Digital Assets (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Digital Assets [Abstract] |
|
| Schedule of Digital Asset Holdings Include Digital Assets Pledged by Third Parties Pursuant to Applicable Agreements |
The Company’s digital asset
holdings include digital assets pledged by third parties pursuant to applicable agreements and exclude digital assets pledged by the
Company to suppliers or lenders as collateral (see note 5):
| | |
As of December 31, 2025 | | |
As of December 31, 2024 | |
| | |
Quantity | | |
Cost Basis | | |
Fair Value | | |
Quantity | | |
Cost Basis | | |
Fair Value | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Bitcoin | |
| 1,543 | | |
| 143,237 | | |
| 135,543 | | |
| 1,313 | | |
| 87,457 | | |
| 125,048 | |
| USDT | |
| 3,490,107 | | |
| 3,490 | | |
| 3,487 | | |
| 4,800,082 | | |
| 4,802 | | |
| 4,817 | |
| USDC | |
| 9,459,635 | | |
| 9,460 | | |
| 9,459 | | |
| - | | |
| - | | |
| - | |
| Others | |
| 41,722 | | |
| 924 | | |
| 800 | | |
| 46,233 | | |
| 77 | | |
| 75 | |
| Total | |
| | | |
| 157,111 | | |
| 149,289 | | |
| | | |
| 92,336 | | |
| 129,940 | |
|
| Schedule of Movement for Digital Assets |
The following table presents the movement
for digital assets of the Company for the years ended December 31, 2025 and 2024:
| | |
BTC | | |
USDT and USDC | | |
Others | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Balance as of January 1, 2025 | |
| 125,048 | | |
| 4,817 | | |
| 75 | | |
| 129,940 | |
| Digital assets received from customers for products and services | |
| 244,973 | | |
| 199,976 | | |
| 29 | | |
| 444,978 | |
| Revenue generated from Bitcoin self-mining operation | |
| 63,087 | | |
| - | | |
| - | | |
| 63,087 | |
| Converted to other digital assets or fiat cash, net | |
| (110,364 | ) | |
| 1,411 | | |
| 818 | | |
| (108,135 | ) |
| Costs and expenses (paid)/prepaid in digital assets | |
| (198,088 | ) | |
| (156,221 | ) | |
| 2 | | |
| (354,307 | ) |
| Repayment of long-term loans and long-term payables | |
| - | | |
| (26,937 | ) | |
| - | | |
| (26,937 | ) |
| Purchase of mining equipment | |
| - | | |
| (10,100 | ) | |
| - | | |
| (10,100 | ) |
| Changes in digital asset collaterals* | |
| 19,456 | | |
| - | | |
| - | | |
| 19,456 | |
| Changes in fair value of digital assets | |
| (8,569 | ) | |
| - | | |
| (124 | ) | |
| (8,693 | ) |
| Balance as of December
31, 2025 | |
| 135,543 | | |
| 12,946 | | |
| 800 | | |
| 149,289 | |
| * | The changes in digital asset collaterals include the fair value changes between the settlement value and original costs of the BTC collaterals. |
| | |
BTC | | |
USDT | | |
Others | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Balance as of December 31, 2023 | |
| 43,896 | | |
| 61 | | |
| 21 | | |
| 43,978 | |
| Cumulative effect of the adoption
of ASU 2023-08 | |
| 6,436 | | |
| - | | |
| - | | |
| 6,436 | |
| Balance as of January 1, 2024 | |
| 50,332 | | |
| 61 | | |
| 21 | | |
| 50,414 | |
| Digital assets received from customers for products and
services | |
| 123,345 | | |
| 114,363 | | |
| 223 | | |
| 237,931 | |
| Revenue generated from Bitcoin self-mining operation | |
| 157,511 | | |
| - | | |
| - | | |
| 157,511 | |
| Converted to other digital assets or fiat cash, net | |
| (67,710 | ) | |
| (100,077 | ) | |
| (183 | ) | |
| (167,970 | ) |
| Costs and expenses (paid)/prepaid in digital assets | |
| (169,506 | ) | |
| (44,480 | ) | |
| 14 | | |
| (213,972 | ) |
| Changes in fair value of digital assets | |
| 76,933 | | |
| - | | |
| - | | |
| 76,933 | |
| Digital assets from borrowings | |
| - | | |
| 34,950 | | |
| - | | |
| 34,950 | |
| Digital assets pledged to lender or supplier | |
| (60,629 | ) | |
| - | | |
| - | | |
| (60,629 | ) |
| Digital assets pledged from customers | |
| 21,669 | | |
| - | | |
| - | | |
| 21,669 | |
| Purchase of mining equipment | |
| (6,897 | ) | |
| - | | |
| - | | |
| (6,897 | ) |
| Balance as
of December 31, 2024 | |
| 125,048 | | |
| 4,817 | | |
| 75 | | |
| 129,940 | |
|
| Schedule of Reconciliation between Net Income and the Movement of Digital Assets |
The following table provides the reconciliation
between net income and the movement of digital assets of the Company for the years ended December 31, 2025 and 2024:
| | |
For the Year Ended
December 31, | |
| | |
2025 | | |
2024 | |
| DIGITAL ASSETS FROM OPERATING ACTIVITIES | |
| | |
| |
| | |
| | |
| |
| Revenue recognized from selling products and
services which was settled or will be settled in digital assets (a) | |
| 411,187 | | |
| 277,089 | |
| Adjusted by the changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivable to be settled in digital assets | |
| (1,025 | ) | |
| (7,087 | ) |
| Inventories | |
| - | | |
| (104 | ) |
| Contract liabilities received in digital assets | |
| 34,816 | | |
| (31,967 | ) |
| Digital assets received from customers for products and services | |
| 444,978 | | |
| 237,931 | |
| | |
| | | |
| | |
| Revenue recognized from Bitcoin self-mining operation (b) | |
| 63,087 | | |
| 157,511 | |
| | |
| | | |
| | |
| Cost and expenses settled or to be settled by digital assets (c) | |
| (299,836 | ) | |
| (238,921 | ) |
| Adjusted by the changes in operating assets and liabilities: | |
| | | |
| | |
| Prepayments made in digital assets to suppliers | |
| 256 | | |
| 16,214 | |
| Accounts payable to be settled in digital assets | |
| 6,875 | | |
| 11,947 | |
| Amount (due from)/due to related parties, net | |
| (74,988 | ) | |
| 1,579 | |
| Other receivables/payables to be settled in digital assets | |
| 13,386 | | |
| (4,791 | ) |
| Costs and expenses paid in digital assets | |
| (354,307 | ) | |
| (213,972 | ) |
| | |
| | | |
| | |
| Changes in fair value of digital assets | |
| (8,693 | ) | |
| 76,933 | |
| | |
| | | |
| | |
| Net digital assets provided by operating activities | |
| 145,065 | | |
| 258,403 | |
| | |
| | | |
| | |
| DIGITAL ASSETS FROM INVESTING ACTIVITIES | |
| | | |
| | |
| Sales of digital assets in exchange for fiat cash | |
| (127,135 | ) | |
| (184,794 | ) |
| Digital assets purchased by fiat cash | |
| 19,000 | | |
| 16,824 | |
| Changes in digital asset collateral, net | |
| 19,456 | | |
| (38,960 | ) |
| Purchase of mining equipment | |
| (10,100 | ) | |
| (6,897 | ) |
| Net digital assets used in investing activities | |
| (98,779 | ) | |
| (213,827 | ) |
| | |
| | | |
| | |
| DIGITAL ASSETS FROM FINANCING ACTIVITIES | |
| | | |
| | |
| (Repayment of) /proceeds from long-term loans | |
| (20,000 | ) | |
| 34,950 | |
| Repayment of long-term payables | |
| (6,937 | ) | |
| - | |
| Net digital assets provided by financing activities | |
| (26,937 | ) | |
| 34,950 | |
| | |
| | | |
| | |
| Adjustments on the opening balance for adoption of ASU 2023-08 | |
| - | | |
| 6,436 | |
| | |
| | | |
| | |
| Net increase in digital assets | |
| 19,349 | | |
| 85,962 | |
| Digital assets at the beginning of the year | |
| 129,940 | | |
| 43,978 | |
| Digital assets at the end of the year | |
| 149,289 | | |
| 129,940 | |
|