v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss)/income $ (31,142) $ 53,963 $ 10,495
Adjustments to reconcile net (loss)/income to net cash used in operating activities:      
Net income received or to be received by digital assets (174,438) (195,679) (183,112)
Impairment loss on digital assets 6,987
Credit loss provision for receivables 981 100
Gain on sale of recovery rights on assets held by FTX (7,270)
Loss on disposal of mining equipment 3,395
Impairment loss on mining equipment 25,400 8,076
Changes in fair value of digital asset receivables or payables (1,172) 1,320
Changes in fair value of digital assets 8,693 (76,933) (18,231)
Depreciation of property and equipment 27,959 24,733 24,501
Amortization of right of use asset 71
Share-based compensation expense 588 26,065
Deferred income tax 934 6,791 4,151
Earnings from equity method investments (177)
Changes in operating assets and liabilities:      
Prepayments (4,294) (4,565) (654)
Inventory 102 (142)
Amount due from / (due to) related parties 33,088 (63,307) (36,934)
Deposit receivables 2,683 (2,683)
Other current assets 1,844 3,422 (1,514)
Accounts payable (297) 1,366 775
Operating lease liabilities (60)
Taxes payable (437) (3) (2,893)
Accrued expenses and other payables (3,967) (394) 3,042
Net cash used in operating activities (112,929) (219,874) (195,970)
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from disposal of equipment 673
Proceeds from sales of digital assets 127,135 184,794 222,393
Purchase of digital assets (19,000) (16,824) (45,429)
Acquisition of a subsidiary, net of cash acquired (9,386)
Purchase of financial assets held for trading (521)
Purchases of equipment (9,057) (37) (68)
Net cash provided by investing activities 89,844 167,933 176,896
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuance of ordinary shares 5,735 75,187
Payment of issuance costs (10,140) (2,352)
Repayment of long-term payables (7,000)
Net cash provided by /(used in) financing activities 5,735 65,047 (9,352)
Net change in cash and cash equivalents (17,350) 13,106 (28,426)
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period 45,111 32,005 60,431
Cash and cash equivalents, and restricted cash and cash equivalents, end of period 27,761 45,111 32,005
SUPPLEMENTAL INFORMATION      
Cash paid for interest 6,611 1,200 3,662
Cash paid for income tax 930 1,278
Supplemental non-cash operating activities      
Net digital assets provided by operating activities 145,065 258,403 212,931
Supplemental non-cash investing activities      
Net digital assets used in investing activities (98,779) (213,827) (176,964)
Issuance of ordinary shares for acquisition of a subsidiary (1,426)
Issuance of ordinary shares for purchase of equipment (5,141)
Supplemental non-cash financing activities      
Repayment of long-term payables in digital assets (6,937)
(Repayment of) /Proceeds from long-term loans in digital assets $ (20,000) $ 34,950