 

As of December 31, 2025

 

 

9,909,846

 

For the year ended December 31, 2024, the net unrealized gain included US$343,892 recognized in other comprehensive income (loss) in the consolidated statements of comprehensive income, and US$257,065 recognized in other income in the consolidated statements of comprehensive income. For the year ended December 31, 2025, the net unrealized gain included US$2,207,391 recognized in other comprehensive income in the consolidated statements of comprehensive income, while partially offset by unrealized loss US$400,432 recognized in other income in the consolidated statements of comprehensive income. The Group recognized nil impairment loss related to the long-term available-for-sale securities as other income (expense) for the years ended December 31, 2023, 2024 and 2025.

12.
FAIR VALUE MEASUREMENT (Continued)

Measured at fair value on a non‑recurring basis

The Group measures the equity securities without readily determinable fair value at fair value on a nonrecurring basis whenever there is an impairment indicator or any changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Group recorded nil and US$ 200,237 impairment loss related to the long-term equity securities without readily determinable fair value for the years ended December 31, 2024 and 2025.

The Group performs a goodwill impairment test annually or more often if event occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carry amount. The Group did not recognize any impairment loss related to goodwill during the years ended December 31, 2024 and 2025. The Group measured acquired intangible assets using the income approach‑discounted cash flow method when events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. The Group did not recognize any impairment loss related to other intangible assets arising from acquisitions during the years ended December 31, 2024 and 2025. Key inputs and parameters primarily for the above impairment assessment include significant judgment and estimates by the management on future earnings, and discount rate.