December 31,
2025

December 31,
2024

December 31,
2023

US$

Beginning balance

32,143,476

116,081,331

1,270,806

Adoption of ASC 2023-08

—

39,996

Cryptocurrencies mined

49,209,435

103,868,145

37,003,196

Cryptocurrencies from mining machine revenue

14,484,765

182,574,508

199,456,358

Cryptocurrencies from hosting revenue

2,685,275

6,089,364

316,626

Cryptocurrencies paid to mining pool participants

(5,618,035

)

(58,269,299

)

(23,765,150

)

Disposal of cryptocurrencies

(59,515,915

)

(280,951,961

)

(84,426,550

)

Cryptocurrencies received from repayment from related parties

101,336

—

Cryptocurrencies lent to third party

(5,000,000

)

—

Cryptocurrencies received from repayment from third party

5,197,014

—

Cryptocurrencies received from (invested in) short-term investments, net

16,631,859

(12,539,871

)

—

Cryptocurrencies paid to settle futures contracts, net

(560,492

)

(726,746

)

—

Cryptocurrencies used for payments of dividends

(949,000

)

(5,000,000

)

—

Cryptocurrencies used for payments of employee compensation

(1,172,391

)

(969,477

)

(10,264,540

)

Cryptocurrencies used for payments of expenses

(4,377,234

)

(7,329,446

)

(3,418,735

)

Cryptocurrencies used for payments of accounts payable

—

(1,802,802

)

(292,684

)

Cryptocurrency paid to related party

—

(433,833

)

(150,714

)

Cryptocurrency received to settle other receivables

2,546,315

—

Change in fair value

(23,355,675

)

(8,446,437

)

312,722

Ending balance

22,450,733

32,143,476

116,081,331