BULLISH, 20-F filed on 3/10/2026
Annual and Transition Report (foreign private issuer)
v3.25.4
Document And Entity Information
 12 Months Ended
Dec. 31, 2025
shares
Document Information [Line Items]  
Entity Central Index Key 0001872195
Entity Registrant Name Bullish
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2025
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Period End Date Dec. 31, 2025
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-42797
Entity Incorporation, State or Country Code KY
Entity Address, Address Line One 10A Building A, 60 Nexus Way, Camana Bay
Entity Address, City or Town George Town, Grand Cayman
Entity Address, Country KY
Entity Address, Postal Zip Code KY1-9005
Title of 12(b) Security Ordinary Shares
Trading Symbol BLSH
Security Exchange Name NYSE
Entity Common Stock, Shares Outstanding 150,833,916
Entity Well-known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Emerging Growth Company false
ICFR Auditor Attestation Flag false
Document Financial Statement Error Correction [Flag] false
Document Accounting Standard International Financial Reporting Standards
Entity Shell Company false
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location San Francisco, California
Business Contact [Member]  
Document Information [Line Items]  
Entity Address, Address Line One 10A Building A 60 Nexus Way, Camana Bay
Entity Address, City or Town George Town, Grand Cayman
Entity Address, Country KY
Entity Address, Postal Zip Code KY1-9005
Contact Personnel Name Nicholas Armstrong
City Area Code 212
Local Phone Number 309-6000
v3.25.4
Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Total Digital asset sales $ 244,811,387 $ 250,201,282 $ 116,492,159
Cost of digital assets derecognized (244,733,087) (250,104,770) (116,419,218)
Other revenues 158,941 61,967 15,341
Change in fair value (181,264) 261,097 1,354,190
Administrative expenses (182,188) (153,119) (104,211)
Other expenses (60,425) (46,079) (34,465)
Finance expense (52,369) (38,529) (2,983)
Change in fair value of derivatives 9,609 (12,190) 0
Income/(loss) before income tax (786,413) 84,569 1,301,472
Income tax benefit/(expense) 944 (5,005) (1,457)
Net income/(loss) (785,469) 79,564 1,300,015
Net income (loss) attributable to:      
Owners of the Group (764,681) 78,527 1,299,167
Non-controlling interests (20,788) 1,037 848
Net income/(loss) (785,469) 79,564 1,300,015
Items that will not be subsequently reclassified to profit or loss:      
Revaluation of digital assets held as investments 409,644 1,020,339 0
Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk (3,050) (16,350) 0
Other comprehensive income that will not be reclassified to profit or loss, net of tax 406,594 1,003,989 0
Items that may be reclassified subsequently to profit or loss:      
Foreign exchange differences on translation of foreign operations 1,676 (712) 0
Total comprehensive income/(loss) (377,199) 1,082,841 1,300,015
Comprehensive income (loss) attributable to:      
Owners of the Group (357,056) 1,072,710 1,299,167
Non-controlling interests (20,143) 10,131 848
Total comprehensive income/(loss) $ (377,199) $ 1,082,841 $ 1,300,015
Weighted average shares outstanding      
Weighted average shares outstanding for the purpose of basic earnings/(loss) per share (in shares) 127,723 112,664 112,500
Diluted (in shares) 127,723 115,400 122,184
Earnings/(Loss) per share      
Basic (in dollars per share) $ (5.99) $ 0.7 $ 11.55
Diluted (in dollars per share) $ (5.99) $ 0.68 $ 10.63
Financial liability [member]      
Statement Line Items [Line Items]      
Change in fair value $ (20,101) $ (43,350) $ 0
Digital assets [member]      
Statement Line Items [Line Items]      
Change in fair value (674,968) 207,043 1,351,832
Derivatives [member]      
Statement Line Items [Line Items]      
Change in fair value (7,179) (17,139) (654)
Investment in financial assets [member]      
Statement Line Items [Line Items]      
Change in fair value $ (36,034) $ 29,453 $ 3,671
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Non-current assets    
Goodwill $ 63,062 $ 61,475
Other intangible assets 31,104 33,298
Property and equipment and right-of-use assets 28,369 14,118
Deferred tax assets 2,865 2,088
Other assets 21,311 22,087
Restricted cash 5,727 1,968
Total non-current assets 152,438 135,034
Current assets    
Other assets 47,502 21,209
Derivative financial instruments 0 0
Customer segregated cash 20,044 6,382
Restricted cash 16,839 15,893
Cash and cash equivalents 87,892 31,540
Total current assets 3,804,066 2,912,378
Total assets 3,956,504 3,047,412
Non-current liabilities    
Borrowings 49,982 25,000
Convertible redeemable preference shares 0 47,879
Lease liabilities 14,378 10,756
Deferred tax liabilities 18 6
Other payables 3,000 0
Total non-current liabilities 528,263 561,704
Current liabilities    
Customer segregated cash liabilities 20,044 6,382
Borrowings (non-current) 49,982 25,000
Lease liabilities 5,524 4,246
Other payables 54,028 49,421
Total current liabilities 129,912 85,049
Total liabilities 658,175 646,753
Net assets 3,298,329 2,400,659
EQUITY    
Share capital and share premium 5,110,063 3,821,537
Option premium on convertible redeemable preference shares 0 18,399
Reserves 774,224 858,797
Accumulated deficit (2,668,100) (2,309,053)
Total shareholders' equity attributable to the owners of the Group 3,216,187 2,389,680
Non-controlling interests 82,142 10,979
Total equity 3,298,329 2,400,659
Related party borrowings [member]    
Non-current liabilities    
Borrowings [1] 505,600 482,450
Digital assets loan payable [member]    
Non-current liabilities    
Borrowings 5,267 20,613
Current liabilities    
Borrowings (non-current) 334 0
Digital assets [member]    
Current assets    
Digital assets held - inventories 206,178 573,876
Other assets 1,537,071 1,878,268
Digital assets [member] | Digital assets and investments in financial assets [member]    
Current assets    
Financial assets 1,037,915 132,649
Digital assets [member] | Digital asset loans and receivables [member]    
Current assets    
Financial assets 446,481 166,388
Investment in financial assets [member]    
Current assets    
Financial assets $ 404,144 $ 86,173
[1] The outstanding balances with the the related parties (formerly the parent entity block.one and its subsidiaries) are unsecured, bear interest at 7% annum and are repayable on demand.
v3.25.4
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Exercise of options [member]
Issued capital [member]
Exercise of options [member]
Share premium [member]
Exercise of options [member]
Reserve of equity component of convertible instruments [member]
Exercise of options [member]
Reserve of share-based payments [member]
Exercise of options [member]
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member]
Exercise of options [member]
Other reserves [member]
Exercise of options [member]
Retained earnings [member]
Exercise of options [member]
Equity attributable to owners of parent [member]
Exercise of options [member]
Non-controlling interests [member]
Exercise of options [member]
Issued capital [member]
Share premium [member]
Reserve of equity component of convertible instruments [member]
Reserve of share-based payments [member]
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member]
Other reserves [member]
Retained earnings [member]
Equity attributable to owners of parent [member]
Non-controlling interests [member]
Total
Equity at Dec. 31, 2022                     $ 225 $ 3,786,883 $ 245,802 $ 62,584 $ 0 $ 0 $ (2,212,658) $ 1,882,836 $ 0 $ 1,882,836
Statement Line Items [Line Items]                                        
Net income/loss                     0 0 0 0 0 0 1,299,167 1,299,167 848 1,300,015
Total comprehensive income                     0 0 0 0 0 0 1,299,167 1,299,167 848 1,300,015
Redemption of convertible redeemable preference shares                     0 0 (227,403) 0 0 0 227,403 0 0 0
Equity settled share-based payments                     0 0 0 6,173 0 0 0 6,173 0 6,173
Deemed contribution from shareholder                     0 0 0 0 0 73,979 0 73,979 0 73,979
Dividend declared and approved during the year                     0 0 0 0 0 0 (1,980,709) (1,980,709) 0 (1,980,709)
Equity at Dec. 31, 2023                     225 3,786,883 18,399 68,757 0 73,979 (2,666,797) 1,281,446 848 1,282,294
Statement Line Items [Line Items]                                        
Net income/loss                     0 0 0 0 0 0 78,527 78,527 1,037 79,564
Total comprehensive income                     0 0 0 0 1,011,055 (16,872) 78,527 1,072,710 10,131 1,082,841
Equity settled share-based payments                     0 0 0 22,587 0 0 0 22,587 0 22,587
Other comprehensive income/(loss) for the period                     0 0 0 0 1,011,055 (16,872) 0 994,183 9,094 1,003,277
Issuance of shares, including exercise of stock options                     1 34,428 0 (21,492) 0 0 0 12,937 0 12,937
Transfer of revaluation gain of digital assets held as investments upon disposal                     0 0 0 0 (279,217) 0 279,217 0 0 0
Equity at Dec. 31, 2024                     226 3,821,311 18,399 69,852 731,838 57,107 (2,309,053) 2,389,680 10,979 2,400,659
Statement Line Items [Line Items]                                        
Net income/loss                     0 0 0 0 0 0 (764,681) (764,681) (20,788) (785,469)
Total comprehensive income                     0 0 0 9 408,914 (1,298) (764,681) (357,056) (20,143) (377,199)
Redemption of convertible redeemable preference shares                     6 66,272 (18,399) 0 0 0 0 47,879 0 47,879
Equity settled share-based payments                     0 0 0 16,201 0 0 0 16,201 0 16,201
Other comprehensive income/(loss) for the period                     0 0 0 9 408,914 (1,298) 0 407,625 645 408,270
Issuance of shares, including exercise of stock options $ 0 $ 4,432 $ 0 $ (2,836) $ 0 $ 0 $ 0 $ 1,596 $ 0 $ 1,596 69 1,209,125 0 0 0 0 0 1,209,194 0 1,209,194
Transfer of revaluation gain of digital assets held as investments upon disposal                     0 0 0 0 (454,052) 0 454,052 0 0 0
Conversion of Bullish Global shares to Ordinary shares                     0 8,622 0 0 2,291 (30) (8,898) 1,985 (1,985) 0
Change in non-controlling interest in BMC1                     0 0 0 (12,887) (38,703) (2,182) (39,520) (93,292) 93,291 (1)
Equity at Dec. 31, 2025                     $ 301 $ 5,109,762 $ 0 $ 70,339 $ 650,288 $ 53,597 $ (2,668,100) $ 3,216,187 $ 82,142 $ 3,298,329
v3.25.4
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 income/loss $ (785,469) $ 79,564 $ 1,300,015
Adjustments for:      
Interest income (14,822) (12,241) (12,046)
Debt interest expense 51,595 37,466 2,174
Lease interest expense 775 1,063 809
Net foreign exchange loss 0 390 123
Share-based payments expenses 16,201 22,587 6,173
Depreciation of property and equipment and right-of-use assets 4,822 6,199 5,423
Amortization of other intangible assets 2,245 2,348 0
Impairment of right-of-use asset 0 956 0
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net 181,264 (261,097) (1,354,190)
(Gain) from derecognition of lease (415) 0 0
Impairment losses of digital assets 497,442 24,601 0
Operating cash flows before changes in operating assets and liabilities (26,261) (54,814) (51,519)
Increase in other assets (56,634) (9,402) (2,869)
Decrease in deferred tax assets (777) 1,610 1,480
Decrease in digital assets held - inventories 324,767 (49,341) 139,187
Decrease/(increase) in digital assets held - intangible assets 0 0 0
Decrease/(Increase) in digital assets held - financial assets (242,873) 92,402 (224,769)
Decrease/(increase) in digital assets held - loan receivable 0 (28,534) 65,896
Increase/(decrease) in other payables 7,608 44 96
Increase/(decrease) in customer segregated cash liabilities 13,662 6,320 (66,022)
Increase/(decrease) in deferred tax liabilities 12 (19) (17)
Interest received 9,129 11,755 11,869
Net cash provided by/(used in) operating activities 28,632 (29,979) (126,668)
Cash flows from investing activities      
Cash paid from business combinations 0 (4,625) 1,290
Purchase of investment in financial assets (24,619) (25,000) 0
Proceeds on investment in financial assets 48,213 167 3,568
Purchase of property and equipment (9,931) (391) (966)
Proceeds on disposal of property and equipment 0 0 32
Purchase of digital assets held - intangible assets (41,858) (3,320) 0
Prepayment on intangible assets (250) (12,001) 0
Proceeds on disposal of digital assets held - intangible assets 30,549 86 0
Net cash provided by/(used in) investing activities 2,104 (45,084) 3,924
Cash flows from financing activities      
Net proceeds from issuance of Ordinary shares 59,194 0 0
Interest paid (40,733) (21,096) (2,983)
Repayment of convertible redeemable preference shares 0 0 (714,565)
Dividends paid 0 0 (534,644)
Proceeds from borrowings 174,300 25,000 43,000
Repayment of borrowings (149,302) 0 0
Repayment on lease liabilities (1,064) (4,884) (3,460)
Net cash provided by/(used in) financing activities 42,395 (980) (1,212,652)
Net increase/(decrease) in cash and cash equivalents, customer segregated cash and restricted cash 73,131 (76,043) (1,335,396)
Cash and cash equivalents, customer segregated cash and restricted cash at beginning of the period 55,783 131,526 1,466,922
Effects of exchange rate changes on cash and cash equivalents, customer segregated cash and restricted cash 1,588 300 0
Cash and cash equivalents, customer segregated cash and restricted cash at end of the period 130,502 55,783 131,526
Cash and cash equivalents, customer segregated cash and restricted cash consisted of the following:      
Customer segregated cash 20,044 6,382 62
Restricted cash 22,566 17,861 18,563
Cash and cash equivalents 87,892 31,540 112,901
Total cash and cash equivalents, customer segregated cash and restricted cash 130,502 55,783 131,526
Supplemental schedule of non-cash investing and financing activities      
Recognition of right-of-use assets against lease liabilities 10,460 8,445 826
Purchase of digital assets held - intangible assets (103,538,633) (5,603,647) 0
Proceeds on disposal of digital assets held - intangible assets 103,216,609 5,554,368 0
Digital asset loan receivables made, net 248,073 78,498 0
Digital asset pledged as collateral posted, net 51,692 22,488 0
Interest Received in Digital Assets 5,323 0 0
Acquisition of subsidiary paid via USDC 0 0 (72,574)
Investments in financial assets paid via USDC, net (6,086) (30,784) (1,000)
Prepayment on intangible assets made (4,001) (8,043) 0
Non-Cash Purchase of investment 489,748 0 0
Non-Cash Proceeds of Sales of Investments (108,301) 0 0
Interest paid in digital assets (11,636) (8,668) 0
Repayment of convertible redeemable preference shares via digital assets 0 0 (472,359)
Proceeds from borrowings via digital assets 3,185,184 0 453,729
Repayment from borrowings via digital assets (3,185,202) 0 0
Proceeds from digital assets loan payable via digital assets 654,864 0 0
Repayments from digital assets loan payable via digital assets (654,726) 0 0
Dividends paid via digital assets 0 0 (1,494,219)
Proceeds from issuance of ordinary shares 1,150,000 0 0
Financial liability [member]      
Adjustments for:      
(Gain)/loss from revaluation of digital assets and other investments in financial assets at FVTPL, net $ 20,101 $ 43,350 $ 0
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted [Flag] true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 16K.

CYBERSECURITY

 

Risk Management and Strategy

 

We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our systems and information. To protect our systems and information from cybersecurity threats, we use a variety of security tools and techniques designed to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents.

 

Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies and reporting channels that apply across the enterprise risk management program. Our Internal Audit & Risk team is principally responsible for facilitating our enterprise risk management program, in consultation with multiple functions at Bullish and reporting to the Audit Committee.

 

Our cybersecurity risk management program includes:

 

●

an Information Security Policy that articulates our information security practices and procedures to maintain confidence in our business and to protect the confidentiality, integrity, and availability of the information we handle;

 

●

a dedicated Chief Information Security Officer responsible for executing on relevant internal and external requirements and identifying appropriate technical and organizational measures to deliver information security in compliance with those requirements (in consultation with our Data Protection Officer who is responsible for advising on legal obligations with regard to personal data privacy);

 

●

a Security Governance, Risk, and Compliance team, led by our Chief Information Security Officer, principally responsible for driving our cybersecurity risk management program, including a formal information security risk assessment on an annual basis; our risk remediations, prioritizations, and security safeguards; and risk awareness or education programs for employees relating to cybersecurity;

 

●

the use of both internal and external resources, such as assessors, consultants, and auditors, where appropriate, to assess, test, or otherwise assist with aspects of our security controls; 

 

●

an external audit of our systems and environments, including an external penetration test, on an annual basis;

 

●

a cybersecurity incident response plan that includes procedures for assessing, responding to, remediating, resolving, and conducting post-analysis of cybersecurity incidents;

 

●

cybersecurity training of our incident response personnel and senior management;

 

●

various monitoring and detection tools, including a bug bounty program, to assist us in regularly identifying, assessing, prioritizing, and mitigating vulnerabilities in our products and services;

 

●

a vendor assessment program designed to identify and mitigate cybersecurity risks associated with our use of third-party service providers; and

 

●

contractual obligations on third-party vendors to report security incidents, risk identification, or other security-related issues promptly to Bullish.

 

We and certain of our third-party service providers have been subject to cyberattacks and security incidents in the past due to, for example, computer malware, viruses, computer hacking, credential stuffing, and phishing attacks. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, because of our prominence, we believe that we are a particularly attractive target for such attacks, and we expect to continue to experience cyberattacks and security incidents in the future. See “Item 3.D. Risks Inherent in the Digital Asset Industry - Cyberattacks and security breaches, or those impacting our customers or third parties, could adversely impact our brand and reputation and our business, operating results and financial condition.”

 

 
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our systems and information. To protect our systems and information from cybersecurity threats, we use a variety of security tools and techniques designed to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents.
Cybersecurity Risk Management Third Party Engaged [Flag] false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] We and certain of our third-party service providers have been subject to cyberattacks and security incidents in the past due to, for example, computer malware, viruses, computer hacking, credential stuffing, and phishing attacks. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, because of our prominence, we believe that we are a particularly attractive target for such attacks, and we expect to continue to experience cyberattacks and security incidents in the future. See “Item 3.D. Risks Inherent in the Digital Asset Industry - Cyberattacks and security breaches, or those impacting our customers or third parties, could adversely impact our brand and reputation and our business, operating results and financial condition.”
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

 

Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of our cybersecurity program.

 

The Audit Committee receives quarterly updates from management on our cybersecurity program, including related trends or metrics. The Audit Committee also receives annual updates from our Chief Information Security Officer regarding the state of our cybersecurity, including key issues, priorities, and challenges.

 

In addition to any reports from the Audit Committee to the full board regarding cybersecurity, management informs and updates the full board about any significant cybersecurity incidents. The full board also receives briefings from management on key components of our programs and any pressing risk or compliance matters.

 

Our management team, including the Chief Information Security Officer, is responsible for assessing and managing material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Security Officer has over 25 years of experience in executive leadership across multiple industries in the areas of information security, digital transformation, and enterprise risk management.

 

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives quarterly updates from management on our cybersecurity program, including related trends or metrics. The Audit Committee also receives annual updates from our Chief Information Security Officer regarding the state of our cybersecurity, including key issues, priorities, and challenges.
Cybersecurity Risk Role of Management [Text Block] Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including the Chief Information Security Officer, is responsible for assessing and managing material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Security Officer has over 25 years of experience in executive leadership across multiple industries in the areas of information security, digital transformation, and enterprise risk management.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team, including the Chief Information Security Officer, is responsible for assessing and managing material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Information Security Officer has over 25 years of experience in executive leadership across multiple industries in the areas of information security, digital transformation, and enterprise risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee receives quarterly updates from management on our cybersecurity program, including related trends or metrics. The Audit Committee also receives annual updates from our Chief Information Security Officer regarding the state of our cybersecurity, including key issues, priorities, and challenges.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Note 1 - General Information
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of general information about financial statements [text block]

1  General information

 

Bullish (the “Company”) is an exempted company incorporated and domiciled in the Cayman Islands with limited liability. The Company and its subsidiaries are collectively referred to as “the Group.” These audited consolidated Financial Statements are as of years ended December 31, 2025, 2024, and 2023.

 

Prior to July 23, 2024, the Company was majority owned by block.one. Effective July 23, 2024 and August 21, 2024, block.one transferred the majority of the Class A common shares in tranches to certain of its shareholders.

 

The principal activity of the Group is providing infrastructure and information services. This includes the operations of its subsidiary, Bullish (GI) Limited, which operates a digital asset trading platform (the "Exchange") and CoinDesk Inc. ("CoinDesk") which provides digital asset media and information services. On October 9, 2024 the Group completed the acquisition of Crypto Coin Comparison Ltd ("CCData").

 

The Audited Financial Statements are presented in United States dollars, which is the same as the functional currency of the Group.

 

Operating segments are defined as components of an entity for which separate financial information is available and that are regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. For the Group, the Chief Executive Officer (“CEO”) serves as the CODM. The CODM reviews financial information presented on a global consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Group has determined that it operates as one operating segment and one reportable segment.

 

Initial Public Offering

 

In August 2025, the Group completed its initial public offering (“IPO”) on the New York Stock Exchange (“NYSE”) under the ticker symbol “BLSH,” in which the Company issued and sold 34,500,000 Ordinary shares to the public, inclusive of the underwriters’ over-allotment option which was exercised in full, at a price of $37.00 per share. The IPO resulted in net proceeds to the Company of $1,212.7 million after deducting the underwriting discounts and commissions and before deducting offering costs of $3.5 million, which were charged to Share premium as a reduction of the net proceeds received from the IPO.    

 

Reverse Stock Split and IPO Reorganization

 

On July 31, 2025, the Company’s Board of Directors approved a reverse stock split of the Company’s Class A common shares, Class B preference shares, and Class C common shares on a 1-for-2 basis (the “Reverse Split”) which became effective on August 1, 2025. Accordingly, all holders of record of Class A common shares and Class B preference shares on August 1, 2025 (no Class C common shares were outstanding on such date), received respectively one issued and outstanding Class A common share and one issued and outstanding Class B preference share of the Company in exchange for two issued and outstanding Class A common shares and two issued and outstanding Class B preference shares of the Company. No fractional shares were issued in connection with the Reverse Split. All fractional shares created by the Reverse Split were rounded up to the nearest whole number of shares.

 

All information referencing outstanding shares of the Company, including earnings and loss per share, in the current and comparative periods presented herein give retroactive effect to the Reverse Split.

 

The following transactions impacting shares, options, and restricted stock units (“RSUs”) in Bullish Global and BMC1 interests occurred in connection with the IPO Reorganization and are adjusted for the effect of the Reverse Split described above.

 

 

•

Immediately prior to the completion of the IPO, the Company redesignated Class A shares as Ordinary shares;

 

 

•

Bullish Global RSUs converted into RSUs of Ordinary shares on a 1-for-2 basis;

 

 

•

Bullish Global options converted into options to acquire Ordinary shares on a 1-for-2 basis with the exercise price for each converted option being twice the pre-conversion exercise price (subject to the same vesting conditions); and

 

 

•

Certain conversion rights with respect to the BMC1 equity became effective. These conversion rights, subject to vesting, entitle holders of an aggregate outstanding 13,643,618 units of BMC1 equity to receive 7,075,504 Ordinary shares.

 

Immediately prior to the completion of its IPO, and pursuant to the Amended and Restated Memorandum and Articles of Association, the Group was authorized to issue 750,000,000 Ordinary shares of a par value of $0.002, and all of its issued and outstanding Common shares and Preference shares were converted into and re-designated as Ordinary shares of a par value of $0.002 on a one-for-one basis. 

 

Subsequently, as part of the transaction that, collectively with the Reverse Split and the issuance of Ordinary shares to the third party investor in Bullish Global, we refer to as the "IPO Reorganization," the 2,735,938 issued and outstanding Class B preference shares (post Reverse Split) were mandatorily converted into an equal number of Ordinary shares. The accounting for this conversion involved derecognizing the $47.9 million financial liability associated with the Convertible redeemable preference shares and reclassifying the $18.4 million Option premium on convertible redeemable preference shares equity component; both amounts were transferred to Share capital and Share premium.

 
v3.25.4
Note 2 - Summary of Principal Accounting Policies
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of changes in accounting policies [text block]

BULLISH

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

2

Summary of principal accounting policies

 

The accounting policies have been consistently applied to the current and prior periods presented, as are the methods of computation, unless otherwise stated below.

 

2.1 Basis of preparation

 

(i)

Compliance with IFRS

 

The consolidated financial statements for the years ended December 31, 2025, 2024 and 2023, have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB). Certain prior year information has been reclassified to conform with current year presentation.

 

(ii)

Going Concern

 

The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

(iii)

Reclassification of digital assets

 

Effective January 1, 2024, the Group has reclassified the digital assets held on the balance sheet, aligning the presentation with its strategic objectives and the evolving nature of its operations. This reclassification aims to enhance the relevance and reliability of information presented in the financial statements, in accordance with IFRS requirements.

 

Prior to this date, all digital assets, excluding digital financial assets, were classified as inventories under IAS 2. These assets were primarily utilized to facilitate market-making activities on the Bullish Exchange. Under this classification, digital assets were measured at fair value less costs to sell, with changes in fair value recognized in the consolidated statement of profit or loss. This approach was consistent with the Group’s strategy to generate profits from margins and price fluctuations through active trading and market-making operations.

 

Commencing January 1, 2024, the Group has reclassified certain portfolios of digital assets not allocated for market-making purposes from inventory to indefinite-life intangible assets under IAS 38. This classification underscores the Group’s strategic focus on utilizing certain digital assets for long-term investment and capital appreciation, as opposed to immediate market-making activities. During 2023, the Group undertook a strategic transformation of its business model to distinctly manage portfolios of digital assets for both market- making and investment purposes. This transformation was executed through the segregation of digital assets into separate entities and wallets, each designated for these specific fundamental uses. The reclassification ensures that the financial statements more accurately reflect the Group’s financial position and performance, aligning with its strategic objectives for 2024 and beyond.

 

The reclassification was applied prospectively reflecting the change in facts and circumstances related to the Group’s business model. The Group’s business model changed on January 1, 2024, resulting in separately managed portfolios for digital assets held under IAS 38 from those held under IAS 2. The reclassification was applied utilizing the revaluation method as digital assets are traded in active markets. 

 

For the purpose of revaluation, fair value is measured by reference to the Company’s principal market at subsequent measurement dates. This change would impact Other Comprehensive Income (“OCI”) as increases in the fair value of these intangible assets are recognized directly in equity under “Revaluation reserves for digital assets held as investments”. This reserve represents the revaluation adjustment of intangible assets, capturing the change of fair value from their weighted average cost prospectively on or after January 1, 2024. In reclassifying the Group’s digital assets, the costs to sell did not have a material impact on the revaluation adjustment. The Group’s senior management determines a change in the business model as a result of external or internal changes significant to the Group’s operations.

 

(iv)

Change in accounting principle

 

Safeguarding digital assets and digital asset safeguarding liabilities

 

On January 30, 2025, the Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”). SAB 122 rescinds the previously-issued interpretative guidance included within SAB 121 with respect to accounting for obligations to safeguard digital assets that an entity holds for its customers. SAB 122 directs an entity to apply IAS 37 Provisions, Contingent Liabilities and Contingent Assets to determine whether an entity has a liability related to risk of loss from an obligation to safeguard digital assets for customers. The Group has adopted SAB 122 as of December 31, 2024 on a retrospective basis. As a result of the adoption of SAB 122, the Group derecognized the safeguarding digital assets of US$117.6 million and digital asset safeguarding liabilities of US$117.6 million during the year ended December 31, 2024, previously recognized in the consolidated financial statements during the year ended December 31, 2023. This change had no impact on revenue, operating income, net income, earnings per share, or any other components of equity or net assets.

 

(v)

New standard and amendments to standards which are effective for the current year

 

In the current year, the Group adopted Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability issued by the International Accounting Standards Board (IASB) that is mandatorily effective for an accounting period that begins on or after January 1, 2025. This Amendment clarifies how an entity has to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The adoption of this amendment has not had any material impact on the disclosures or on the amounts reported in these financial statements.

 

(vi)

     New standard and amendments to standards which are not yet effective     

 

The Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective. The Group is in the process of reviewing the effects of applying the new standards and amendments on the consolidated financial statements and plans to adopt the new standards and amendments in the required fiscal years.

 

Amendments to IFRS 9 and IFRS 7 (Classification & Measurement)

These amendments address diversity in practice by making the requirements more understandable and consistent. The amendments:

 

(a) clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic cash transfer system to be derecognized before the settlement date if certain criteria are met;

 

(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

 

(c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as certain instruments with features linked to the achievement of environment, social and governance (ESG) targets), and

 

(d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

 

An entity is required to apply these amendments for all annual periods beginning on or after January 1, 2026 with earlier application permitted.

 

Amendments to IFRS 9 and IFRS 7 (Nature-dependent electricity contracts)

 

These amendments help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light of the increased use of these contracts. An entity is required to apply these amendments for all annual periods beginning on or after January 1, 2026 with earlier application permitted.

 

IFRS 18 Presentation and Disclosure in Financial Statements

 

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.

 

IFRS 18 introduces new requirements to:

 

 

•

present specified categories and defined subtotals in the statement of profit or loss

 

 

•

provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

 

 

•

improve aggregation and disaggregation.

 

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

 

IFRS 19 Subsidiaries without Public Accountability: Disclosures

 

IFRS 19 replaces which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. An entity is required to apply IFRS 19 for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

 

Amendments to IFRS 21 The Effects of Changes in Foreign Exchange Rates

 

The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. An entity is required to apply these amendments for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

 

 

2.2 Principles of consolidation and equity accounting

 

(i)

Basis of accounting

 

The financial statements have been prepared on the historical cost basis, except for the revaluation of certain assets that are measured at revalued amounts or fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants take into account when pricing the asset or liability at the measurement date.

 

(ii)

Basis of consolidation

 

The consolidated financial statements for December 31, 2025, 2024 and 2023, incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Group:

 

 

•

has the power over the investee;

 

 

•

is exposed, or has rights, to variable returns from its involvement with the investee; and

 

 

•

has the ability to use its power to affect its returns.

 

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

 

Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the company gains control until the date when the company ceases to control the subsidiary.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies.

 

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

 

Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value.

 

Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

 

2.3

Business combinations and restructuring

 

Business combination

 

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date.

 

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

 

Goodwill

 

Goodwill is initially recognized and measured as set out above.

 

Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.

 

On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

 

2.4

Revenue recognition

 

The Exchange generates revenue through transaction fees charged on the platform for digital asset matching services (“Peer-to-Peer transaction”) and for trading of digital assets through the Automated Market Marking Instructions (“AMMI") transactions.

 

Spot / AMMI transactions

 

Peer-to-Peer Transactions — Transaction fees

 

On Peer-to-Peer transactions, the Exchange provides a digital asset matching service and facilitates the ability for a customer to purchase or sell digital assets from or to another customer on the Exchange.

 

The Exchange performs these services on behalf of customers and it does not control the digital asset being provided before it is transferred to the buyer, does not have inventory risk related to the digital asset, and is not responsible for the fulfilment of the digital assets. The Exchange also does not set the price for the digital asset as the price is set by customers of the Exchange (including the Automated Market Markers, “AMM”). The Exchange’s digital asset matching service represents a single performance obligation. As a result, the Exchange acts as an agent in facilitating the ability for a customer to purchase or sell digital assets from another customer in accordance with IFRS 15 and presents revenue for the transaction fees charged on a net basis.

 

The Exchange considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. Contracts with customers are usually open-ended and can be terminated by either party without a termination penalty. Therefore, contracts are defined at the transaction level and do not extend beyond the service already provided.

 

The Exchange charges a fee at the transaction level. The transaction price, represented by the transaction fee, is calculated based on volume and may vary depending on payment type and the value of the transaction. The transaction fee is collected from the customer at the time the transaction is executed. In certain instances, the transaction fee can be collected in digital assets, with revenue measured based on the amount of digital assets received and the fair value of the digital assets at the time of the transaction. The Exchange sets the fee rates, which may differ between transaction pairs according to whether the customer is a maker (adding to the order book) or taker, and rules as to the priority in which orders are filled from existing liquidity.

 

AMMI Transaction — Sales of digital assets by the AMMI to customers

 

The Exchange earns a spread when customers trade assets against the Exchange’s AMM. The order price for the assets under the AMMI is generated by the pricing algorithms developed by the Group, and the Exchange earns a spread which is included in the quoted price as a market-making fee. The spread comprises (i) a fixed base spread and (ii) a variable dislocation spread that is determined algorithmically. The dislocation spread generally increases at times of higher volatility of the relevant trading pair. In addition, the Exchange charges a fee on each transaction where the AMM sells digital assets to customers. The price is set by the Group and is collected from the customer at the time the transaction is executed. 

 

As these transactions occur against the Exchange’s AMM using the Group’s automated market making algorithm, the Exchange determined that in these transactions the Exchange controls the digital asset being provided before it is transferred to the buyer, has inventory risk related to the digital asset, and is responsible for the fulfilment of the digital asset. The Exchange’s proprietary automated market-marking algorithm sets the price at which the Exchange transacts. As a result, the Exchange acts as a principal in these transactions in accordance with IFRS 15.

 

When the AMMI sells digital assets to spot or margin customers, revenue generated is presented on a gross basis. The Group, upon completion of the transaction, recognizes revenue under “Digital asset sales on the Exchange” in Note 4 .

 

As described in Note 2.8 below, the digital assets under the AMMI are accounted for as inventories under IAS 2 and measured at fair value, with change in fair value recognized in the consolidated statement of profit or loss. When the digital asset is sold, revenue is recognized in “Digital asset sales on the Exchange” in Note 4 and “Digital asset sales” in the consolidated statement of profit and loss. Therefore, the cost of digital assets derecognized from the AMMI represents the fair value of digital assets at the time it is sold and is presented under “Cost of digital asset derecognized on the Exchange” in Note 5 below and “Cost of digital asset derecognized” in the consolidated statement of profit and loss. The exchange digital asset sales less cost of digital assets derecognized effectively represents the transaction spread and fees earned from AMMI transaction services when assets of the AMMI are sold to a spot or margin customer.

 

The transaction price represented by the fair value of consideration received may vary depending on the payment type. When the transaction price is denominated in digital assets, the Exchange measures revenue based on the amount and fair value of digital assets received at the time of the trade.

 

AMMI Transactions — Purchase of digital assets by the AMMI from customers

 

For customers’ sales of digital assets to the AMMI (i.e., purchase of digital assets by the AMMI), because the transaction price reflects a transaction spread, the Group records the spread as a positive change to the fair value of the digital assets in the consolidated statement of profit or loss. The transaction price is remeasured at fair value with the changes to fair value included within the “Change in fair value of digital assets inventories, arising from purchase of digital assets on the Exchange” in Note 7 and under the “Change in fair value of digital assets held, net” in the consolidated statement of profit and loss and other comprehensive income.

 

Perpetual contracts transaction

 

Perpetual market fees charged by the Exchange are based on the notional value of filled orders.

 

The Group provides a service to match or fulfill customers’ orders to trade perpetuals. The customer terms of service (the contracts with customers) are usually open-ended and can be terminated by either party without a termination penalty. The Exchange acts as counterparty to each customer’s contract as a “riskless principal” (i.e., the Exchange does not take risk on a customer’s default on the contract, instead such default risk is borne by customers with opposite positions). In addition, the Group’s subsidiary, BTH, acts as liquidity provider to the Exchange and takes positions in the perpetual contracts as an Exchange customer. Therefore, the Exchange is a counterparty to BTH on one contract and another customer on the other offsetting contract.

 

When the Group fulfills the customers’ order, the Funding Amount for perpetual contracts is determined by the funding rate, the contract’s Notional Value, and whether the position is long or short. The Funding Amount acts as a transaction cost and is calculated hourly, payable or receivable upon settlement. Settlement and funding occur hourly, with settlement netted by positions in the same trading account with the same counterparty.

 

Perpetual contracts are regarded as principal transactions. Consequently, any funding income or expense and fair value changes of these contracts are recorded in the ‘Net spread related income and change in fair value of perpetual futures on the Exchange’ of the consolidated statement of profit or loss and other comprehensive income.

 

Liquidity service fees and promotional incomes

 

As a platform facilitating digital asset transactions, the Group’s revenue includes revenue and rewards obtained through collaborative activities with digital asset issuers or promoters. These activities encompass marketing campaigns, incentives, and other initiatives aimed at enhancing the adoption and usage of specific digital assets on the Exchange. The recognition of revenue and rewards is contingent upon the terms and conditions agreed upon with the digital asset issuers. 

 

The income derived from these arrangements is subject to various factors, such as the balance of digital assets held under the Group, trading volume, depth of liquidity, the custody of the Exchange, and the prevailing interest rate environment. Revenue and rewards are recognized when the associated activities are performed, and the resulting revenue can be reasonably estimated. Revenue is recognized over time in accordance with IFRS 15 as liquidity and promotional performance obligations are satisfied, with fees in digital assets recognized using the fair value of the underlying digital asset upon recognition.

 

These revenues are recorded as “Other revenues” in the consolidated statement of profit or loss and within “Subscription and services revenue” in Note 6.

 

Revenue from event admission, sponsorship, advertising and data revenue

 

The Group recognizes revenue by identifying when control of goods or services is transferred to customers in accordance with IFRS 15. For advertising and sponsorships, revenue is recognized over the period during which advertisements are displayed or sponsorship commitments are fulfilled. Revenue from ticket sales, booth sales and event admissions is recognized at the point in time when the event occurs. Indices data and other data provision fees are recognized over the period services are provided or as contractual obligations are fulfilled. Revenue is measured based on the consideration specified in contracts with customers. It is recorded as “Other revenues” in the consolidated statement of profit or loss.

 

Lending arrangements

 

Recognition of interest earned on loan receivable

 

The Group charges interest on outstanding loan amounts on a regular basis and applies the effective interest method under IFRS 9 Financial Instruments (“IFRS 9”) for cash loans.

 

Recognition of consideration for lending of digital assets

 

Loans made in digital assets are generally not financial instruments and do not qualify as a lease. The Group considers the consideration received for lending these assets as the economic equivalent of interest and recognizes it as Other revenue based on the notional value of the digital assets loaned and the duration of the lending arrangement.

 

In cases where the underlying asset qualifies as a financial asset under IFRS 9 (for example, certain fiat-redeemable stablecoins), the related lending arrangements are accounted for in accordance with IFRS 9. The Group recognizes fee income related to digital asset lending in "Other revenues."

 

Gain on Token Warrants

 

The Group enters into investment agreements with the objective of achieving capital appreciation upon the successful launch of the underlying tokens. Measurement of a gain or impairment occurs at the point which the underlying tokens become contractually unlocked, which occurs based on contractual unlock dates.

 

The gain is recognized to the extent that the fair market value of the token on the unlock date exceeds its cost basis. Management assesses for impairment annually or more frequently when indicators of impairment exist.

 

Any gains are presented net within “Other revenues.”

 

2.5

Customer segregated cash

 

The cash in spot accounts is accounted as an on-balance sheet item with a corresponding liability owed to customers. It represents restricted cash and cash equivalents maintained in the segregated bank accounts that are held for the exclusive benefit of customers. It is comprised of cash deposits held by the customers in their spot accounts and unsettled deposits and withdrawals. These balances are presented in the consolidated balance sheet under “Customer segregated cash”. The corresponding liability owed to customers is presented under “Customer segregated cash liabilities” in the consolidated balance sheet.

 

2.6

Customer segregated digital assets held on behalf of margin customers including digital assets collateral

 

The assets received from margin customers and held in their spot accounts represent collateral to support the Group as a secured creditor of cash or digital asset loan receivables. The collateral received secures the lending, in the absence of an event of default, the Group has no ability to exercise control over the digital assets held in the spot account of the margin customer. Accordingly, the Group accounts for the digital assets in spot accounts of margin customers as off-balance sheet items.

 

2.7

Loan and other receivables — digital assets

 

Loan receivable represents loans made in digital assets via margin lending services, credit line facilities or other lending arrangements provided by the Exchange or the Group. For loans issued by the Exchange via margin lending services or credit line facility, each loan is collateralized by fiat and digital assets in the customer’s spot account on the Exchange with withdrawal limits and minimum collateral value requirements that must be met, and may additionally be backed by other acceptable credit support.

 

Other than the need to use loan proceeds for trading on the Bullish Exchange, the general terms of fiat and digital asset loans are as follows: There are no restrictions on the borrower’s ability to use the lent digital assets. Loans under the credit line facility or other lending arrangements have fixed-term maturities, while margin lending services on the Exchange have no defined maturity; these can typically be terminated by either party without a termination penalty. The interest or lending fee component is fixed, and neither call options nor put options are associated with these loans. Interest or lending fees are paid on a regular basis, with payments made hourly for margin lending services and mostly monthly for credit line facilities or other lending arrangements. Generally, loans and interest/lending fees must be repaid in the equivalent amount of the same digital assets or fiat currency lent.

 

For digital asset loan receivables, the Group derecognizes the original digital asset lent from its digital asset inventories and recognizes loan receivables measured initially and subsequently at the fair value of the underlying digital assets lent, less an allowance for expected credit losses, when the borrowed assets are transferred to the margin account or the borrower’s account. The change in fair value of digital asset loan receivables, which excludes credit risk, is recognized in the consolidated statement of profit or loss under “Change in fair value of digital assets held, net.” The change in allowance for expected credit losses is recognized in the consolidated statement of profit or loss under “Other expenses.” For fiat loans, the Group records a loan receivable that is measured at amortized cost, less an allowance.

 

 

 

2.8

Digital assets pledged as collateral

 

The Group engages in borrowing and derivative transactions with third parties, requiring the deposit of digital assets as collateral. These arrangements stipulate that the Group may need to maintain a specific collateral- to-borrowings or margin ratio, pledging either fiat or digital assets as collateral for fiat borrowings or derivative transactions.

 

When counterparties have the right to sell, repledge, or rehypothecate the Group’s digital asset collateral, the Group derecognizes these digital assets from intangible assets. Instead, they are recorded as “Digital Assets Pledged as Collateral” under “Loan and other receivables — digital assets” in the Consolidated Balance Sheet. It is measured initially and subsequently at the fair value of the underlying digital assets pledged, less an allowance for expected credit losses, when the pledged assets are transferred from the Group’s accounts. The change in fair value of digital asset pledged as collateral, which excludes credit risk, is recognized in the consolidated statement of profit or loss within the “Change in fair value of digital assets held, net”. The change in allowance for expected credit losses is recognized in the consolidated statement of profit or loss under “Other expenses”, if any.

 

Conversely, if the counterparties do not have the right to sell, repledge, or rehypothecate the digital assets, these assets remain classified as digital assets held under intangible assets.

 

2.9

Digital assets held — intangible assets and inventories

 

Effective January 1, 2024, all digital assets have been classified as either intangible assets or inventory, reflecting their intended use within the Group’s updated operational business model framework.

 

For digital assets transacted on the Exchange, the Group has determined that these assets meet the definition of a broker-trader under IAS 2, and thus applies inventory treatment. These digital assets are measured at fair value less costs to sell, with changes in fair value recognized in the consolidated statement of profit or loss under “Change in fair value of digital assets held, net.”

 

For digital assets classified as intangible assets, if the carrying amount of a digital asset increases as a result of revaluation, the increase is recognized in OCI accumulated in Equity under Reserves. However, if the increase in the carrying amount of the digital asset reverses a previous revaluation decrease recognized in Net income/(loss), it is recognized in Net income/(loss).

 

Conversely, if the carrying amount decreases due to revaluation, the decrease is recognized in Net income/(loss). However, if there is a credit balance in the Revaluation reserves for that asset, the decrease is recognized in OCI, reducing the equity under the Revaluation reserves heading.

 

The cumulative Revaluation reserves included in Equity may be transferred directly to Accumulated deficit when the surplus is realized, either upon the retirement or disposal of the asset. Transfers from Revaluation reserves to Accumulated deficit are not recorded through Net income/(loss).

 

Digital assets held — intangible assets associated with decentralized finance protocols

 

The Group engages with decentralized finance (“DeFi”) protocols, which are smart contracts designed to perform specific functions, predominantly built on various blockchain platforms. These protocols enable the Group to provide or access liquidity and facilitate the exchange of digital assets directly on the blockchain.

 

To provide liquidity, the Group deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols. In return, the Group typically receives protocol-specific digital assets that represent its claims on the underlying digital assets deposited.

 

Most decentralized finance protocols have the capability to utilize the Group’s deposited digital assets for various purposes, including lending or trading them with other participants in the DeFi protocol. Upon transferring digital assets to the smart contracts, the Group derecognizes the original digital assets and recognizes the protocol-specific digital assets received in return. Upon redeeming the protocol-specific asset for the underlying digital asset, the protocol-specific digital asset is derecognized and the returned digital asset is recognized.

 

As protocol-specific digital assets are classified as intangible assets utilizing the revaluation method, increases in the carrying amount of the protocol-specific digital assets as a result of revaluation is recognized in other comprehensive income and accumulated in equity under “Reserves” unless the increase reverses a previous revaluation decrease and consequently is recognized in profit or loss instead. Decreases in the carrying amount of the protocol-specific digital assets as a result of revaluation is recognized in profit or loss unless the decrease reverses a previous revaluation increase in the revaluation reserve for that protocol-specific digital asset and consequently is recognized in other comprehensive income instead.

 

Impairment of fiat and digital asset loan receivable

 

The Group recognizes an allowance for expected credit losses on fiat and digital asset loan receivable that are measured at the fair value of fiat and digital assets lent less an allowance for expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective fiat margin loans and digital asset loan receivable.

 

The Group recognizes lifetime expected credit losses (“ECL”) for fiat and digital asset loans. When applicable, the expected credit losses on these financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

 

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

 

(a)

Definition of default

 

The Group considers a digital asset loan or fiat loan to be in default when the borrower fails to make contractual payments or satisfy any margin call when they fall due. In assessing credit risk in applying fair value, the Company considers detrimental impact on the estimated future cash flows of that loan have occurred such as when there is:

 

 

•

Significant financial difficulty of the borrower

 

 

•

A breach of contract, such as a default or past due event

 

 

•

It is becoming probable that the borrower will enter bankruptcy or other financial reorganization

 

(b)

Write-off policy

 

The Group writes off a fiat or digital asset loan receivable when there is information indicating that the borrower is in significant financial difficulty and there is no realistic prospect of recovery, e.g. when the borrower has been placed under liquidation or has entered into bankruptcy proceedings. Loans written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in the consolidated statement of profit or loss.

 

(c)

Measurement and recognition of expected credit losses

 

Digital assets loan receivable under the Credit Line Facility are measured based on the assumption that repayment of the loan is demanded at the measurement date. The digital asset loan is initially recognized and remeasured on each reporting date at the fair value of the digital assets lent less any allowance for expected credit losses. In measuring the expected credit loss of digital asset loans under the Credit Line Facility, the Group considers the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The expected loss for a given credit line facility is the product of the net credit shortfall at default and probability of default. The net credit shortfall estimates the amount of the likely loss if there is a default after taking into account recovered amounts. It is determined based on the product of the amount the Group expects to be owed by a borrower at the time of possible default and likely recovery rate of collateral. The Group is entitled to exercise rights to sell or liquidate the collateral in the borrowers’ spot account on the Exchange if the borrowers fail to maintain the value of the collateral in their spot account at the pre-agreed margin level within a specified time. In determining the probability of default, the Group will consider the guarantee arrangement where the Group can enforce the guarantee to repay the shortfall when there is a default event.

 

The Group recognizes an impairment gain or loss in profit or loss for all loan receivable with a corresponding adjustment to their carrying amount through an allowance account.

 

2.10 

Digital assets held — financial assets

 

Stablecoins that are contractually redeemable for fiat currency on demand, are classified as financial assets measured at fair value in accordance with IFRS 9. These assets are reported under “Digital assets held — financial assets”. These assets are stablecoins that are contractually redeemable for fiat currency on demand. In addition to these stablecoins, the Group also classifies certain DeFi protocol tokens funded by these stablecoins as Digital assets held – financial assets. See the Group’s policy for accounting for financial assets below in Note 2.11.

 

2.11

 Financial instruments and financial assets

 

Financial assets and financial liabilities are recognized in the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument.

 

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

 

All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.

 

(i)

Classification of financial assets

 

Debt instruments that meet the following conditions are measured subsequently at amortized cost:

 

 

•

The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows

 

 

•

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding

 

By default, all other financial assets are measured subsequently at fair value through profit or loss (“FVTPL”). Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in consolidated statement of profit or loss.

 

Amortized cost and effective interest method

 

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period.

 

For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.

 

The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance.

 

Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit- impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset.

 

Derecognition of financial assets

 

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay.

 

On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in consolidated statement of profit or loss.

 

2.12

 Investments in Financial Assets

 

The Group maintains investments in fund and equity instruments designed to provide exposure to underlying digital assets and crypto-related indices.

 

Investments in financial assets are initially recognized at fair value. When an existing digital asset is derecognized to fund a new investment, the cost basis of the new instrument is established based on the fair value of the contributed asset.

 

Financial assets and fund investments are remeasured to fair value at the end of each reporting period. Unrealized fair value gains or losses are recognized in the consolidated statement of profit or loss within the line item "Change in fair value of investment in financial assets." Realized gains and losses are presented in a separate line item.

 

2.13

 Financial liabilities and equity

 

(i)

Classification as debt or equity

 

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

 

(ii)

Equity instruments

 

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.

 

Repurchase of the Group’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

 

(iii)

Compound instruments

 

The component parts of convertible redeemable preference shares issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments is an equity instrument.

 

At the date of issue, the liability component related to the redemption amount arises from the early redemption feature associated with the preference shares which requires the Group to repurchase preference shares in cash at a price equal to a Guaranteed Amount upon the occurrence of certain triggering events. The present value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date.

 

The value of the conversion option and other remaining features i.e. liquidation preference and dividend rights that are classified as equity is determined by deducting the amount of the liability component and embedded derivative, if any, from the fair value of the compound instrument as a whole. This is recognized and included in equity, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the liability component, the balance recognized in equity will be transferred to retained earnings. No gain or loss is recognized in profit or loss upon conversion or expiration of the conversion option.

 

Transaction costs that relate to the issue of the convertible redeemable preference shares are allocated to the liability and equity components in proportion to the allocation of the gross proceeds.

 

Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the lives of the liability component using the effective interest method.

 

(iv)

Financial liabilities

 

All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL.

 

Financial liabilities at FVTPL

 

Financial liabilities are classified as at FVTPL when the financial liability is designated as at FVTPL. A financial liability may be designated as at FVTPL upon initial recognition if either:

 

 

•

Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise

 

 

•

The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis

 

 

•

It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL

 

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss. The net gains or losses from change in fair value of financial liabilities at FVTPL excluding any interest paid on the financial liability are recognized in the consolidated statement of profit or loss under “Change in fair value of financial liability at FVTPL”. Interest paid on financial liability at FVTPL is separately included in the ‘Loan interest expense’ under “Finance expense” in the consolidated statement of profit or loss.

 

However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is recognized in consolidated statement profit or loss. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

 

Any loan commitments issued at below-market interest rates are initially recognized at their fair value as a financial liability, and subsequently measured at the higher of the initial value less the cumulative amount of income recognized and their expected credit loss provision. Loan commitments may be designated at fair value through profit or loss where that is the business model under which such contracts are held.

 

Financial liabilities measured subsequently at amortized cost

 

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held- for-trading, or (iii) designated as FVTPL, are measured subsequently at amortized cost using the effective interest method.

 

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

 

Foreign exchange gains and losses

 

For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized in the ‘other expenses’ line item in profit or loss for financial liabilities that are not part of a designated hedging relationship. For those which are designated as a hedging instrument for a hedge of foreign currency risk foreign exchange gains and losses are recognized in other comprehensive income and accumulated in a separate component of equity.

 

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship.

 

Derecognition of financial liabilities

 

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

 

The Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification is recognized in profit or loss as the modification gain or loss within other gains and losses.

 

2.14

 Derivative financial instruments

 

The Group provides trading in perpetual futures contracts (“perpetuals contracts”) and options contracts on the Exchange to eligible customers. Perpetuals contracts are a type of futures contract without an expiry date and will reference the prices of select digital assets, initially quoted in underlying markets (e.g., USDC). Option contracts are instruments that grant the holder the right, but not the obligation, to buy or sell a specified quantity of digital assets at a predetermined strike price on or before a set expiration. Both perpetual contracts and option contracts are classified as derivative instruments.

 

The Group also enters digital asset derivative financial instruments with third parties through other exchanges or over-the-counters for risk management.

 

Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in profit or loss immediately under “Change in fair value of derivatives” unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivatives are not offset in the financial statements unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

 

Embedded derivatives

 

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host — with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative.

 

Derivatives embedded in hybrid contracts with a financial asset host within the scope of IFRS 9 are not separated. The entire hybrid contract is classified and subsequently measured as either amortized cost or fair value as appropriate.

 

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 (e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

 

If the hybrid contract is a quoted financial liability, instead of separating the embedded derivative, the Group generally designates the whole hybrid contract at FVTPL.

 

An embedded derivative is presented as a non-current asset or non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12 months and is not expected to be realized or settled within 12 months.

 

2.15

 Credit loss and impairment of financial assets

 

Credit losses from investments and other financial assets

 

The Group recognizes a loss allowance for expected credit losses on deposits, other receivables and intercompany balances, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

 

The Group recognizes lifetime ECL for other assets, if material. When applicable, the expected credit losses on these financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

 

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

 

For the years ended December 31, 2025, 2024 and 2023, the Group has no expectation of credit losses related to other assets. Thus no such loss allowance was recorded as of December 31, 2025, 2024 and 2023.

 

2.16

 Impairment of property and equipment and intangible assets excluding goodwill

 

At each reporting date, the Group reviews the carrying amounts of its property and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in consolidated statement of profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognized in profit or loss.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years.

 

2.17

 Cash and cash equivalents

 

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.

 

The restricted cash represents any cash that is legally restricted as to withdrawal or usage.

 

2.18

 Share capital and share premium

 

Ordinary shares

 

Incremental costs directly attributable to the issuance of ordinary shares are recognized as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.

 

Preference shares

 

The Group’s redeemable preference shares are classified as financial liabilities, because they are contingently redeemable in cash by the holders.

 

2.19

 Current and deferred taxation

 

The income tax expense represents the sum of the tax currently payable and deferred tax.

 

Current tax

 

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

 

A provision is recognized for those matters for which the tax determination is uncertain and it is not probable that the tax authority will accept the tax return position taken which would result in a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable using the most likely method and assuming that the tax authorities will examine all the amounts reported to them and have full knowledge of all relevant information. The assessment is based on the judgment of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on external tax specialist advice.

 

Deferred tax

 

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference arises from the initial recognition of goodwill.

 

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

 

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.

 

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

 

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

 

2.20

 Pillar Two model rules

 

Amendments to IAS 12 Income Taxes — Deferred Tax related to Assets and Liabilities arising from a Single Transaction

 

The Group has adopted the amendments to IAS 12 for the first time in the current year. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit.

 

Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.

 

The adoption of this amendment has not had any material impact on the disclosures or on the amounts reported in these financial statements.

 

Amendments to IAS 12 Income Taxes — International Tax Reform — Pillar Two Model Rules

 

The Group adopted the amendments to IAS 12 effective January 1, 2023. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including the tax law that implements qualified domestic minimum top up taxes described in those rules.

 

The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.

 

The Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where the Group has subsidiaries including Germany and the United Kingdom. The Pillar Two legislation assesses certain additional taxes to relevant taxpayers effective January 1, 2024 and further set of tax assessments effective January 1, 2025.

Jurisdictions continue to implement Pillar Two taxes effective January 1, 2025, including the implementation of the under-taxed profits rule (“UTPR”) in Germany and the United Kingdom. This UTPR grants the tax authorities an extra-territorial right to assess tax on income of subsidiaries of an in-scope multinational that are organized in low-tax jurisdictions.

The Group has made an assessment of its tax exposure to the Pillar Two rules in effect in 2025 based on its business operating model and each of its subsidiaries’ location, form, assets, results of operations and tax filings. The assessment considered Pillar Two’s various rules such as scoping, definitions of revenue, applicability of safe harbors and exemptions such as the transitional exemption rules that exclude application of UTPR for eligible groups that are treated as being in not more than six jurisdictions.

Based on its assessment, the Pillar Two rules are not expected to have a material impact on the Group’s results of operations. However, the application of the rules continues to evolve, and its outcome may alter aspects of how the Group’s tax obligations are determined in countries in which it does business. The Group continues to evaluate the potential impact of these rules.

 

2.21

 Share-based payments

 

The Group operates an equity incentive plan for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including directors), advisors and key service providers of the Group may receive remuneration in the form of share-based payments, whereby the employees and consultants render services as consideration for equity instruments (“equity- settled transactions”).

 

The fair value of the employee and consultancy services received in exchange for the grant of the award shares and options is recognized as an expense with a corresponding increase in share based payment reserve. The total amount to be expensed is determined by reference to the fair value of the share awards and share options granted. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

 

At the end of each period, the entity revises its estimates of the number of options and awards that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

 

The grant by the Group of share awards and share options over its equity instruments to the employees and consultants of subsidiary undertakings in the Group is treated as an amount due from the subsidiary undertakings, with a corresponding credit to equity in the Group’s separate financial statements, measured with reference to the grant date fair value and is recognized over the vesting period.

 

2.22

 Earnings/(loss) per share

 

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders of the Group, after adjusting for non-controlling interests, by the weighted average number of ordinary shares outstanding during the period.

 

For the calculation of diluted earnings per share, net income attributable to ordinary shareholders of the Group, after adjusting for non-controlling interests, is adjusted by the effect of dilutive securities, including convertible redeemable preference shares, under the treasury stock method. The weighted average number of ordinary shares outstanding during the period is adjusted by the effects of dilutive securities, including dilutive convertible redeemable preference shares. Potentially dilutive securities have been excluded from the computation of diluted earnings per share if their inclusion is anti-dilutive.

 

2.23

 Digital Assets Loan Payable

 

The Group engages in digital asset borrowing from external parties to facilitate yield enhancement or liquidity- as-a-service activities. The loans do not impose restrictions on the Group’s ability to deploy the digital assets borrowed but may require the Group to act as liquidity provider for that digital asset on the Exchange or other venues. These loans do not provide a right to repay the loan or interest in a different digital asset to the type of digital asset borrowed. These digital assets borrowed are initially recorded at the fair value as part of the assets in intangible assets. Corresponding liabilities are recognized in “digital assets loan payable” in the Consolidated Balance Sheets, depending on the counterparty.

 

Digital assets loan payable are treated as hybrid instruments. The liability host contract is not classified as a traditional debt instrument due to its nature as a non-financial liability, initially measured at the fair value of the assets acquired. The embedded derivative, which reflects changes in the fair value of the underlying digital asset, is measured at fair value through profit or loss, in accordance with IFRS 9.

 

To align with the economic characteristics and risks of the entire instrument, the Group has elected to designate the entire borrowing or loan payable at fair value through profit or loss. This approach ensures that all changes in the fair value of the instrument, including those arising from the embedded derivatives, are recognized in the consolidated statements of profit or loss and other comprehensive income.

 

The terms of these digital asset loans payable can either be for a fixed maturity term and repayable at the option of the Group or the lender. These loans payable bear interest payable by the Group to the lender, based on a percentage of the amount borrowed. Interest expenses are accrued and recognized over the term of the loan, reflecting the cost of the loan for the period it is outstanding, and are included under “Finance Expense” in the consolidated statements of profit or loss and other comprehensive income.

 

The digital asset loan payable in USDC is considered a financial liability, as it represents an obligation to return financial assets arising from a loan arrangement entered into by an individual lender, which is a past event. The Group accounts for this liability as a financial liability at amortized cost, in compliance with IFRS standards.

 

 
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Note 3 - Critical Accounting Judgements and Key Sources of Estimation Uncertainty
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of changes in accounting policies, accounting estimates and errors [text block]

3

Critical accounting judgments and key sources of estimation uncertainty

 

In applying the Group’s accounting policies, which are described in Note 2, the Group make judgments (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The following are the critical judgments, apart from those involving estimations (which are presented separately below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognized in financial statements.

 

3.1

Critical judgments in applying the Group’s accounting policies

 

Digital assets transactions and balances

In preparing the Group’s financial statements, management exercises critical judgment to determine the appropriate accounting policies for digital assets, based on the specific facts and circumstances of the Group’s digital assets and Exchange business. The decision to apply a dual classification of digital assets, which meet the definition of intangible assets, is informed by the business model within which each asset is held and the scope provisions of IAS 2 and IAS 38.

 

For digital assets transacted on the Exchange, the Group has determined that these assets meet the definition of a broker-trader under IAS 2, and thus applies inventory treatment. Under IAS 2, digital assets are measured at fair value less costs to sell, with changes in fair value recognized in profit or loss. Other digital assets, which are not held for market making purpose and are held for long-term strategic purposes, are classified as intangible assets under IAS 38. These assets are measured at revalued amounts, with any revaluation reserves recognized in other comprehensive income.

 

3.2

Key sources of estimation uncertainty

 

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

 

(i)

Fair market value of digital assets held

 

Management needs to apply judgment in determining appropriate accounting policies based on the facts and circumstances of the Exchange business. Furthermore, in determining fair values, management needs to apply judgment to identify the relevant available markets, and to consider accessibility to and activity within those markets in order to identify the principal digital asset markets for the Group. Changes in estimates could significantly impact the ending balance of digital assets held in inventories, as well as change in fair value of digital assets held in the consolidated statements of profit or loss.

 

Refer to "Note 7 — Change in fair value of digital assets held, net" for the movement over the period and the total change in fair value of digital assets held, net.

 

(ii)

Share-based payments

 

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the exercise multiple, volatility and dividend yield and making assumptions about them. The Group measures the fair value of equity-settled transactions with employees using an appropriate option pricing model (e.g. binomial model) at the grant date. Changes in these judgments, inputs, assumptions or interpretations may occur and should those changes be significant, they could have a material impact on the Group's net income/(loss).

 

Refer to "Note 29 — Share Based Payments" for the assumptions and models used for estimating fair value for share-based payment transactions and shared-based payment expense for the years ended December 31, 2025 and 2024.

 

(iii)

Fair value of digital assets loan and other receivables less allowance for expected credit losses

 

In determining fair values of digital asset loan receivables, management needs to apply judgment to identify the maturity date based on the facts and circumstances of the Exchange business. The face value of digital asset lent is measured based on the fair value of underlying digital assets using the same valuation approach.

 

In measuring credit component of digital asset loan receivables, it requires judgment, in particular, the expected loss for a given credit line facility, the net credit shortfall at default and probability of default. Management performs an individual borrower analysis to reassess credit risk and collateral sufficiency at each reporting date. Where collateral coverage exceeds maintenance margin requirements or when there are no indicators of credit deterioration or default are identified, the Group concludes that credit risk is sufficiently mitigated and expected credit losses are not material. Actual results could vary from estimates and could significantly impact the ending balance of loan and other receivables - digital assets as well as total comprehensive income/(loss).

 

The Exchange is entitled to exercise rights to sell or liquidate the collateral in the borrowers’ spot account on the Exchange if the borrowers fail to maintain the value of the collateral in their spot account at the pre- agreed margin level within a specified time. In determining the probability of default, the Exchange will consider the guarantee arrangement, if any, where it can enforce the guarantee to repay the shortfall when there is a default event.

 

Refer to "Note 13 — Loan and other receivables - digital assets" for the activity over the period and the total change in the balance.

 

 

 

 

 
v3.25.4
Note 4 - Digital Assets Sales
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of revenue [text block]

4  Digital assets sales

 

The following tables summarize the disaggregation of Digital assets sales by venue for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

On the Exchange

 $244,414,963  $250,179,460  $115,607,215 

On other venues(i)

  396,424   21,822   884,944 

Total Digital asset sales

 $244,811,387  $250,201,282  $116,492,159 

 

(i)

Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.

 

Below is the table of Digital assets sales on the Exchange disaggregated by major geography, based on domicile of the customers, accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

United Kingdom

 $72,492,926  $74,295,884  $38,127,807 

Cayman Islands

  46,923,742   *   14,377,101 

British Virgin Islands

  34,980,001   35,270,979   15,305,642 

Singapore

  *   90,980,790   13,786,923 

Netherlands

  *   *   23,693,869 

Rest of the World

  90,018,294   49,631,807   10,315,873 

Total Digital asset sales

 $244,414,963  $250,179,460  $115,607,215 

* Digital asset sales attributable to the geography during the period did not exceed the 10% threshold.

 

 

Below is the table of Digital assets sales on the Exchange disaggregated by major customers accounting for 10% or more of total Digital assets sales on the Exchange (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Customer A

 $57,649,927  $62,890,467  $34,908,743 

Customer B

  27,955,612   *   * 

Customer C

  *   85,566,459   * 

Customer D

  *   *   11,891,307 

Customer E

  *   *   14,361,697 

Customer F

  *   *   11,691,258 

 

* Digital asset sales attributable to the customer during the period did not exceed the 10% threshold.

 

 
v3.25.4
Note 5 - Cost of Digital Assets Derecognized
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of cost of sales [text block]

5  Cost of digital assets derecognized

 

The following table presents the Cost of digital assets derecognized by venue for the year ended  December 31, 2025, 2024 and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

On the Exchange

 $244,336,500  $250,082,963  $115,536,178 

On other venues(i)

  396,587   21,807   883,040 

Total Cost of digital assets derecognized

 $244,733,087  $250,104,770  $116,419,218 

 

(i)

Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.

 

For the years ended December 31, 2025, 2024, and 2023, the Exchange recorded Cost of digital assets derecognized based on the carrying value of the digital assets sold from the Automated Market Making Instructions (“AMMI”) on the Exchange which was the fair value of the digital asset at the time it was disposed.

  
v3.25.4
Note 6 - Other Revenues
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of other operating income [text block]

6  Other revenues

 

The following table presents Other revenues by category for the year ended  December 31, 2025, 2024 and 2023 (in thousands).

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Transaction fee income(i)

 $3,424  $2,203  $445 

Subscription and services revenue(ii)

  155,517   59,764   14,896 

Total Other revenues(iii)

 $158,941  $61,967  $15,341 

 

(i)

For the year ended December 31, 2025, 2024, and 2023, the Exchange recorded Transaction fee income from peer-to-peer spot trades of $1.8 million, $1.6 million, and $0.1 million, respectively. 

 

(ii)

Includes interest income of $14.8 million, $12.3 million, and $12.0 million for the year ended December 31, 2025, 2024, and 2023, respectively. 

 

(iii)

Includes interest income and other income from non-customers of $65.7 million, $12.3 million, and $12.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. For 2025, $14.8 million relates to interest income (see footnote (ii)), with the remaining $50.9 million representing other income from non-customers. For 2024 and 2023, the amounts relate entirely to interest income.

 
v3.25.4
Note 7 - Change in Fair Value of Digital Assets Held, Net
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of financial instruments at fair value through profit or loss [text block]

7  Change in fair value of digital assets held, net

 

The following table presents the components of the Change in fair value of digital assets held, net for the year ended  December 31, 2025 and 2024 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange

 $56,031  $71,685  $60,605 

Change in fair value of digital asset inventories and financial assets, net of change in fair value of the payable to customers

  (208,577)  130,733   1,238,819 

Change in fair value of loan and other receivables - digital assets

  (24,994)  43,675   53,510 

Change in fair value of digital asset loan payable

  15   (14,449)  (1,102)

Impairment losses of digital asset held - intangible assets

  (497,443)  (24,601)  — 

Total Change in fair value of digital assets held, net

 $(674,968) $207,043  $1,351,832 

  
v3.25.4
Note 8 - Administrative Expenses
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of general and administrative expense [text block]

8  Administrative expenses

 

The following table presents the components of Administrative expenses for the year ended  December 31, 2025, 2024 and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Compensation and benefits

 $133,824  $131,653  $90,627 

Legal and professional fees

  48,364   21,466   11,528 

Related party service fees

  —   —   2,056 

Total Administrative expenses

 $182,188  $153,119  $104,211 

  
v3.25.4
Note 9 - Other Expenses
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of other operating expense [text block]

9  Other expenses

 

The following table presents the components of Other expenses for the year ended  December 31, 2025, 2024 and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Information technology and software expenses

 $20,408  $19,175  $19,327 

Production expenses

  8,925   2,371   — 

Depreciation of property and equipment and right-of-use assets

  5,955   6,199   5,423 

Advertisement and promotion expenses

  4,822   3,328   1,728 

Amortization of intangible assets

  2,244   2,348   — 

Custody fees

  1,718   1,687   1,653 

Other share-based payment expenses

  628   —   — 

Impairment of right-of-use assets

  —   956   — 

Other

  15,725   10,015   6,334 

Total Other expenses

 $60,425  $46,079  $34,465 

 
v3.25.4
Note 10 - Finance Expense
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of finance cost [text block]

10  Finance expense

 

The following table presents the components of Finance expense for the year ended  December 31, 2025, 2024 and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Loan interest expense

 $51,594  $37,466  $2,174 

Lease interest expense

  775   1,063   809 

Total Finance expense

 $52,369  $38,529  $2,983 

 

Loan interest expense for the year ended December 31, 2025, 2024, and 2023 includes expenses related to borrowing arrangements discussed in Note 22.

 

For the year ended December 31, 2025, 2024, and 2023 the Group recognized Loan interest expense of $34.8 million, $34.9 million, and $0 million respectively, from the loan facility with a related company owned by the major shareholder of the Group. See Notes 22 and 30 for details.

 

For the year ended December 31, 2025, 2024, and 2023 the Group recognized Loan interest expense of $0 million, $0 million, and $2.1 million respectively, from the loan facility with a parent entity. See Note 30 for details.
v3.25.4
Note 11 - Income Tax
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of income tax [text block]

11  Income tax

 

 

(a)

Taxation in the consolidated profit or loss represents:

This note provides an analysis of the Group’s income tax expense, and shows what amounts are recognized directly in equity and how the tax expense is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation to the Group’s tax position.

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Current income tax expense / (benefit)

 $(170) $3,405  $2,696 

Deferred income tax expense / (benefit)

  (774)  1,600   (1,239)

Total Income tax expense / (benefit)

 $(944) $5,005  $1,457 

 

The deferred tax expense/(benefit) comprises temporary differences attributable to:

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
             

Deferred tax expense / (income)

            

Compensation and benefits

 $(566) $1,523  $(1,090)

Tax losses carried forward

  -   (4)  - 

Depreciation allowances

  (19)  (80)  (149)

Others

  (189)  161   - 

Total deferred expense / (benefit)

 $(774) $1,600  $(1,239)

 

 

(b)

Reconciliation between tax expense and accounting loss at applicable tax rates:

 

A reconciliation of the tax expense applicable to income/(loss) before income tax at the statutory rate for the jurisdiction in which the Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rate is as follows:

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
             

Income before income tax

 $(786,413) $84,568  $1,301,472 

Tax at the applicable tax rate of 0%

            

Effects of different tax rates available to different jurisdictions

 $(4,589) $2,281  $(1,004)

Expense not deducible for tax purposes

  1,148   195   193 

Income not subject to tax

  (23)  (169)  (1,015)

ESOP windfall

  (343)  —   — 

Tax effects on unrecognized tax losses

  3,147   (1,487)  3,233 

Change in unrecognized temporary differences

  1,690   4,177   22 

Others

  (1,974)  8   28 
             

Total Income tax expense / (benefit)

 $(944) $5,005  $1,457 

 

As of December 31, 2025, the Group had estimated unused tax losses of approximately $200.8 million (2024: $172.9 million) that can be carried forward indefinitely, subject to final assessment by the tax authorities. Unrecognized tax losses are due to lack of certainty of future taxable profits that can utilize the loss carry forward.

 

 

Deferred Tax Assets and Liabilities

 

The following are the major deferred tax liabilities and assets recognized by the Group and movements thereon as of December 31, 2025 and 2024:

 

  

Compensation

  

Depreciation

  

Tax losses

  

Others

  

Total

 
  

and benefits

  

allowances

  

carried

         
          

forward

         
    )       )   )   )

As of December 31, 2023

 $(3,808) $296  $—  $(161) $(3,673)

Charged to profit or loss

  1,523   (80)  (4)  161   1,600 

Others

  -   -   -   (9)  (9)

As of December 31, 2024

 $(2,285) $216  $(4) $(9) $(2,082)

Charged to profit or loss

  (566)  (19)  -   (189)  (774)

Others

  -   -   -   9   9 

As of December 31, 2025

 $(2,851) $197  $(4) $(189) $(2,847)

 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

 

No deferred tax asset has been recognized from tax losses as it is not considered probable that there will be future taxable profits available.

 

  

Year Ended December 31,

 
  

2025

  

2024

 

Deferred tax assets

 $2,865  $2,088 

Deferred tax liabilities

  (18)  (6)
  $2,847  $2,082 

 

Unrecognized deferred tax 

 

The amount of gross temporary differences and unused tax losses for which no deferred tax asset is recognized in the balance sheet was $197.0 million (2024: $172.4 million). This amount included unused Gibraltar tax losses of $155.8 million (2024: $140.8 million), U.K losses of $17.3 million (2024: $13.5 million), and U.S federal tax losses of $18.2 million (2024: $11.6 million) and U.S. state tax losses of $9 million (2024: $6.5 million) which can only be recovered against future taxable profits of the respective entities.

 

No deferred tax was recognized on these losses due to the absence of convincing evidence regarding the availability of sufficient future taxable profits against which to recover them. Deferred tax is not recognized in respect of the Group’s investments in subsidiaries and branches where the Group is able to control the timing of remittance or other realization and where remittance or realization is not probable in the foreseeable future.

 
v3.25.4
Note 12 - Digital Assets Held
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of digital assets held [text block]

12  Digital assets held

 

The tables below present the movement of Digital assets held - inventories and Digital assets held - intangible assets for the year ended  December 31, 2025 and 2024 (in thousands).

 

  

Digital

  

Digital

 
  

assets held - inventories

  

assets held - intangible assets

 
  

2025

  

2024

  

2025

  

2024

 

As of January 1,

 $573,876  $1,289,346  $1,878,268  $— 

Reclassification of digital assets from inventories to intangible assets

  —   (928,690)  —   928,690 

Reclassification of digital assets to financial assets

  (2,154)  (3,709)  —   (3)

Additions

  244,587,454   250,218,679   103,538,787   5,606,967 

Disposals

  (244,811,387)  (250,201,282)  (103,216,831)  (5,554,454)

Loan and other receivables made, net(i)

  876   (1,724)  (193,907)  (76,483)

Net settlement of Investments in financial assets

  —   —   (381,447)  (22,187)

Revaluation

  (142,487)  201,256   409,644   1,020,339 

Impairment losses

  —   —   (497,443)  (24,601)

As of December 31,

 $206,178  $573,876  $1,537,071  $1,878,268 

 

(i)

The net repayment or proceeds from Loan and other receivables made/(returned), net, accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions.

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12  Digital assets held—(continued)

 

The tables below present the movement of Digital assets held - financial assets for the year ended  December 31, 2025 and 2024 (in thousands):

 

  

Digital

 
  

assets held - financial assets

 
  

2025

  

2024

 

As of January 1,

 $132,649  $253,663 

Reclassification of digital assets to financial assets

  2,154   3,712 

Additions/(disposals), net

  2,908,689   (60,877)

Proceeds from issuance of Ordinary shares

  1,150,000   — 

Loan and other receivables made, net(i)

  (3,138,839)  (26,810)

Net settlement of Investments in financial assets

  6,086   (8,598)

Net settlement of perpetual contracts

  (12,764)  (29,603)

Revaluation

  (10,060)  1,162 

As of December 31,

 $1,037,915  $132,649 

 

(i)

The net repayment or proceeds from Loan and other receivables accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions/(disposals), net.

 

The table below presents the breakdown of Digital assets held - financial assets by venue (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Digital financial assets held on the Exchange wallets

 $84,993  $67,514 

Digital financial assets held on the non-Exchange wallets

  952,922   65,135 

Total Digital assets held - financial assets

 $1,037,915  $132,649 

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12  Digital assets held—(continued)

 

The table below presents the implied units and carrying amount of digital assets, denominated in units and US dollars, for Digital assets held - inventories, Digital assets - intangible assets, and Digital assets - financial assets (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC(i)

  18.03  $1,598,225   22.70  $2,143,529 

ETH(i)

  12.52   37,410   61.65   208,862 

Stablecoins(ii)

      1,056,666       206,551 

Others(iii)

      88,863       25,851 

Total Digital assets held - inventories, intangible assets, and financial assets

     $2,781,164      $2,584,793 

 

(i)

BTC and ETH balances presented include tokens that are wrapped such as cbBTC (8,177 units valued at $725.8 million as of December 31, 2025 and none as of December 31, 2024), wBTC (227 units valued at $20.1 million as of December 31, 2025, 247.9 units valued at $23.4 million as of December 31, 2024) and weETH (160.6 units valued at $0.5 million as of December 31, 2025, 48.1 units valued at $0.2 million as of December 31, 2024).

 

(ii)

Stablecoins are a digital asset intended to maintain a stable value by tracking a reference asset, such as USD, typically on a one-to-one basis. As of December 31, 2025 individual assets that comprise greater than 5% of the balance include USDC ($464.9 million), USDG ($204.3 million), and PYUSD ($161.1 million). As of December 31, 2024, individual assets that comprise greater than 5% of the balance include USDC ($127.9 million), SUSDE ($51.3 million), and USDT ($19.7 million). No other stablecoins represent greater than 5% of the total balance.

 

(iii)Any digital asset that individually represents less than 5% of the digital asset balance presented is grouped together as Others.

  
v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Loans and other receivables [text block]

13  Loan and other receivables - digital assets

 

The tables below present the movement of Loan and other receivables - digital assets for the year ended  December 31, 2025 and 2024 (in thousands):

 

  

Loan and other receivables - digital assets

 
  

2025

  

2024

 

As of January 1,

 $166,388  $17,696 

Digital asset loan receivables made, net

  248,073   78,498 

Digital asset pledged as collateral made, net

  51,692   22,488 

Interest

  5,323   4,031 

Revaluation gain/(loss)

  (24,994)  43,675 

As of December 31,

 $446,481  $166,388 

 

The following table presents Loan and other receivables - digital assets by type of underlying digital asset provided, denominated in units and US dollars, as of  December 31, 2025 and 2024 (in thousands). Amounts totaling less than 5% of the outstanding balance are aggregated in the Others line:

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC

  1.90  $168,630   0.80  $74,901 

ETH

  1.96   5,843   0.42   1,427 

USDC

      132,775       20,500 

Others

      9,128       — 

Total Digital assets - credit line facility and other lending arrangements

     $316,376      $96,828 
                 

BTC

  0.01  $792   0.00  $236 

ETH

  0.57   1,699   0.58   1,977 

USDC

      12,008       19,446 

Others

      281       277 

Total Digital assets - margin lending services

     $14,780      $21,936 
                 

BTC

  1.30  $115,325   0.50   47,624 

Total Digital assets - pledged as collateral

     $115,325      $47,624 
                 

BTC

  3.21  $284,747   1.30  $122,761 

ETH

  2.53   7,542   1.00   3,404 

USDC

      144,783       39,946 

Others

      9,409       277 

Total Loan and other receivables - digital assets

     $446,481      $166,388 

 

  

 

 

The Group provides collateralized digital asset loans via margin lending services and credit line facilities. The maximum exposure to credit risk is the carrying value. As of December 31, 2025 and 2024, the net exposure after considering collateral was zero. No significant change in fair value attributable to credit risk was recorded for Loans and other receivables - digital assets for the years ended December 31, 2025 and 2024.

 

See Note 26(f) for the fair value hierarchy based on the degree to which the fair value is observable.

 
v3.25.4
Note 14 - Investments in Financial Assets
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of financial assets [text block]

14  Investments in financial assets

 

The table below presents the fair value of Investments in financial assets by investment type (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

BTC funds

 $186,067  $35,365 

Grayscale CoinDesk Crypto 5 ETF

  93,184   — 

CoinDesk 20

  87,802   40,598 

Other digital assets funds

  12,408   10,110 

Other Investments in financial assets

  24,683   100 

Total Investments in financial assets

 $404,144  $86,173 

 

As of December 31, 2025 and 2024, the Group held digital assets exchange-traded funds and private funds valued at $379.4 million and $86.1 million, respectively,  as well as equity investments valued at $24.7 million and $0.1 million, respectively. 

 

When the Group disposes of Investments in financial assets, a realized gain or loss is calculated as the proceeds received from the sale of the investment less the investment's original cost. The realized gains and losses are recorded on a gross basis. These amounts are presented within Change in fair value of investment in financial assets.

 

For the year ended December 31, 2025 and 2024, the Group recognized realized gains on disposition of investments in financial assets of $23.2 million and $0 million, respectively. Realized losses for the same periods totaled $20.6 million and $0 million, respectively.

  
v3.25.4
Note 15 - Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of intangible assets and goodwill [text block]

15  Goodwill and Other intangible assets

 

The table below presents the carrying value of Goodwill and Other intangible assets (in thousands):

 

  

Domain

  

Customer relationships(i)

  

Trademarks(i)

  

Total Other Intangibles

  

Goodwill

 

Cost

                    

As of January 1, 2024

 $1,336  $7,500  $26,100  $34,936  $40,235 

Additions arising from business combinations

  —   —   731   731   22,231 

Exchange differences

  —   —   (21)  (21)  (991)

As of December 31, 2024

 $1,336  $7,500  $26,810  $35,646  $61,475 

Exchange differences

  —   —   52   52   1,587 

As of December 31, 2025

 $1,336  $7,500  $26,862  $35,698  $63,062 
                     

Accumulated Amortization

                    

As of December 31, 2024

 $—  $(580) $(1,768) $(2,348) $— 

As of December 31, 2025

 $—  $(1,116) $(3,478) $(4,594) $— 
                     

Carrying amount

                    

As of December 31, 2024

 $1,336  $6,920  $25,042  $33,298  $61,475 

As of December 31, 2025

 $1,336  $6,384  $23,384  $31,104  $63,062 

 

 

(i)

Customer relationships and Trademarks were acquired as part of business combinations and are amortized on a straight-line based over their estimated useful lives (14 years for Customer relationships, 12 to 16 years for Trademarks). Amortization for the year ended December 31, 2025, 2024, and 2023 was $2.2 million, $2.3 million, and $0 respectively.

  
v3.25.4
Note 16 - Property and Equipment and Right-of-use Assets
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of property, plant and equipment [text block]

16  Property and equipment and right-of-use assets

 

The table below presents the carrying value of Property and equipment and right-of-use assets (in thousands):

 

                                 
  

Computer and office equipment

  

Furniture & Fixtures

  

Leasehold improvements

  

Buildings

  

Transportation Equipment

  

Right of use asset

  

Construction in Progress (CIP)

  

Total

 

COST

                                

As of December 31, 2023

 $3,014  $1,713  $1,710  $—  $—  $16,902  $—  $23,339 

Fixed asset additions

  386   —   5   —   —   8,445   —   8,836 

Fixed asset disposals

  —   —   —   —   —   (3,815)  —   (3,815)

As of December 31, 2024

 $3,400  $1,713  $1,715  $—  $—  $21,532  $—  $28,360 

Fixed asset additions

  809   21   66   3,798   3,406   16,275   1,867   26,242 

Fixed asset disposals

  (78)  —   —   —   —   (6,897)  —   (6,975)

Translation adjustment

  (1)  —   —   —   —   —   —   (1)

As of December 31, 2025

 $4,130  $1,734  $1,781  $3,798  $3,406  $30,910  $1,867  $47,626 
                                 

ACCUMULATED DEPRECIATION

                                

As of December 31, 2023

 $(1,804) $(476) $(715) $—  $—  $(6,486) $—  $(9,481)

Charge for the year

  (861)  (339)  (280)  —   —   (4,719)  —   (6,199)

Reversal of accumulated depreciation in relation to right-of-use assets derecognition

  —   —   —   —   —   1,438   —   1,438 

As of December 31, 2024

 $(2,665) $(815) $(995) $—  $—  $(9,767) $—  $(14,242)

Fixed asset depreciation

  (383)  (221)  (168)  (3)  —   (5,180)  —   (5,955)

Fixed dsset disposals

  —   —   —   —   —   938   —   938 

Translation adjustment

  2   —   —   —   —   —   —   2 

As of December 31, 2025

 $(3,046) $(1,036) $(1,163) $(3) $—  $(14,009) $—  $(19,257)
                                 

CARRYING AMOUNT

                                

As of December 31, 2024

 $735  $898  $720  $—  $—  $11,765  $—  $14,118 

As of December 31, 2025

 $1,084  $698  $618  $3,795  $3,406  $16,901  $1,867  $28,369 

 

 

(i)

The Group leases office premises with lease terms ranging from 2 to 8 years. Refer to Note 26 for maturity analysis of Lease liabilities.

 
v3.25.4
Note 17 - Other Assets
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of other assets [text block]

17  Other assets

 

The table below presents the components of non-current and current Other assets (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Non-current assets

        

Deposits

 $1,180  $970 

Other receivables

  323   249 

Finance lease receivables

  739   824 

Prepayments

  16,252   20,044 

Deferred options reward program costs

  2,817   — 

Total Other assets (non-current)

 $21,311  $22,087 
         

Current assets

        

Accounts receivable

 $24,625  $9,146 

Finance lease receivables

  110   333 

Prepayments

  18,943   8,616 

Other receivables

  3,824   3,114 

Total Other assets (current)

 $47,502  $21,209 

 

As of  December 31, 2025 and 2024, the carrying values of current Other assets approximated their fair values.

  
v3.25.4
Note 18 - Restricted Cash
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of restricted cash and cash equivalents [text block]

18  Restricted cash

 

As of December 31, 2025, current Restricted cash primarily related to deposits for insurance policies of $16.8 million ( December 31, 2024: $15.9 million) and non-current Restricted cash primarily related to guarantees for lease agreements of $5.7 million ( December 31, 2024: $2.0 million).

 
v3.25.4
Note 19 - Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of cash and cash equivalents [text block]

19  Cash and cash equivalents

 

The table below presents the components of Cash and cash equivalents (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Cash at banks

 $80,159  $28,231 

Cash on the Exchange at banks

  7,626   3,300 

Cash held in brokers

  107   9 

Total Cash and cash equivalents

 $87,892  $31,540 

 

As of December 31, 2025 and 2024, the carrying values of Cash and cash equivalents approximated their fair values.

  
v3.25.4
Note 20 - Convertible Redeemable Preference Shares
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of redeemable preferred stock [text block]

20  Convertible redeemable preference shares

 

As of  December 31, 2025 and 2024 the outstanding Convertible redeemable preference share liability totaled $0 and $47.9 million, respectively. As of December 31, 2025, no shares remained unredeemed.

 

Effective in August, as part of the IPO Reorganization, all 2,735,938 issued and outstanding Class B preference shares were mandatorily converted into an equal number of Ordinary shares. The accounting for this conversion involved derecognizing the $47.9 million financial liability and reclassifying the $18.4 million equity component. Both amounts were transferred to Share capital and Share premium.

  
v3.25.4
Note 21 - Other Payables
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of other liabilities [text block]

21  Other payables

 

The table below presents the components of Other payables (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Options reward program liability

 $3,000  $— 

Total Other payables (non-current)

 $3,000  $— 
         

Accrued compensation and benefits

 $20,363  $16,072 

Accrued expenses

  10,569   8,153 

Deferred income

  10,557   9,504 

Loan interest payable to the related party(i)

  8,764   8,764 

Amounts due to related parties(i)

  807   1,780 

Other payables

  2,968   5,148 

Total Other payables (current)

 $54,028  $49,421 

 

 

(i)

For additional details regarding transactions with related parties see Note 30.

 

As of December 31, 2025 and 2024, the carrying values of Other payables approximated their fair values.

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  
v3.25.4
Note 22 - Borrowings from Related Parties and Borrowings
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of borrowings [text block]

22  Borrowings from related parties and Borrowings

 

The table below presents the components of the Borrowings from related parties and Borrowings (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Unsecured Borrowings from related parties at FVTPL(i)

 $505,600  $482,450 
         

Secured Borrowings at amortized cost

 $49,982  $25,000 
         

Borrowings (non-current)

 $505,600  $482,450 

Borrowings (current)

 $49,982  $25,000 

 

 

(i)

See Note 30 for additional details.

 

Borrowings from related parties include an unsecured loan from a related party. Borrowings include a secured loan, a secured credit facility, and secured borrowings from DeFi protocols.

 

Borrowings from related parties

 

In 2023, the Group entered into a subordinated loan agreement with its ultimate holding company, block.one, subsequently amended the agreement to a final facility comprised of $40.0 million, 9,600 BTC, and 60 million USDC. In 2024, the loan was transferred to a subsidiary of block.one. As of December 31, 2025 the counterparty remains a related party of the Group.

 

The terms of the facility state that the loan is denominated in USD, totaling $396.7M as of the draw down date, and is repayable in whole or in part at any time by the Group without premium or penalty. If, on the day before the loan repayment date, the price of Bitcoin is below $30,000, the lender will forgive a portion of the loan principal, known as the forgiven amount which is calculated based on a formula using the outstanding balance and the Bitcoin price.

 

As the instrument contains one or more embedded derivatives, it has been designated as FVTPL on initial recognition and as such the embedded derivatives are not separated.

 

The difference between the fair value of the borrowings due to shareholder and its nominal value at initial recognition was $74 million, and was accounted for as the deemed contribution from shareholder as of December 31, 2023. The borrowing is classified as level 3 in the fair value hierarchy (see Note 26) due to the use of unobservable inputs.

 

For the year ended December 31, 2025 and 2024, the amount of Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk associated with the Borrowings from related parties was $3.1 million and $16.4 million, respectively, and the remaining Change in fair value of financial liability at FVTPL was $20.1 million and $43.4 million, respectively.

 

Borrowings

 

New credit facility ( January 2025): On January 31, 2025, the Group entered into a credit facility agreement with another lender. The Group was required to provide USD or digital assets as collateral for the loan. A mandatory top-up event is triggered if the collateral posted falls below the required value, and the Group is required to deposit additional collateral into the collateral account to address the shortfall. On April 22, 2025, $100 million was drawn from this credit facility, the loan was fully repaid on April 23, 2025.

 

Resolution of 2024 loan and new repurchase agreement ( February 2025): On June 11, 2024, the Group entered into the Loan and Security Agreement with a lender for a principal amount of $25 million, bearing interest at 10% per annum, with interest paid monthly and the principal due at maturity. Per the agreement, the Group was required to maintain BTC as collateral. If the loan-to-value (LTV) ratio exceeded 60%, a mandatory top-up event would have been triggered, requiring the Group to deposit additional BTC or USD to reduce the LTV ratio to 50% or less. The loan matured on February 11, 2025.

 

On February 28, 2025, the Group entered into the Repurchase Agreement with the same lender. Under this new agreement, the Group transferred a specified amount of BTC with a nominal value of $125 million to the entity for a purchase price of $50 million. This arrangement carries an interest rate of 9% per annum, payable monthly. The Group is obligated to repurchase the BTC on February 28, 2026. If the market value of the transferred BTC falls below a 200% margin, the Group must transfer additional BTC to restore the margin to 200%.

 

Other borrowings from DeFi protocols

 

The Group borrows certain stablecoins, which are classified as Digital assets held - financial assets, from DeFi protocols to access liquidity for its operations. These Borrowings are over collateralized by digital assets and are subject to automatic liquidation if the value of the collateral falls below the required maintenance levels. Interest rates are variable and are determined by the algorithmic supply and demand within each protocol. As of December 31, 2025 and 2024, the outstanding balance of secured borrowings from DeFi protocols was immaterial.

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  
v3.25.4
Note 23 - Digital Assets Loan Payable
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of borrowings [text block]

22  Borrowings from related parties and Borrowings

 

The table below presents the components of the Borrowings from related parties and Borrowings (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Unsecured Borrowings from related parties at FVTPL(i)

 $505,600  $482,450 
         

Secured Borrowings at amortized cost

 $49,982  $25,000 
         

Borrowings (non-current)

 $505,600  $482,450 

Borrowings (current)

 $49,982  $25,000 

 

 

(i)

See Note 30 for additional details.

 

Borrowings from related parties include an unsecured loan from a related party. Borrowings include a secured loan, a secured credit facility, and secured borrowings from DeFi protocols.

 

Borrowings from related parties

 

In 2023, the Group entered into a subordinated loan agreement with its ultimate holding company, block.one, subsequently amended the agreement to a final facility comprised of $40.0 million, 9,600 BTC, and 60 million USDC. In 2024, the loan was transferred to a subsidiary of block.one. As of December 31, 2025 the counterparty remains a related party of the Group.

 

The terms of the facility state that the loan is denominated in USD, totaling $396.7M as of the draw down date, and is repayable in whole or in part at any time by the Group without premium or penalty. If, on the day before the loan repayment date, the price of Bitcoin is below $30,000, the lender will forgive a portion of the loan principal, known as the forgiven amount which is calculated based on a formula using the outstanding balance and the Bitcoin price.

 

As the instrument contains one or more embedded derivatives, it has been designated as FVTPL on initial recognition and as such the embedded derivatives are not separated.

 

The difference between the fair value of the borrowings due to shareholder and its nominal value at initial recognition was $74 million, and was accounted for as the deemed contribution from shareholder as of December 31, 2023. The borrowing is classified as level 3 in the fair value hierarchy (see Note 26) due to the use of unobservable inputs.

 

For the year ended December 31, 2025 and 2024, the amount of Fair value gain/(loss) on financial liabilities designated as at FVTPL attributable to changes in credit risk associated with the Borrowings from related parties was $3.1 million and $16.4 million, respectively, and the remaining Change in fair value of financial liability at FVTPL was $20.1 million and $43.4 million, respectively.

 

Borrowings

 

New credit facility ( January 2025): On January 31, 2025, the Group entered into a credit facility agreement with another lender. The Group was required to provide USD or digital assets as collateral for the loan. A mandatory top-up event is triggered if the collateral posted falls below the required value, and the Group is required to deposit additional collateral into the collateral account to address the shortfall. On April 22, 2025, $100 million was drawn from this credit facility, the loan was fully repaid on April 23, 2025.

 

Resolution of 2024 loan and new repurchase agreement ( February 2025): On June 11, 2024, the Group entered into the Loan and Security Agreement with a lender for a principal amount of $25 million, bearing interest at 10% per annum, with interest paid monthly and the principal due at maturity. Per the agreement, the Group was required to maintain BTC as collateral. If the loan-to-value (LTV) ratio exceeded 60%, a mandatory top-up event would have been triggered, requiring the Group to deposit additional BTC or USD to reduce the LTV ratio to 50% or less. The loan matured on February 11, 2025.

 

On February 28, 2025, the Group entered into the Repurchase Agreement with the same lender. Under this new agreement, the Group transferred a specified amount of BTC with a nominal value of $125 million to the entity for a purchase price of $50 million. This arrangement carries an interest rate of 9% per annum, payable monthly. The Group is obligated to repurchase the BTC on February 28, 2026. If the market value of the transferred BTC falls below a 200% margin, the Group must transfer additional BTC to restore the margin to 200%.

 

Other borrowings from DeFi protocols

 

The Group borrows certain stablecoins, which are classified as Digital assets held - financial assets, from DeFi protocols to access liquidity for its operations. These Borrowings are over collateralized by digital assets and are subject to automatic liquidation if the value of the collateral falls below the required maintenance levels. Interest rates are variable and are determined by the algorithmic supply and demand within each protocol. As of December 31, 2025 and 2024, the outstanding balance of secured borrowings from DeFi protocols was immaterial.

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  
Digital assets loan payable [member]  
Statement Line Items [Line Items]  
Disclosure of borrowings [text block]

23  Digital assets loan payable

 

The table below presents the components of Digital assets loan payable (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

 

Unsecured borrowing at FVTPL

        

Beginning of period

 $20,613  $6,164 

Loan repayment

  (15,135)  — 

Revaluations (gain)/loss

  (211)  14,449 

As of end of December 31,

 $5,267  $20,613 
         

Secured borrowing at FVTPL

        

Beginning of period

 $—  $— 

Loan drawdown

  654,863   745 

Loan repayment

  (654,726)  (761)

Revaluations (gain)/loss

  197   16 

As of end of December 31,

 $334  $— 
         

Digital assets loan payable (non-current)

 $5,267  $20,613 

Digital assets loan payable (current)

 $334  $— 

 

In September 2023, the Group entered into a master XRP loan agreement with a third party to borrow XRP for performing market making activities. The loan is subject to an annual interest rate of 5.50% with repayment period of 4 years. The Group and lender may terminate the loan agreement or reduce the loan balance at any time. During the year ended December 31, 2025, the Group repaid $15.1 million of the loan balance.

 

The Group borrows digital assets and certain stablecoins which may be classified as Digital assets - intangible assets from DeFi protocols to access liquidity for its operations. The Borrowings are secured, over-collateralized by digital assets, and are subject to automatic liquidation if the value of the collateral falls below required maintenance levels. Interest rates are variable and determined by the algorithmic supply and demand within each protocol. 

 
v3.25.4
Note 24 - Share Capital and Share Premium
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of share capital, reserves and other equity interest [text block]

24  Share capital and Share premium

 

The table below presents the number of authorized shares (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Shares

  

Shares

 

Authorized shares of $0.002 each

        

Ordinary shares

  750,000   — 

Class A common shares

  —   500,000 

Class B preference shares

  —   125,000 

Class C common shares

  —   125,000 

Total

  750,000   750,000 

 

The table below presents the number of issued and fully paid shares (in thousands) and the associated Share capital and Share premium recorded (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2025

 
  

Shares

  

$'s

 

Issued and fully paid - Ordinary shares

        

As of December 31, 2024 (post-Reverse Stock Split)

  113,215  $3,821,537 

Conversion of Class B Preference shares

  2,736   66,278 

Conversion of Bullish Global shares

  233   8,622 

Issuance of Ordinary shares in connection with initial public offering during the period

  34,500   1,209,194 

Exercise of options

  115   3,087 

Restricted Stock Units vested and converted to Ordinary shares

  35   1,345 

As of December 31, 2025

  150,834  $5,110,063 

 

Immediately prior to the completion of its initial public offering ("IPO"), and pursuant to the Amended and Restated Memorandum and Articles of Association, the Group was authorized to issue 750,000,000 Ordinary shares of a par value of $0.002, and all of its issued and outstanding Common shares and Preference shares were converted into and re-designated as Ordinary shares of a par value of $0.002 on a one-for-one basis.

 

In August 2025, the Group completed its IPO and issued and sold 34,500,000 Ordinary shares, inclusive of the underwriters’ over-allotment option which was exercised in full, at a price of $37.00 per share. The IPO resulted in net proceeds to the Company of $1,212.7 million after deducting the underwriting discounts and commissions and before deducting offering costs of $3.5 million, which were recorded to Share capital and Share premium as a reduction of the net proceeds received from the IPO.

 

BULLISH

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
v3.25.4
Note 25 - Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of derivative instruments [text block]

25  Derivative financial instruments

 

The table below presents details regarding Derivative financial instruments (in thousands):

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Derivative financial instruments (assets)

        

Digital currency perpetual contracts - carrying amount

 $—  $— 

Derivative financial instruments (liabilities)

        

Digital currency perpetual contracts - carrying amount

  —   — 

Total notional amount

        

Digital currency perpetual contracts

 $140,522  $38,626 

 

The notional amount of Derivative financial instruments primarily represents the perpetual futures contracts that the Group offers to eligible customers on the Exchange. Derivative financial instruments are held as trading derivatives that are not designated in hedge accounting relationship.

 
v3.25.4
Note 26 - Financial Risk Management
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of financial risk management [text block]

26  Financial risk management

 

The Group’s major instruments include Loan and other receivables - digital assets, Borrowings, Borrowings from related parties, Digital assets loan payable, and other amounts due to related parties. Details of the financial instruments are disclosed in their respective notes. The risks associated with these instruments include market risk (digital asset risk, currency risk, interest rate risk and other price risk), credit risk, liquidity risk, loss of access risk, irrevocability, and regulatory oversight risk. The approaches on how to mitigate these risks are set out below. The Group manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

 

(a)

Credit risk

 

Credit risk primarily arises from Cash and cash equivalents, Loan and other receivables - digital assets, and Other receivables. For Loan and other receivables - digital assets and Other receivables.

 

As of December 31, 2025 and 2024, the maximum exposure to credit risk is represented by the carrying amount of each financial asset. The Group does not provide any guarantees which would expose the Group to material credit risk.

 

The Directors of the Group consider the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk during the period. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the assets as of the balance sheet date with the risk of default as of the date of initial recognition. The following indicators are incorporated:

 

 

●

actual or expected significant adverse changes in business, financial economic conditions that are expected to cause a significant change to the company’s ability to meet its obligations;

 

 

●

actual or expected significant changes in the operating results of the company;

 

 

●

significant changes in the expected performance and behavior of the company, including changes in the payment status of the third party.

 

Cash and cash equivalents and Other receivables

 

As of December 31, 2025 and 2024, management considers Cash and cash equivalents and Other receivables to be low credit risk as counterparties have adequate ability to meet their obligations in the near term and the Group has not experienced losses on these receivables. As such, the ECL for these receivables are deemed immaterial and no allowance has been recorded.

 

Loans and other receivables - digital assets - credit line facility and other lending arrangements 

 

The Group offers credit line facilities to eligible institutional customers who have completed onboarding and wish to trade on the Exchange using borrowed funds. Each facility is negotiated individually, common terms include grant of a security interest over the collateral (the borrower’s spot account assets) and other creditor’s rights to the Exchange such as the right to seize and sell the collateral upon default, margin maintenance requirements imposing obligation on the borrower to maintain sufficient collateral in the spot account at all times, and termination rights with notice by the Exchange with full repayment due. Each loan or facility is only approved by management of the Exchange based on review of contractual terms and credit risk assessment.

 

The composition of collateral (digital asset and fiat) in the borrowers’ spot account may vary depending on the trading activities executed by the borrowers from time to time. The value of underlying collaterals may fluctuate over the loan term. Therefore, exposures and collateral values are monitored daily, to ensure that the margin requirement is always met.

 

The Exchange is entitled to exercise rights to sell or liquidate the collateral in the borrowers’ spot account if the borrowers fail to maintain the value of the collateral in their spot account at the pre-agreed margin level within a specified time. The Group is entitled to access customer assets upon default as the Group has the lender’s rights under security interests and operationally, the Group or the custodian controls the keys to the digital asset omnibus wallets and the omnibus bank accounts are in the name of the Group not the customers. As a result, the Group may be exposed to credit risk from the shortfall arising from the market volatility of underlying collaterals in spot accounts during the maintenance margin call period (i.e., 48 hours). The potential credit risk exposure is further mitigated by the guarantee obtained from the borrower or borrower’s parent company.

 

Given the credit exposure is monitored daily and the Exchange can enforce the guarantee, if any, to repay the shortfall when there is a default event, and as of December 31, 2025 and 2024 the margin ratio has consistently remained above the initial margin requirement for all credit facilities, the allowance for expected credit losses was determined to be immaterial as of December 31, 2025 and 2024 and no allowance has been recorded.

 

The Group offers other lending arrangements from time to time to institutional customers on an ad hoc basis. Each arrangement is negotiated individually. The Group performs deal-specific due diligence on the loan counterparty to assess their specific credit risk profile. The Group also negotiates and performs specific ongoing credit monitoring procedures including review of financial and or operational metrics to assess the financial health of the counterparty. As of December 31, 2025 and 2024, the Group has concluded that the allowance for expected credit losses associated with these other lending arrangements is immaterial.

 

Loans and other receivables - digital assets - margin lending services

 

The Group offers margin lending services to enhance capital efficiency for clients involved in leveraged trading. This service allows clients to lend their idle assets (referred to as Lenders) and provides funding for trading activities to other clients (referred to as Borrowers). Margin loans obtained through this service are exclusively intended for trading on the Exchange platform and are backed by collateral in the form of client assets held on the Exchange. These loans are subject to margin call and liquidation mechanisms to effectively manage risk.

 

The credit risk associated with the margin lending is borne by the Lenders. If a Borrower defaults on a loan and the Lender wishes to take action against the Borrower, the Exchange will assign the margin loan to the Lender, enabling them to pursue the Borrower directly. The terms and conditions of the service outline various enforcement actions that the Exchange may take, including accelerating and demanding repayment of margin loans, enforcing security interests over collateral, and suspending or terminating a Borrower’s use of the margin lending services.

 

As of December 31, 2025 and 2024, the Exchange has not experienced any default, past due and write-off of principal or interest with regard to the fiat and digital asset loan receivable. For the years ended December 31, 2025 and 2024, no fiat or digital asset loan was modified for which the allowance for expected credit losses has been changed. As of December 31, 2025 and 2024, all margin posted by the borrowers on the Exchange has remained above the margin call requirement, except for de minimis amounts that were below the liquidation requirement in 2024.

 

As the credit risk associated with margin lending is borne by the Lenders, no allowance for expected credit loss has been recorded for the year ended December 31, 2025 and 2024.

 

 

(b)

Liquidity risk

 

The Group monitors its liquidity requirements to ensure sufficient funds are available. The following tables present the contractual maturity analysis for financial liabilities as of  December 31, 2025 and 2024 (in thousands):

 

      

Later than

             
      

1 year and

      

Total

  

Carrying

 
  

Less than

  

not later

  

Later than

  

undiscounted

  

amount as of

 
  

1 year

  

than 5 years

  

5 years

  

cash flow

  

December 31, 2025

 

December 31, 2025

                    

Accrued compensation and benefits

 $20,363  $—  $—  $20,363  $20,363 

Accrued expenses

  10,569   —   —   10,569   10,569 

Other payables

  2,580   —   —   2,580   2,580 

Lease liabilities

  8,655   19,717   838   29,209   19,902 

Digital assets loan payable

  623   5,465   —   6,088   5,601 

Borrowings from related parties

  34,774   563,464   —   598,239   505,600 

Borrowings

  50,456   —   —   50,456   49,982 

Customer segregated cash liabilities

  20,044   —   —   20,044   20,044 

Amounts due to related parties

  807   —   —   807   807 

Loan interest payable to the related party

  8,764   —   —   8,764   8,764 

Options reward program liability

  —   3,000   —   3,000   3,000 
  $157,635  $591,646  $838  $750,119  $647,212 

 

      

Later than

             
      

1 year and

      

Total

  

Carrying

 
  

Less than

  

not later

  

Later than

  

undiscounted

  

amount as of

 
  

1 year

  

than 5 years

  

5 years

  

cash flow

  

December 31, 2024

 

December 31, 2024

                    

Accrued compensation and benefits

 $16,072  $—  $—  $16,072  $16,072 

Accrued expenses

  8,153   —   —   8,153   8,153 

Other payables

  5,148   —   —   5,148   3,443 

Lease liabilities

  6,180   13,455   616   20,251   15,002 

Digital assets loan payable

  1,134   22,564   —   23,698   20,613 

Borrowings

  60,059   598,184   —   658,243   507,450 

Convertible redeemable preference shares(i)

  —   47,879   —   47,879   47,879 

Customer segregated cash liabilities

  6,382   —   —   6,382   6,382 

Amounts due to related parties

  1,780   —   —   1,780   1,780 

Loan interest payable to the related party

  8,764   —   —   8,764   8,764 

Options reward program liability

  —   —   —   —   — 
  $113,672  $682,082  $616  $796,370  $637,243 

 

(i)

As part of the IPO Reorganization, the Convertible redeemable preference shares were mandatorily converted into Ordinary shares. The accounting for this conversion involved derecognizing the $47.9 million financial liability associated with the Convertible redeemable preference shares. This amount was transferred to Share capital and Share premium.

 

(c)  Digital asset risk

 

(i) Risks with respect to customers’ digital assets

 

The Group receives transfers of digital assets from customers, which the Group hold in a custodial capacity. Customers’ digital assets are held in their spot, margin or AMMI service accounts.

 

Custodying customers’ digital assets exposes the Group and its customers to unique risks and uncertainties, including technological, legal and regulatory risks and uncertainties, that could result in the loss of customers’ digital assets with or without a corresponding reduction in the Group’s associated liabilities owed to customers.

 

As of December 31, 2025 and 2024, the Group has not experienced any loss from any of its customers’ digital asset.

 

(ii) Loss of access risk

 

The loss of access to the private keys associated with the Group’s digital asset holdings may be irreversible and could adversely affect the future operation. Digital assets are controllable only by an individual that possesses both the unique public key and private key or keys relating to the “digital wallet” in which the digital asset is held. To the extent a private key is lost, destroyed or otherwise compromised and no backup is accessible the Group may be unable to access the digital assets. It is the policy of the Group to conduct due diligence surrounding private key management performed by custodians as part of the onboarding process in order to mitigate this risk.

 

(iii) Irrevocability of transactions

 

Digital asset transactions are irrevocable and if stolen or incorrectly transferred digital assets may be irretrievable. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer or theft generally will not be reversible, and the Group may not be capable of seeking compensation. The Group seeks to mitigate risk by establishing policies and procedures to require a careful review of each transaction before execution.

 

(d)

Regulatory oversight risk

 

Regulatory changes or actions may restrict the use of digital assets or the operation of digital asset networks or exchanges in a manner that adversely affects investments held by the Group. The Group consistently engages with external legal counsel and regulatory advisors to understand any updates on the regulatory landscape that may impact our business.

 

(e)

Market risk

 

Market risk is the potential for loss resulting from unfavorable market movements, which can arise from changes in various market factors as follows:

 

(i)    Price risk of digital assets

 

The Group is exposed to price risk associated with its holdings of digital assets, primarily BTC and ETH. The prices of digital assets are subject to significant volatility and are influenced by numerous factors. These include, but are not limited to, global supply and demand dynamics, interest and exchange rates, inflation or deflation, and broader political and economic conditions.

 

The Group's exposure to price risk primarily arises from its direct holdings of digital assets which are measured at fair value. Management actively monitors market conditions and potential exposure to mitigate these risks.

 

The sensitivity analyses below have been determined based on the exposure to digital asset price risk for Digital assets held - inventories, Digital assets held - intangible assets, Loan and other receivables - digital assets, Investments in financial assets, and Digital assets loans payable. Digital assets held - financial assets have been excluded from the analyses as management views these assets as having immaterial exposure to digital asset price risk. A 50% increase or decrease in digital asset price represents management's assessment of the reasonable possible change in price.

 

If the price of all digital assets, excluding Digital assets held - financial assets, increased or decreased by 50% with all other variables held constant, the Group's total equity for the years ended December 31, 2025 and 2024 would have been $1,294.1 million and $1,342.0 million higher/lower, respectively.

 

(ii)    Interest rate risk

 

The Group is exposed to interest rate risk, specifically the risk associated with changes in rate on interest bearing financial assets including cash balances deposited at financial institutions. The Group manages its interest rate risk through regular assessments of the existing interest rate environment, the current outlook, and the potential impact of any changes in rate.

 

The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the reporting date. A 50 basis point increase or decrease represents management's assessment of the reasonable possible change in interest rate.

 

If interest rates had been 50 basis points higher or lower with all other variables were held constant, the Group's profit for the year ended December 31, 2025 would have been $3.7 million ( December 31, 2024: $0.6 million) lower/higher.

 

(iii)    Currency risk

 

The Group is exposed to exchange rate fluctuation risk as a result of operating in multiple jurisdictions with different operating currencies. Financial assets and financial liabilities are primarily denominated in the functional currency of the respective company. The Group’s exposure to foreign currency exchange risk is not significant.

 

(f)

Fair value estimation

 

Fair value measurements are classified within a three-level hierarchy based on the observability of the inputs used in the valuation techniques:

 

●

Level 1 — Derived from unadjusted quoted prices in active markets for identical assets or liabilities.

 

●

Level 2 — Derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

 

●

Level 3 — Derived from valuation techniques that include significant unobservable inputs for the asset or liability.

 

Management determined the fair value of digital assets as follows: 

 

 

●

Level 1 — The fair values of digital assets held as inventory,  intangible assets, and investments in financial assets are determined using a quoted price on the asset’s principal market.

 

●

Level 2 — The fair values of customer payables in AMMI service accounts, investments in financial assets, and loan receivables are determined using quoted prices in active markets for similar assets or valuation models utilizing observable market inputs.

 

●

Level 3 — The below investments have significant unobservable inputs, their respective considerations are as follows:

 

o

Borrowings: The fair value of borrowings is calculated using the Monte Carlo simulation method. The valuation’s key components include the bitcoin reference price, expected volatility, repayment terms, and the discount rate. Due to the method’s reliance on less observable inputs, like expected volatility and discount rate, the estimated fair values are classified as Level 3 within the fair value hierarchy.

 

o

Fund and Equity Investments: The fair value of unquoted fund and equity investments is primarily determined using a market approach. The price of a recent market transaction (i.e., the initial investment amount) is generally utilized as the best estimate of fair value. At each reporting date, management assesses whether this transaction price remains representative of fair value by considering investee-specific performance, potential indicators of impairment, and broader macroeconomic conditions. Because the inputs used to assess these changes are unobservable, these investments are classified within Level 3 of the fair value hierarchy.

 

The following tables present the Group’s digital assets and financial liabilities that are measured at fair value (in thousands):

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 

As of December 31, 2025

                

Assets

                

Investments in financial assets

 $358,184  $17,275  $28,685  $404,144 

Digital assets held - inventories

  206,178   —   —   206,178 

Digital assets held - intangible assets

  1,537,071   —   —   1,537,071 

Digital assets held - financial assets

  1,037,915   —   —   1,037,915 

Loan and other receivables - digital assets

  —   446,481   —   446,481 
  $3,139,348  $463,756  $28,685  $3,631,789 
                 

Liabilities

                

Borrowings from related parties

 $—  $—  $505,600  $505,600 

Digital assets loan payable - current and non-current

  —   —   5,601   5,601 
  $—  $—  $511,201  $511,201 

 

The following table presents a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024 (in thousands):

 

  

Beginning Balance January 1, 2025

  

Realized Gains (Losses)

  

Unrealized Gains (Losses)

  

Purchases

  

Sales

  

Transfers into Level 3

  

Transfers Out of Level 3

  

Ending Balance December 31, 2025

  

Change in Unrealized Gains (Losses) for the Period for Investments Still Held at December 31, 2025

 

Investments in Financial Assets, at fair value

                                    

Equity Investments

  -   -   3   23,345   -   -   -   23,348   - 

Fund Investments

  -   -   3   5,237   -   100   -   5,340   - 

Total investments in Financial Assets

 $-  $-  $6  $28,582  $-  $100  $-  $28,688  $- 

Financial Liabilities, at fair value

                                    

Borrowings

  482,450   -   23,150   -   -   -   -   505,600   - 

Digital assets loan payable

  -   -   -   -   -   5,601   -   5,601   - 

Total Financial Liabilities

 $482,450  $-  $23,150  $-  $-  $5,601  $-  $511,201  $- 

 

The following table presents a reconciliation of Level 3 fair value measurements of financial instruments (in thousands):

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 

As of December 31, 2024

                

Assets

                

Investments in financial assets

 $—  $86,173  $—  $86,173 

Digital assets held - inventories

  573,876   —   —   573,876 

Digital assets held - intangible assets

  1,878,268   —   —   1,878,268 

Digital assets held - financial assets

  132,649   —   —   132,649 

Loan and other receivables - digital assets

  —   166,388   —   166,388 
  $2,584,793  $252,561  $—  $2,837,354 
                 

Liabilities

                

Borrowings from related parties

 $—  $—  $482,450  $482,450 

Digital assets loan payable

  —   20,613   —   20,613 
  $—  $20,613  $482,450  $503,063 

 

During the year ended December 31, 2025, the Group transferred assets with a fair value of $358.2 million from Level 2 to Level 1 of the fair value hierarchy. This transfer was due to increased trading volume and the resulting availability of unadjusted quoted prices in active markets for these specific assets.

 

(e)

Fair value estimation—(continued)

 

As of December 31, 2023

 $422,750 

Fair value change attributable to changes in credit risk

  16,350 

Change in fair value of financial liability at FVTPL

  43,350 

As of December 31, 2024

 $482,450 

Fair value change attributable to changes in credit risk

  3,050 

Change in fair value of financial liability at FVTPL

  20,100 

As of December 31, 2025

 $505,600 

  
v3.25.4
Note 27 - Capital Risk Management
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of objectives, policies and processes for managing capital [text block]

27  Capital risk management

 

The Group manages its capital to ensure that it will be able to continue as a going concern while optimizing the balance between debt and equity to enhance shareholder value.

 

The Group’s capital structure comprises convertible redeemable preference shares and equity attributable to owners of the Company, including issued share capital, retained earnings, and other reserves.

 

Management reviews the capital structure on a regular basis, considering the cost of capital and the risks associated with each component. Based on these considerations, the Group may adjust its capital structure through dividend distributions, issuance of new shares, or share repurchases.

  
v3.25.4
Note 28 - Earnings(Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Earnings per share [text block]

28  Earnings/(loss) per share

 

The table below presents the components of the calculation of the basic and diluted earnings/(loss) per share (in thousands): 

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Earnings/(loss)

            

Earnings/(loss) for the purpose of basic earnings per share attributable to owners of the Group

 $(764,681) $78,527  $1,299,167 

Effects of NCI add-back to Net income assuming conversion of BMC1 shares

  (16,969)  —   — 

Earnings/(loss) for the purpose of diluted earnings per share attributable to owners of the Group

 $(781,650) $78,527  $1,299,167 
             

Weighted average shares outstanding

            

Weighted average shares outstanding for the purpose of basic earnings/(loss) per share

  127,723   112,664   112,500 

Effects of dilutive Convertible redeemable preference shares

  —   2,736   9,684 

Weighted average shares outstanding for the purposes of diluted earnings/(loss) per share

  127,723   115,400   122,184 

 

In periods in which the Company reports a net loss, potential common shares are excluded from the calculation of diluted earnings (loss) per share when their inclusion would be anti-dilutive. For the year ended December 31, 2025, 1.7 million weighted average convertible redeemable preference shares were excluded from the calculation of diluted earnings (loss) per share as their inclusion would have been anti-dilutive. The weighted average number of convertible redeemable preference shares outstanding for the years ended December 31, 2024 and 2023 was 2.7 million and 9.7 million, respectively.

 

For the year ended December 31, 2025, 1.4 million weighted average common shares attributable to the employee stock ownership plan and 2.7 million weighted average common shares attributable to vested BMC1 shares convertible to Bullish shares were excluded from the calculation of diluted earnings (loss) per share as their inclusion would have been anti-dilutive. No weighted average shares attributable to these instruments were outstanding during the years ended December 31, 2024 and 2023.

 

Reverse Stock Split and IPO Reorganization

 

On July 31, 2025, the Company’s Board of Directors approved a reverse stock split of the Company’s Class A common shares, Class B preference shares, and Class C common shares on a 1-for-2 basis (the “Reverse Split”) which became effective on August 1, 2025. The reverse stock split has been applied retrospectively to the prior years’ share figures for the purposes of calculating earnings per share.

 
v3.25.4
Note 29 - Share-based Payments
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of share-based payment arrangements [text block]

29  Share-based payments

 

Beginning in July 2021, the Group granted restricted share units (“RSUs”) and stock options (together, “compensatory equity awards”) to eligible employees of the Group and its subsidiaries, and other service providers under equity incentive plans authorizing the issuance of up to 25,000,000 Class C common shares of Bullish Global. Awards generally vest monthly from the grant date and are subject to additional terms and conditions including exercise periods, lapse and forfeiture provisions. The fair value of compensatory equity awards granted is recognized as share-based compensation expense over the vesting period with a corresponding increase in share-based payment reserves.

 

Under the 2021 employee equity plan, a total of 350,010 RSUs and 1,869,704 stock options had been granted as of December 31, 2025. In June 2023, the Group reduced the exercise price of all unexercised options from US$37.98 per share to US$14 per share.

 

Under the 2022 employee equity plan, adopted in June 2023, 1,575,234 stock options had been granted as of December 31, 2025. Options generally vest one-half or one-quarter per year from the grant date.

 

Under the 2023 employee equity plan, adopted in January 2024, 2,898,787 stock options had been granted as of December 31, 2025. Options generally vest one-quarter or one-fifth per year from the grant date.

 

In February 2025, the Board of Directors passed a resolution to adopt a new equity incentive plan (the “2024 Plan”). The 2024 Plan allows for the granting of stock options to management, employees, advisors, and other key service providers. Under the 2024 employee equity plan, $1,441,829 stock options had been granted as of December 31, 2025.

 

Options under the 2024 Plan may be granted for contractual periods of up to ten years at prices authorized by the Board of Directors. Options granted under the 2024 Plan typically vest ratably on an annual basis over four years and are subject to additional terms and conditions including exercise period, lapse, and forfeiture. In the event of a corporate transaction that results in a change of control or a public listing, the options will be subject to a lock up for a specified period after the triggering event.

 

The Group granted options to eligible employees of the Group and/or its subsidiaries and other service providers. Options under the 2024 Plan typically vest ratably on an annual basis over four years and are subject to additional terms and conditions including exercise period, lapse, and forfeiture.

 

The fair value of the employee and consultancy services received in exchange for the grant of the compensatory equity awards is recognized as an expense with a corresponding increase in share based payment reserve. The total amount to be expensed is determined by reference to the fair value of the options granted. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

 

On February 16, 2021, the Group granted 4,500,000 stock options (unadjusted for the reserve stock split) to a key advisor under an advisory agreement at an exercise price of $16 per share. The awards comprised two tranches: Tranche 1 options under which 50% vested on the grant date and the remaining 50% vesting over a three-year service period and Tranche 2 options subject to a 3 year vesting period and the occurrence of an initial public offering (“IPO”). In January 2023, the advisory agreement was terminated and unvested Tranche 2 options lapsed. In February 2024, the IPO condition was not met and the remaining Tranche 2 options were forfeited. On May 15, 2024, the advisor exercised the remaining 2,250,000 vested Tranche 1 options (unadjusted for the reserve stock split) through a net share settlement.

 

The table below presents the components of Share-based payments (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Share-based payments related to employees & directors

 $15,345  $22,480  $17,781 

Share-based payments related to advisor(i)

  —   107   (11,608)

Other share-based payments

  628   —   — 

Total Share-based payments

 $15,973  $22,587  $6,173 

 

(i) Reversal of Tranche 2 options expense amortization of $12.4 million for the year ended December 31, 2023.

 

Equity-settled share plan to employees

 

Options

 

The tables below present details of the options activity during the year ended December 31, 2025, 2024, and 2023:

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
      

Weighted

      

Weighted

      

Weighted

 
      

average

  

Number of

  

average

  

Number of

  

average

 
  

Options

  

exercise price

  

stock options

  

exercise price

  

stock options

  

exercise price

 

Outstanding at beginning of period

  4,944,061  $14.00   2,577,467  $25.76   1,163,597  $37.98 

Granted during the period

  1,458,858  $24.52   2,881,758  $14.00   1,575,234  $25.76 

Forfeited during the period

  (441,161) $17.67   (515,164) $14.00   (139,012) $25.76 

Modified during the period

  —  $—   —  $—   (22,352) $25.76 

Exercised during the period

  (116,551) $14.14   —  $—   —  $— 

Outstanding at the end of period

  5,845,207  $18.10   4,944,061  $14.00   2,577,467  $25.76 

Exercisable at the end of period

  2,341,984       —       —     

 

The options outstanding as of December 31, 2025 had a weighted average exercise price of $18.10 remaining contractual life of 7.9 years.

 

RSUs

 

The tables below present details of the RSU activity during the year ended December 31, 2025, 2024, and 2023:

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of the period

  200,046   201,939   235,109 

Granted during the year

  33,111   —   — 

Forfeited during the year

  —   (1,893)  (45,009)

Released during the year

  (40,009)  —   — 

Modified during the year

  —   —   11,839 

Outstanding at end of the period

  193,148   200,046   201,939 

 

2023 Equity-settled share plan to senior management

 

The tables below present details of the Restricted Units and Incentive Units outstanding during the periods:

 

Restricted Units relating to Class A of BMC1

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of the period

  4,787,234   4,787,234   — 

Granted during the year

  —   —   4,787,234 

Shares converted from Class B to Class A during the period

  5,136,703   —   — 

Outstanding as of period end

  9,923,937   4,787,234   4,787,234 

 

Incentive Units relating to Class B of BMC1

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of period

  8,856,384   9,574,468   — 

Granted during the year

  —   —   9,574,468 

Shares converted from Class B to Class A during the period

  (5,136,703)  —   — 

Cancelled during the period

  —   (718,084)  — 

Outstanding at the end of the period

  3,719,681   8,856,384   9,574,468 

 

On August 12, 2025, the Group redesignated 5,136,703 Class B shares as Class A shares of BMC1. The Class A and Class B shares of BMC1 are exchangeable for an aggregate of 7,075,504 Ordinary shares, of which 4,796,454 are vested as of December 31, 2025.

 

Equity-settled stock option plan to advisor

 

There were no outstanding advisor options and no activity for the year ended December 31, 2025, 2024, and 2023. A summary of advisor option activity for the year ended  December 31, 2025, 2024, and 2023 is as follows (in thousands except for exercise price):

 

  

Year Ended December 31, 2025

  

Year Ended December 31, 2024

  

Year Ended December 31, 2023

 
      

Weighted

      

Weighted

      

Weighted

 
      

average

      

average

      

average

 
  

Options

  

exercise price

  

Options

  

exercise price

  

Options

  

exercise price

 

Outstanding at beginning of period

  —  $—   1,812,500  $15.97   2,250,000  $28.70 

Exercised during the period

  —  $—   (1,125,000) $11.10   —  $— 

Cancelled during the period

  —  $—   —  $—   (437,500) $28.70 

Forfeited during the period

  —  $—   (687,500) $11.10   —  $— 

Outstanding at the end of period

  —  $—   —  $—   1,812,500  $15.97 

Exercisable at the end of period

  —       —       1,093,750     

 
v3.25.4
Note 30 - Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of related party [text block]

30  Related party transactions

 

The table below presents related party transactions entered into during the year ended December 31, 2025, 2024, and 2023 (in thousands):

 

  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Other expenses

            

Services fees charged to a related party (i)

 $(619) $(334) $— 
             

Finance expense

            

Loan interest expenses charged by related parties (ii)

 $34,771  $34,866  $— 

 

The table below presents outstanding balances arising from the above transactions as of December 31, 2025 and 2024 (in thousands).

 

  

December 31,

  

December 31,

 
  

2025

  

2024

 

Other payables

        

Amounts due to related parties

 $807  $1,780 

Loan interest expense payable to related parties

  8,764   8,764 
         

Borrowings from related parties

        

Loan payable to related parties (iii)

 $505,600  $482,450 

 

(i)

In 2024, the Group entered into a service agreement with a company that is wholly owned by a related party, controlled by the major shareholder and director of the Group, for the use of office spaces and amenities leased by the Group. In July 2025, the Group agreed to assign this office lease in its entirety to an entity controlled by the Group's major shareholder and director, for no consideration. This assignment was subsequently completed, which finalized the termination of the 2024 service agreement and released the Group from its related lease guarantee.

 

(ii)

In 2023, the Group entered into a loan agreement with its parent entity block.one. The Group paid interest to block.one at a per annum interest rate of 7% on a quarterly basis. In 2024, block.one transferred all of its rights and obligations under the loan agreement to a subsidiary of block.one. Subsequently, the majority of the shares of the subsidiary were transferred to certain major shareholders of the Group. As both the transferor and the transferee were related parties of the Group, the counterparty to the loan remained a related party following the transfer. See Note 22 for further details.

 

(iii)

The outstanding balances with the related parties (formerly the parent entity block.one and its subsidiaries) are unsecured, bear interest at 7% annum and are repayable on demand.

 
v3.25.4
Note 31 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of commitments and contingent liabilities [text block]

31  Commitments and contingencies

 

The Group entered into loan commitments through the Exchange to provide funds to customers at a future date. These commitments typically have a specified term and may be subject to unconditional cancellation or may remain in effect, contingent upon the satisfaction of all conditions outlined in the related loan agreements. These commitments encompass undrawn credit facilities and represent the Group's intent to provide funds as per the agreed terms and conditions.

 

The Group entered into two secured revolving credit facility agreements. Interest on borrowings drawn under these facilities accrues daily. These agreements provide for a total facility size of up to 800 BTC (USD equivalent of $70.9 million as of December 31, 2025) and 205 million USDC. Of this total amount, 200 BTC (USD equivalent of $17.8 million as of December 31, 2025) and 40 million USDC are committed. As of December 31, 2024, the Group had a single secured revolving credit facility agreement totaling 50 million USDC, of which 20 million USDC was committed.

 

The table below presents the outstanding, undrawn, off-balance sheet financial commitments as of  December 31, 2025 and 2024 (in thousands)

 

  

December 31, 2025

  

December 31, 2024

 

Margin lending services

 $86,437  $86,130 

Other lending services

  275,930   50,000 

Total financial commitments

 $362,367  $136,130 

  

 
v3.25.4
Note 32 - Investments in Subsidiaries
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of subsidiaries [text block]

32  Investments in subsidiaries

 

The consolidated financial statements include the Group and its controlled subsidiaries in accordance with IFRS 10. Investments in subsidiaries are eliminated upon consolidation.

 

As of December 31, 2025, BMC1, a Cayman Islands entity and a subsidiary of the Group, and its subsidiaries had a non-controlling interest representing 3.9% of total equity. This non-controlling interest was fully comprised of the vested portion of equity awards held by senior management.

 

As of December 31, 2024 , BMC1 and its subsidiaries had a non-controlling interest representing 0.8% of total equity. This non-controlling interest was fully comprised of the vested portion of equity awards held by senior management. Additionally, as of December 31, 2024, Bullish Global, a Cayman Islands entity and a subsidiary of the Group, and BMC1, had a non-controlling interest representing 0.2 % of total equity.  This non-controlling interest was fully comprised of shares held pursuant to the exercise of options granted to a service provider.

 

As of December 31, 2023, BMC1  and its subsidiaries had a non-controlling interest representing 0.4% of total equity. This non-controlling interest was fully comprised of the vested portion of equity awards held by senior management.

 

Because Bullish Global is the Group’s operating company and is fully held by BMC1 and the Group, the Group’s consolidated financial statements reflect the financial position, results of operations, and cash flows of both BMC1 and Bullish Global, except as otherwise noted below.

 

Consolidated statements of profit or loss and other comprehensive income (loss)

 

The Group’s consolidated statements of profit or loss and other comprehensive income (loss), directly reflect the total revenues, expenses, and net income (loss) of BMC1 and Bullish Global, respectively, for the years ended December 31, 2025, 2024, and 2023, respectively.

 

No dividends were paid to non-controlling interests during the years ended December 31, 2025, December 31, 2024, or December 31, 2023.

 

Consolidated balance sheets

 

The Group's consolidated balance sheets reflect the total assets, liabilities, and equity  of BMC1 and Bullish Global, respectively, as of December 31, 2025 as follows:

 

 

●

Total Assets: Consolidated total assets reflect the total assets of BMC1 and Bullish Global, respectively.

 

●

Total Liabilities: Consolidated total liabilities are $1.2 billion lower than the total liabilities of BMC1 and Bullish Global, respectively, to reflect the receipt of IPO proceeds by the Group and subsequent intercompany loan to Bullish Global.

 

●

Total Equity: Consolidated total equity is $1.2 billion higher than the total equity of BMC1 and Bullish Global, respectively, to reflect the receipt of IPO proceeds by the Group and subsequent intercompany loan to Bullish Global.

 

The Group’s consolidated balance sheets reflect total assets, liabilities, and equity of BMC1 and Bullish Global, respectively for the year ended December 31, 2024.

 

Consolidated statements of cash flows

 

Total operating, investing, and financing cash flows as presented in the Group’s consolidated statements of cash flows directly reflects the total operating, investing, and financing cash flows of BMC1 and Bullish Global, respectively, for the years ended December 31, 2025, 2024, and 2023.
v3.25.4
Note 33 - Subsequent Events
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of events after reporting period [text block]

33 Subsequent events

 

The Group has evaluated subsequent events through March 9, 2026, the date the consolidated financial statements were available for issuance. During the first quarter of 2026, the Company authorized the conversion of 395,299 BMC1 vested shares into 205,000 ordinary shares. The conversion represents approximately 0.14% of the Group's aggregate outstanding equity units.

  
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Discloure of Significant Accounting Policies  
Basis of preparation [text block]

2.1 Basis of preparation

 

(i)

Compliance with IFRS

 

The consolidated financial statements for the years ended December 31, 2025, 2024 and 2023, have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB). Certain prior year information has been reclassified to conform with current year presentation.

 

(ii)

Going Concern

 

The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

(iii)

Reclassification of digital assets

 

Effective January 1, 2024, the Group has reclassified the digital assets held on the balance sheet, aligning the presentation with its strategic objectives and the evolving nature of its operations. This reclassification aims to enhance the relevance and reliability of information presented in the financial statements, in accordance with IFRS requirements.

 

Prior to this date, all digital assets, excluding digital financial assets, were classified as inventories under IAS 2. These assets were primarily utilized to facilitate market-making activities on the Bullish Exchange. Under this classification, digital assets were measured at fair value less costs to sell, with changes in fair value recognized in the consolidated statement of profit or loss. This approach was consistent with the Group’s strategy to generate profits from margins and price fluctuations through active trading and market-making operations.

 

Commencing January 1, 2024, the Group has reclassified certain portfolios of digital assets not allocated for market-making purposes from inventory to indefinite-life intangible assets under IAS 38. This classification underscores the Group’s strategic focus on utilizing certain digital assets for long-term investment and capital appreciation, as opposed to immediate market-making activities. During 2023, the Group undertook a strategic transformation of its business model to distinctly manage portfolios of digital assets for both market- making and investment purposes. This transformation was executed through the segregation of digital assets into separate entities and wallets, each designated for these specific fundamental uses. The reclassification ensures that the financial statements more accurately reflect the Group’s financial position and performance, aligning with its strategic objectives for 2024 and beyond.

 

The reclassification was applied prospectively reflecting the change in facts and circumstances related to the Group’s business model. The Group’s business model changed on January 1, 2024, resulting in separately managed portfolios for digital assets held under IAS 38 from those held under IAS 2. The reclassification was applied utilizing the revaluation method as digital assets are traded in active markets. 

 

For the purpose of revaluation, fair value is measured by reference to the Company’s principal market at subsequent measurement dates. This change would impact Other Comprehensive Income (“OCI”) as increases in the fair value of these intangible assets are recognized directly in equity under “Revaluation reserves for digital assets held as investments”. This reserve represents the revaluation adjustment of intangible assets, capturing the change of fair value from their weighted average cost prospectively on or after January 1, 2024. In reclassifying the Group’s digital assets, the costs to sell did not have a material impact on the revaluation adjustment. The Group’s senior management determines a change in the business model as a result of external or internal changes significant to the Group’s operations.

 

(iv)

Change in accounting principle

 

Safeguarding digital assets and digital asset safeguarding liabilities

 

On January 30, 2025, the Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”). SAB 122 rescinds the previously-issued interpretative guidance included within SAB 121 with respect to accounting for obligations to safeguard digital assets that an entity holds for its customers. SAB 122 directs an entity to apply IAS 37 Provisions, Contingent Liabilities and Contingent Assets to determine whether an entity has a liability related to risk of loss from an obligation to safeguard digital assets for customers. The Group has adopted SAB 122 as of December 31, 2024 on a retrospective basis. As a result of the adoption of SAB 122, the Group derecognized the safeguarding digital assets of US$117.6 million and digital asset safeguarding liabilities of US$117.6 million during the year ended December 31, 2024, previously recognized in the consolidated financial statements during the year ended December 31, 2023. This change had no impact on revenue, operating income, net income, earnings per share, or any other components of equity or net assets.

 

(v)

New standard and amendments to standards which are effective for the current year

 

In the current year, the Group adopted Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability issued by the International Accounting Standards Board (IASB) that is mandatorily effective for an accounting period that begins on or after January 1, 2025. This Amendment clarifies how an entity has to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. The adoption of this amendment has not had any material impact on the disclosures or on the amounts reported in these financial statements.

 

(vi)

     New standard and amendments to standards which are not yet effective     

 

The Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective. The Group is in the process of reviewing the effects of applying the new standards and amendments on the consolidated financial statements and plans to adopt the new standards and amendments in the required fiscal years.

 

Amendments to IFRS 9 and IFRS 7 (Classification & Measurement)

These amendments address diversity in practice by making the requirements more understandable and consistent. The amendments:

 

(a) clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new exception for certain financial liabilities settled through an electronic cash transfer system to be derecognized before the settlement date if certain criteria are met;

 

(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

 

(c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as certain instruments with features linked to the achievement of environment, social and governance (ESG) targets), and

 

(d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

 

An entity is required to apply these amendments for all annual periods beginning on or after January 1, 2026 with earlier application permitted.

 

Amendments to IFRS 9 and IFRS 7 (Nature-dependent electricity contracts)

 

These amendments help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs), in the light of the increased use of these contracts. An entity is required to apply these amendments for all annual periods beginning on or after January 1, 2026 with earlier application permitted.

 

IFRS 18 Presentation and Disclosure in Financial Statements

 

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.

 

IFRS 18 introduces new requirements to:

 

 

•

present specified categories and defined subtotals in the statement of profit or loss

 

 

•

provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

 

 

•

improve aggregation and disaggregation.

 

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

 

IFRS 19 Subsidiaries without Public Accountability: Disclosures

 

IFRS 19 replaces which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. An entity is required to apply IFRS 19 for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

 

Amendments to IFRS 21 The Effects of Changes in Foreign Exchange Rates

 

The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. An entity is required to apply these amendments for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

 
Principles of consolidation explanatory [policy text block]

2.2 Principles of consolidation and equity accounting

 

(i)

Basis of accounting

 

The financial statements have been prepared on the historical cost basis, except for the revaluation of certain assets that are measured at revalued amounts or fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants take into account when pricing the asset or liability at the measurement date.

 

(ii)

Basis of consolidation

 

The consolidated financial statements for December 31, 2025, 2024 and 2023, incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Group:

 

 

•

has the power over the investee;

 

 

•

is exposed, or has rights, to variable returns from its involvement with the investee; and

 

 

•

has the ability to use its power to affect its returns.

 

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

 

Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the company gains control until the date when the company ceases to control the subsidiary.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies.

 

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

 

Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value.

 

Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

 
Description of accounting policy for business combinations and goodwill [text block]

2.3

Business combinations and restructuring

 

Business combination

 

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date.

 

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.

 

Goodwill

 

Goodwill is initially recognized and measured as set out above.

 

Goodwill is not amortized but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.

 

On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

 
Description of accounting policy for recognition of revenue [text block]

2.4

Revenue recognition

 

The Exchange generates revenue through transaction fees charged on the platform for digital asset matching services (“Peer-to-Peer transaction”) and for trading of digital assets through the Automated Market Marking Instructions (“AMMI") transactions.

 

Spot / AMMI transactions

 

Peer-to-Peer Transactions — Transaction fees

 

On Peer-to-Peer transactions, the Exchange provides a digital asset matching service and facilitates the ability for a customer to purchase or sell digital assets from or to another customer on the Exchange.

 

The Exchange performs these services on behalf of customers and it does not control the digital asset being provided before it is transferred to the buyer, does not have inventory risk related to the digital asset, and is not responsible for the fulfilment of the digital assets. The Exchange also does not set the price for the digital asset as the price is set by customers of the Exchange (including the Automated Market Markers, “AMM”). The Exchange’s digital asset matching service represents a single performance obligation. As a result, the Exchange acts as an agent in facilitating the ability for a customer to purchase or sell digital assets from another customer in accordance with IFRS 15 and presents revenue for the transaction fees charged on a net basis.

 

The Exchange considers its performance obligation satisfied, and recognizes revenue, at the point in time the transaction is processed. Contracts with customers are usually open-ended and can be terminated by either party without a termination penalty. Therefore, contracts are defined at the transaction level and do not extend beyond the service already provided.

 

The Exchange charges a fee at the transaction level. The transaction price, represented by the transaction fee, is calculated based on volume and may vary depending on payment type and the value of the transaction. The transaction fee is collected from the customer at the time the transaction is executed. In certain instances, the transaction fee can be collected in digital assets, with revenue measured based on the amount of digital assets received and the fair value of the digital assets at the time of the transaction. The Exchange sets the fee rates, which may differ between transaction pairs according to whether the customer is a maker (adding to the order book) or taker, and rules as to the priority in which orders are filled from existing liquidity.

 

AMMI Transaction — Sales of digital assets by the AMMI to customers

 

The Exchange earns a spread when customers trade assets against the Exchange’s AMM. The order price for the assets under the AMMI is generated by the pricing algorithms developed by the Group, and the Exchange earns a spread which is included in the quoted price as a market-making fee. The spread comprises (i) a fixed base spread and (ii) a variable dislocation spread that is determined algorithmically. The dislocation spread generally increases at times of higher volatility of the relevant trading pair. In addition, the Exchange charges a fee on each transaction where the AMM sells digital assets to customers. The price is set by the Group and is collected from the customer at the time the transaction is executed. 

 

As these transactions occur against the Exchange’s AMM using the Group’s automated market making algorithm, the Exchange determined that in these transactions the Exchange controls the digital asset being provided before it is transferred to the buyer, has inventory risk related to the digital asset, and is responsible for the fulfilment of the digital asset. The Exchange’s proprietary automated market-marking algorithm sets the price at which the Exchange transacts. As a result, the Exchange acts as a principal in these transactions in accordance with IFRS 15.

 

When the AMMI sells digital assets to spot or margin customers, revenue generated is presented on a gross basis. The Group, upon completion of the transaction, recognizes revenue under “Digital asset sales on the Exchange” in Note 4 .

 

As described in Note 2.8 below, the digital assets under the AMMI are accounted for as inventories under IAS 2 and measured at fair value, with change in fair value recognized in the consolidated statement of profit or loss. When the digital asset is sold, revenue is recognized in “Digital asset sales on the Exchange” in Note 4 and “Digital asset sales” in the consolidated statement of profit and loss. Therefore, the cost of digital assets derecognized from the AMMI represents the fair value of digital assets at the time it is sold and is presented under “Cost of digital asset derecognized on the Exchange” in Note 5 below and “Cost of digital asset derecognized” in the consolidated statement of profit and loss. The exchange digital asset sales less cost of digital assets derecognized effectively represents the transaction spread and fees earned from AMMI transaction services when assets of the AMMI are sold to a spot or margin customer.

 

The transaction price represented by the fair value of consideration received may vary depending on the payment type. When the transaction price is denominated in digital assets, the Exchange measures revenue based on the amount and fair value of digital assets received at the time of the trade.

 

AMMI Transactions — Purchase of digital assets by the AMMI from customers

 

For customers’ sales of digital assets to the AMMI (i.e., purchase of digital assets by the AMMI), because the transaction price reflects a transaction spread, the Group records the spread as a positive change to the fair value of the digital assets in the consolidated statement of profit or loss. The transaction price is remeasured at fair value with the changes to fair value included within the “Change in fair value of digital assets inventories, arising from purchase of digital assets on the Exchange” in Note 7 and under the “Change in fair value of digital assets held, net” in the consolidated statement of profit and loss and other comprehensive income.

 

Perpetual contracts transaction

 

Perpetual market fees charged by the Exchange are based on the notional value of filled orders.

 

The Group provides a service to match or fulfill customers’ orders to trade perpetuals. The customer terms of service (the contracts with customers) are usually open-ended and can be terminated by either party without a termination penalty. The Exchange acts as counterparty to each customer’s contract as a “riskless principal” (i.e., the Exchange does not take risk on a customer’s default on the contract, instead such default risk is borne by customers with opposite positions). In addition, the Group’s subsidiary, BTH, acts as liquidity provider to the Exchange and takes positions in the perpetual contracts as an Exchange customer. Therefore, the Exchange is a counterparty to BTH on one contract and another customer on the other offsetting contract.

 

When the Group fulfills the customers’ order, the Funding Amount for perpetual contracts is determined by the funding rate, the contract’s Notional Value, and whether the position is long or short. The Funding Amount acts as a transaction cost and is calculated hourly, payable or receivable upon settlement. Settlement and funding occur hourly, with settlement netted by positions in the same trading account with the same counterparty.

 

Perpetual contracts are regarded as principal transactions. Consequently, any funding income or expense and fair value changes of these contracts are recorded in the ‘Net spread related income and change in fair value of perpetual futures on the Exchange’ of the consolidated statement of profit or loss and other comprehensive income.

 

Liquidity service fees and promotional incomes

 

As a platform facilitating digital asset transactions, the Group’s revenue includes revenue and rewards obtained through collaborative activities with digital asset issuers or promoters. These activities encompass marketing campaigns, incentives, and other initiatives aimed at enhancing the adoption and usage of specific digital assets on the Exchange. The recognition of revenue and rewards is contingent upon the terms and conditions agreed upon with the digital asset issuers. 

 

The income derived from these arrangements is subject to various factors, such as the balance of digital assets held under the Group, trading volume, depth of liquidity, the custody of the Exchange, and the prevailing interest rate environment. Revenue and rewards are recognized when the associated activities are performed, and the resulting revenue can be reasonably estimated. Revenue is recognized over time in accordance with IFRS 15 as liquidity and promotional performance obligations are satisfied, with fees in digital assets recognized using the fair value of the underlying digital asset upon recognition.

 

These revenues are recorded as “Other revenues” in the consolidated statement of profit or loss and within “Subscription and services revenue” in Note 6.

 

Revenue from event admission, sponsorship, advertising and data revenue

 

The Group recognizes revenue by identifying when control of goods or services is transferred to customers in accordance with IFRS 15. For advertising and sponsorships, revenue is recognized over the period during which advertisements are displayed or sponsorship commitments are fulfilled. Revenue from ticket sales, booth sales and event admissions is recognized at the point in time when the event occurs. Indices data and other data provision fees are recognized over the period services are provided or as contractual obligations are fulfilled. Revenue is measured based on the consideration specified in contracts with customers. It is recorded as “Other revenues” in the consolidated statement of profit or loss.

 

Lending arrangements

 

Recognition of interest earned on loan receivable

 

The Group charges interest on outstanding loan amounts on a regular basis and applies the effective interest method under IFRS 9 Financial Instruments (“IFRS 9”) for cash loans.

 

Recognition of consideration for lending of digital assets

 

Loans made in digital assets are generally not financial instruments and do not qualify as a lease. The Group considers the consideration received for lending these assets as the economic equivalent of interest and recognizes it as Other revenue based on the notional value of the digital assets loaned and the duration of the lending arrangement.

 

In cases where the underlying asset qualifies as a financial asset under IFRS 9 (for example, certain fiat-redeemable stablecoins), the related lending arrangements are accounted for in accordance with IFRS 9. The Group recognizes fee income related to digital asset lending in "Other revenues."

 

Gain on Token Warrants

 

The Group enters into investment agreements with the objective of achieving capital appreciation upon the successful launch of the underlying tokens. Measurement of a gain or impairment occurs at the point which the underlying tokens become contractually unlocked, which occurs based on contractual unlock dates.

 

The gain is recognized to the extent that the fair market value of the token on the unlock date exceeds its cost basis. Management assesses for impairment annually or more frequently when indicators of impairment exist.

 

Any gains are presented net within “Other revenues.”

 
Description of accounting policy for customer segregated cash [text block]

2.5

Customer segregated cash

 

The cash in spot accounts is accounted as an on-balance sheet item with a corresponding liability owed to customers. It represents restricted cash and cash equivalents maintained in the segregated bank accounts that are held for the exclusive benefit of customers. It is comprised of cash deposits held by the customers in their spot accounts and unsettled deposits and withdrawals. These balances are presented in the consolidated balance sheet under “Customer segregated cash”. The corresponding liability owed to customers is presented under “Customer segregated cash liabilities” in the consolidated balance sheet.
Description of accounting policy for customer segregated digital assets [text block]

2.6

Customer segregated digital assets held on behalf of margin customers including digital assets collateral

 

The assets received from margin customers and held in their spot accounts represent collateral to support the Group as a secured creditor of cash or digital asset loan receivables. The collateral received secures the lending, in the absence of an event of default, the Group has no ability to exercise control over the digital assets held in the spot account of the margin customer. Accordingly, the Group accounts for the digital assets in spot accounts of margin customers as off-balance sheet items.

 
Description of accounting policy for loans and receivables for digital assets [text block]

2.7

Loan and other receivables — digital assets

 

Loan receivable represents loans made in digital assets via margin lending services, credit line facilities or other lending arrangements provided by the Exchange or the Group. For loans issued by the Exchange via margin lending services or credit line facility, each loan is collateralized by fiat and digital assets in the customer’s spot account on the Exchange with withdrawal limits and minimum collateral value requirements that must be met, and may additionally be backed by other acceptable credit support.

 

Other than the need to use loan proceeds for trading on the Bullish Exchange, the general terms of fiat and digital asset loans are as follows: There are no restrictions on the borrower’s ability to use the lent digital assets. Loans under the credit line facility or other lending arrangements have fixed-term maturities, while margin lending services on the Exchange have no defined maturity; these can typically be terminated by either party without a termination penalty. The interest or lending fee component is fixed, and neither call options nor put options are associated with these loans. Interest or lending fees are paid on a regular basis, with payments made hourly for margin lending services and mostly monthly for credit line facilities or other lending arrangements. Generally, loans and interest/lending fees must be repaid in the equivalent amount of the same digital assets or fiat currency lent.

 

For digital asset loan receivables, the Group derecognizes the original digital asset lent from its digital asset inventories and recognizes loan receivables measured initially and subsequently at the fair value of the underlying digital assets lent, less an allowance for expected credit losses, when the borrowed assets are transferred to the margin account or the borrower’s account. The change in fair value of digital asset loan receivables, which excludes credit risk, is recognized in the consolidated statement of profit or loss under “Change in fair value of digital assets held, net.” The change in allowance for expected credit losses is recognized in the consolidated statement of profit or loss under “Other expenses.” For fiat loans, the Group records a loan receivable that is measured at amortized cost, less an allowance.

 

 
Description of accounting policy for collateral [text block]

2.8

Digital assets pledged as collateral

 

The Group engages in borrowing and derivative transactions with third parties, requiring the deposit of digital assets as collateral. These arrangements stipulate that the Group may need to maintain a specific collateral- to-borrowings or margin ratio, pledging either fiat or digital assets as collateral for fiat borrowings or derivative transactions.

 

When counterparties have the right to sell, repledge, or rehypothecate the Group’s digital asset collateral, the Group derecognizes these digital assets from intangible assets. Instead, they are recorded as “Digital Assets Pledged as Collateral” under “Loan and other receivables — digital assets” in the Consolidated Balance Sheet. It is measured initially and subsequently at the fair value of the underlying digital assets pledged, less an allowance for expected credit losses, when the pledged assets are transferred from the Group’s accounts. The change in fair value of digital asset pledged as collateral, which excludes credit risk, is recognized in the consolidated statement of profit or loss within the “Change in fair value of digital assets held, net”. The change in allowance for expected credit losses is recognized in the consolidated statement of profit or loss under “Other expenses”, if any.

 

Conversely, if the counterparties do not have the right to sell, repledge, or rehypothecate the digital assets, these assets remain classified as digital assets held under intangible assets.

 
Description of digital asset accounting policy [text block]

2.9

Digital assets held — intangible assets and inventories

 

Effective January 1, 2024, all digital assets have been classified as either intangible assets or inventory, reflecting their intended use within the Group’s updated operational business model framework.

 

For digital assets transacted on the Exchange, the Group has determined that these assets meet the definition of a broker-trader under IAS 2, and thus applies inventory treatment. These digital assets are measured at fair value less costs to sell, with changes in fair value recognized in the consolidated statement of profit or loss under “Change in fair value of digital assets held, net.”

 

For digital assets classified as intangible assets, if the carrying amount of a digital asset increases as a result of revaluation, the increase is recognized in OCI accumulated in Equity under Reserves. However, if the increase in the carrying amount of the digital asset reverses a previous revaluation decrease recognized in Net income/(loss), it is recognized in Net income/(loss).

 

Conversely, if the carrying amount decreases due to revaluation, the decrease is recognized in Net income/(loss). However, if there is a credit balance in the Revaluation reserves for that asset, the decrease is recognized in OCI, reducing the equity under the Revaluation reserves heading.

 

The cumulative Revaluation reserves included in Equity may be transferred directly to Accumulated deficit when the surplus is realized, either upon the retirement or disposal of the asset. Transfers from Revaluation reserves to Accumulated deficit are not recorded through Net income/(loss).

 

Digital assets held — intangible assets associated with decentralized finance protocols

 

The Group engages with decentralized finance (“DeFi”) protocols, which are smart contracts designed to perform specific functions, predominantly built on various blockchain platforms. These protocols enable the Group to provide or access liquidity and facilitate the exchange of digital assets directly on the blockchain.

 

To provide liquidity, the Group deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols. In return, the Group typically receives protocol-specific digital assets that represent its claims on the underlying digital assets deposited.

 

Most decentralized finance protocols have the capability to utilize the Group’s deposited digital assets for various purposes, including lending or trading them with other participants in the DeFi protocol. Upon transferring digital assets to the smart contracts, the Group derecognizes the original digital assets and recognizes the protocol-specific digital assets received in return. Upon redeeming the protocol-specific asset for the underlying digital asset, the protocol-specific digital asset is derecognized and the returned digital asset is recognized.

 

As protocol-specific digital assets are classified as intangible assets utilizing the revaluation method, increases in the carrying amount of the protocol-specific digital assets as a result of revaluation is recognized in other comprehensive income and accumulated in equity under “Reserves” unless the increase reverses a previous revaluation decrease and consequently is recognized in profit or loss instead. Decreases in the carrying amount of the protocol-specific digital assets as a result of revaluation is recognized in profit or loss unless the decrease reverses a previous revaluation increase in the revaluation reserve for that protocol-specific digital asset and consequently is recognized in other comprehensive income instead.

 

Impairment of fiat and digital asset loan receivable

 

The Group recognizes an allowance for expected credit losses on fiat and digital asset loan receivable that are measured at the fair value of fiat and digital assets lent less an allowance for expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective fiat margin loans and digital asset loan receivable.

 

The Group recognizes lifetime expected credit losses (“ECL”) for fiat and digital asset loans. When applicable, the expected credit losses on these financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

 

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

 

(a)

Definition of default

 

The Group considers a digital asset loan or fiat loan to be in default when the borrower fails to make contractual payments or satisfy any margin call when they fall due. In assessing credit risk in applying fair value, the Company considers detrimental impact on the estimated future cash flows of that loan have occurred such as when there is:

 

 

•

Significant financial difficulty of the borrower

 

 

•

A breach of contract, such as a default or past due event

 

 

•

It is becoming probable that the borrower will enter bankruptcy or other financial reorganization

 

(b)

Write-off policy

 

The Group writes off a fiat or digital asset loan receivable when there is information indicating that the borrower is in significant financial difficulty and there is no realistic prospect of recovery, e.g. when the borrower has been placed under liquidation or has entered into bankruptcy proceedings. Loans written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in the consolidated statement of profit or loss.

 

(c)

Measurement and recognition of expected credit losses

 

Digital assets loan receivable under the Credit Line Facility are measured based on the assumption that repayment of the loan is demanded at the measurement date. The digital asset loan is initially recognized and remeasured on each reporting date at the fair value of the digital assets lent less any allowance for expected credit losses. In measuring the expected credit loss of digital asset loans under the Credit Line Facility, the Group considers the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The expected loss for a given credit line facility is the product of the net credit shortfall at default and probability of default. The net credit shortfall estimates the amount of the likely loss if there is a default after taking into account recovered amounts. It is determined based on the product of the amount the Group expects to be owed by a borrower at the time of possible default and likely recovery rate of collateral. The Group is entitled to exercise rights to sell or liquidate the collateral in the borrowers’ spot account on the Exchange if the borrowers fail to maintain the value of the collateral in their spot account at the pre-agreed margin level within a specified time. In determining the probability of default, the Group will consider the guarantee arrangement where the Group can enforce the guarantee to repay the shortfall when there is a default event.

 

The Group recognizes an impairment gain or loss in profit or loss for all loan receivable with a corresponding adjustment to their carrying amount through an allowance account.

 
Description of accounting policy for digital assets held, financial assets [text block]

2.10 

Digital assets held — financial assets

 

Stablecoins that are contractually redeemable for fiat currency on demand, are classified as financial assets measured at fair value in accordance with IFRS 9. These assets are reported under “Digital assets held — financial assets”. These assets are stablecoins that are contractually redeemable for fiat currency on demand. In addition to these stablecoins, the Group also classifies certain DeFi protocol tokens funded by these stablecoins as Digital assets held – financial assets. See the Group’s policy for accounting for financial assets below in Note 2.11.

 
Description of accounting policy for financial instruments [text block]

2.11

 Financial instruments and financial assets

 

Financial assets and financial liabilities are recognized in the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument.

 

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

 

All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.

 

(i)

Classification of financial assets

 

Debt instruments that meet the following conditions are measured subsequently at amortized cost:

 

 

•

The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows

 

 

•

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding

 

By default, all other financial assets are measured subsequently at fair value through profit or loss (“FVTPL”). Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in consolidated statement of profit or loss.

 

Amortized cost and effective interest method

 

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period.

 

For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.

 

The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance.

 

Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit- impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset.

 

Derecognition of financial assets

 

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay.

 

On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in consolidated statement of profit or loss.

 
Description of accounting policy for financial assets [text block]

2.12

 Investments in Financial Assets

 

The Group maintains investments in fund and equity instruments designed to provide exposure to underlying digital assets and crypto-related indices.

 

Investments in financial assets are initially recognized at fair value. When an existing digital asset is derecognized to fund a new investment, the cost basis of the new instrument is established based on the fair value of the contributed asset.

 

Financial assets and fund investments are remeasured to fair value at the end of each reporting period. Unrealized fair value gains or losses are recognized in the consolidated statement of profit or loss within the line item "Change in fair value of investment in financial assets." Realized gains and losses are presented in a separate line item.

 
Description of accounting policy for financial liabilities [text block]

2.13

 Financial liabilities and equity

 

(i)

Classification as debt or equity

 

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

 

(ii)

Equity instruments

 

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.

 

Repurchase of the Group’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

 

(iii)

Compound instruments

 

The component parts of convertible redeemable preference shares issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Group’s own equity instruments is an equity instrument.

 

At the date of issue, the liability component related to the redemption amount arises from the early redemption feature associated with the preference shares which requires the Group to repurchase preference shares in cash at a price equal to a Guaranteed Amount upon the occurrence of certain triggering events. The present value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date.

 

The value of the conversion option and other remaining features i.e. liquidation preference and dividend rights that are classified as equity is determined by deducting the amount of the liability component and embedded derivative, if any, from the fair value of the compound instrument as a whole. This is recognized and included in equity, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the liability component, the balance recognized in equity will be transferred to retained earnings. No gain or loss is recognized in profit or loss upon conversion or expiration of the conversion option.

 

Transaction costs that relate to the issue of the convertible redeemable preference shares are allocated to the liability and equity components in proportion to the allocation of the gross proceeds.

 

Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the lives of the liability component using the effective interest method.

 

(iv)

Financial liabilities

 

All financial liabilities are measured subsequently at amortized cost using the effective interest method or at FVTPL.

 

Financial liabilities at FVTPL

 

Financial liabilities are classified as at FVTPL when the financial liability is designated as at FVTPL. A financial liability may be designated as at FVTPL upon initial recognition if either:

 

 

•

Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise

 

 

•

The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis

 

 

•

It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL

 

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss. The net gains or losses from change in fair value of financial liabilities at FVTPL excluding any interest paid on the financial liability are recognized in the consolidated statement of profit or loss under “Change in fair value of financial liability at FVTPL”. Interest paid on financial liability at FVTPL is separately included in the ‘Loan interest expense’ under “Finance expense” in the consolidated statement of profit or loss.

 

However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is recognized in consolidated statement profit or loss. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

 

Any loan commitments issued at below-market interest rates are initially recognized at their fair value as a financial liability, and subsequently measured at the higher of the initial value less the cumulative amount of income recognized and their expected credit loss provision. Loan commitments may be designated at fair value through profit or loss where that is the business model under which such contracts are held.

 

Financial liabilities measured subsequently at amortized cost

 

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held- for-trading, or (iii) designated as FVTPL, are measured subsequently at amortized cost using the effective interest method.

 

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

 

Foreign exchange gains and losses

 

For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized in the ‘other expenses’ line item in profit or loss for financial liabilities that are not part of a designated hedging relationship. For those which are designated as a hedging instrument for a hedge of foreign currency risk foreign exchange gains and losses are recognized in other comprehensive income and accumulated in a separate component of equity.

 

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship.

 

Derecognition of financial liabilities

 

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

 

The Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification is recognized in profit or loss as the modification gain or loss within other gains and losses.

 
Description of accounting policy for derivative financial instruments [text block]

2.14

 Derivative financial instruments

 

The Group provides trading in perpetual futures contracts (“perpetuals contracts”) and options contracts on the Exchange to eligible customers. Perpetuals contracts are a type of futures contract without an expiry date and will reference the prices of select digital assets, initially quoted in underlying markets (e.g., USDC). Option contracts are instruments that grant the holder the right, but not the obligation, to buy or sell a specified quantity of digital assets at a predetermined strike price on or before a set expiration. Both perpetual contracts and option contracts are classified as derivative instruments.

 

The Group also enters digital asset derivative financial instruments with third parties through other exchanges or over-the-counters for risk management.

 

Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in profit or loss immediately under “Change in fair value of derivatives” unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivatives are not offset in the financial statements unless the Group has both a legally enforceable right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

 

Embedded derivatives

 

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host — with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative.

 

Derivatives embedded in hybrid contracts with a financial asset host within the scope of IFRS 9 are not separated. The entire hybrid contract is classified and subsequently measured as either amortized cost or fair value as appropriate.

 

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 (e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

 

If the hybrid contract is a quoted financial liability, instead of separating the embedded derivative, the Group generally designates the whole hybrid contract at FVTPL.

 

An embedded derivative is presented as a non-current asset or non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12 months and is not expected to be realized or settled within 12 months.
Description of accounting policy for impairment of financial assets [text block]

2.15

 Credit loss and impairment of financial assets

 

Credit losses from investments and other financial assets

 

The Group recognizes a loss allowance for expected credit losses on deposits, other receivables and intercompany balances, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

 

The Group recognizes lifetime ECL for other assets, if material. When applicable, the expected credit losses on these financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

 

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

 

For the years ended December 31, 2025, 2024 and 2023, the Group has no expectation of credit losses related to other assets. Thus no such loss allowance was recorded as of December 31, 2025, 2024 and 2023.

 
Description of accounting policy for impairment of assets [text block]

2.16

 Impairment of property and equipment and intangible assets excluding goodwill

 

At each reporting date, the Group reviews the carrying amounts of its property and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in consolidated statement of profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognized in profit or loss.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years.

 
Description of accounting policy for determining components of cash and cash equivalents [text block]

2.17

 Cash and cash equivalents

 

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.

 

The restricted cash represents any cash that is legally restricted as to withdrawal or usage.
Description of accounting policy for issued capital [text block]

2.18

 Share capital and share premium

 

Ordinary shares

 

Incremental costs directly attributable to the issuance of ordinary shares are recognized as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.

 

Preference shares

 

The Group’s redeemable preference shares are classified as financial liabilities, because they are contingently redeemable in cash by the holders.

 
Description of accounting policy for deferred income tax [text block]

2.19

 Current and deferred taxation

 

The income tax expense represents the sum of the tax currently payable and deferred tax.

 

Current tax

 

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

 

A provision is recognized for those matters for which the tax determination is uncertain and it is not probable that the tax authority will accept the tax return position taken which would result in a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable using the most likely method and assuming that the tax authorities will examine all the amounts reported to them and have full knowledge of all relevant information. The assessment is based on the judgment of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on external tax specialist advice.

 

Deferred tax

 

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognized if the temporary difference arises from the initial recognition of goodwill.

 

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

 

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.

 

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

 

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

 
Description of accounting policy for income tax, pillar two model rules [text block]

2.20

 Pillar Two model rules

 

Amendments to IAS 12 Income Taxes — Deferred Tax related to Assets and Liabilities arising from a Single Transaction

 

The Group has adopted the amendments to IAS 12 for the first time in the current year. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit.

 

Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.

 

The adoption of this amendment has not had any material impact on the disclosures or on the amounts reported in these financial statements.

 

Amendments to IAS 12 Income Taxes — International Tax Reform — Pillar Two Model Rules

 

The Group adopted the amendments to IAS 12 effective January 1, 2023. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including the tax law that implements qualified domestic minimum top up taxes described in those rules.

 

The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.

 

The Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where the Group has subsidiaries including Germany and the United Kingdom. The Pillar Two legislation assesses certain additional taxes to relevant taxpayers effective January 1, 2024 and further set of tax assessments effective January 1, 2025.

Jurisdictions continue to implement Pillar Two taxes effective January 1, 2025, including the implementation of the under-taxed profits rule (“UTPR”) in Germany and the United Kingdom. This UTPR grants the tax authorities an extra-territorial right to assess tax on income of subsidiaries of an in-scope multinational that are organized in low-tax jurisdictions.

The Group has made an assessment of its tax exposure to the Pillar Two rules in effect in 2025 based on its business operating model and each of its subsidiaries’ location, form, assets, results of operations and tax filings. The assessment considered Pillar Two’s various rules such as scoping, definitions of revenue, applicability of safe harbors and exemptions such as the transitional exemption rules that exclude application of UTPR for eligible groups that are treated as being in not more than six jurisdictions.

Based on its assessment, the Pillar Two rules are not expected to have a material impact on the Group’s results of operations. However, the application of the rules continues to evolve, and its outcome may alter aspects of how the Group’s tax obligations are determined in countries in which it does business. The Group continues to evaluate the potential impact of these rules.

 
Description of accounting policy for share-based payment transactions [text block]

2.21

 Share-based payments

 

The Group operates an equity incentive plan for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including directors), advisors and key service providers of the Group may receive remuneration in the form of share-based payments, whereby the employees and consultants render services as consideration for equity instruments (“equity- settled transactions”).

 

The fair value of the employee and consultancy services received in exchange for the grant of the award shares and options is recognized as an expense with a corresponding increase in share based payment reserve. The total amount to be expensed is determined by reference to the fair value of the share awards and share options granted. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

 

At the end of each period, the entity revises its estimates of the number of options and awards that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

 

The grant by the Group of share awards and share options over its equity instruments to the employees and consultants of subsidiary undertakings in the Group is treated as an amount due from the subsidiary undertakings, with a corresponding credit to equity in the Group’s separate financial statements, measured with reference to the grant date fair value and is recognized over the vesting period.

 
Description of accounting policy for earnings per share [text block]

2.22

 Earnings/(loss) per share

 

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders of the Group, after adjusting for non-controlling interests, by the weighted average number of ordinary shares outstanding during the period.

 

For the calculation of diluted earnings per share, net income attributable to ordinary shareholders of the Group, after adjusting for non-controlling interests, is adjusted by the effect of dilutive securities, including convertible redeemable preference shares, under the treasury stock method. The weighted average number of ordinary shares outstanding during the period is adjusted by the effects of dilutive securities, including dilutive convertible redeemable preference shares. Potentially dilutive securities have been excluded from the computation of diluted earnings per share if their inclusion is anti-dilutive.
Description of accounting policy for digital asset loans payable [policy text block]

2.23

 Digital Assets Loan Payable

 

The Group engages in digital asset borrowing from external parties to facilitate yield enhancement or liquidity- as-a-service activities. The loans do not impose restrictions on the Group’s ability to deploy the digital assets borrowed but may require the Group to act as liquidity provider for that digital asset on the Exchange or other venues. These loans do not provide a right to repay the loan or interest in a different digital asset to the type of digital asset borrowed. These digital assets borrowed are initially recorded at the fair value as part of the assets in intangible assets. Corresponding liabilities are recognized in “digital assets loan payable” in the Consolidated Balance Sheets, depending on the counterparty.

 

Digital assets loan payable are treated as hybrid instruments. The liability host contract is not classified as a traditional debt instrument due to its nature as a non-financial liability, initially measured at the fair value of the assets acquired. The embedded derivative, which reflects changes in the fair value of the underlying digital asset, is measured at fair value through profit or loss, in accordance with IFRS 9.

 

To align with the economic characteristics and risks of the entire instrument, the Group has elected to designate the entire borrowing or loan payable at fair value through profit or loss. This approach ensures that all changes in the fair value of the instrument, including those arising from the embedded derivatives, are recognized in the consolidated statements of profit or loss and other comprehensive income.

 

The terms of these digital asset loans payable can either be for a fixed maturity term and repayable at the option of the Group or the lender. These loans payable bear interest payable by the Group to the lender, based on a percentage of the amount borrowed. Interest expenses are accrued and recognized over the term of the loan, reflecting the cost of the loan for the period it is outstanding, and are included under “Finance Expense” in the consolidated statements of profit or loss and other comprehensive income.

 

The digital asset loan payable in USDC is considered a financial liability, as it represents an obligation to return financial assets arising from a loan arrangement entered into by an individual lender, which is a past event. The Group accounts for this liability as a financial liability at amortized cost, in compliance with IFRS standards.

 
v3.25.4
Note 4 - Digital Assets Sales (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Information about relationship between disclosure of disaggregated revenue from contracts with customers and revenue information for reportable segments [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

On the Exchange

 $244,414,963  $250,179,460  $115,607,215 

On other venues(i)

  396,424   21,822   884,944 

Total Digital asset sales

 $244,811,387  $250,201,282  $116,492,159 
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

United Kingdom

 $72,492,926  $74,295,884  $38,127,807 

Cayman Islands

  46,923,742   *   14,377,101 

British Virgin Islands

  34,980,001   35,270,979   15,305,642 

Singapore

  *   90,980,790   13,786,923 

Netherlands

  *   *   23,693,869 

Rest of the World

  90,018,294   49,631,807   10,315,873 

Total Digital asset sales

 $244,414,963  $250,179,460  $115,607,215 
Details of customer concentrations [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Customer A

 $57,649,927  $62,890,467  $34,908,743 

Customer B

  27,955,612   *   * 

Customer C

  *   85,566,459   * 

Customer D

  *   *   11,891,307 

Customer E

  *   *   14,361,697 

Customer F

  *   *   11,691,258 
v3.25.4
Note 5 - Cost of Digital Assets Derecognized (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Cost of sales [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

On the Exchange

 $244,336,500  $250,082,963  $115,536,178 

On other venues(i)

  396,587   21,807   883,040 

Total Cost of digital assets derecognized

 $244,733,087  $250,104,770  $116,419,218 
v3.25.4
Note 6 - Other Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Other operating income [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Transaction fee income(i)

 $3,424  $2,203  $445 

Subscription and services revenue(ii)

  155,517   59,764   14,896 

Total Other revenues(iii)

 $158,941  $61,967  $15,341 
v3.25.4
Note 7 - Change in Fair Value of Digital Assets Held, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Changes in fair value [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange

 $56,031  $71,685  $60,605 

Change in fair value of digital asset inventories and financial assets, net of change in fair value of the payable to customers

  (208,577)  130,733   1,238,819 

Change in fair value of loan and other receivables - digital assets

  (24,994)  43,675   53,510 

Change in fair value of digital asset loan payable

  15   (14,449)  (1,102)

Impairment losses of digital asset held - intangible assets

  (497,443)  (24,601)  — 

Total Change in fair value of digital assets held, net

 $(674,968) $207,043  $1,351,832 
v3.25.4
Note 8 - Administrative Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of administrative expenses [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Compensation and benefits

 $133,824  $131,653  $90,627 

Legal and professional fees

  48,364   21,466   11,528 

Related party service fees

  —   —   2,056 

Total Administrative expenses

 $182,188  $153,119  $104,211 
v3.25.4
Note 9 - Other Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Other expense [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Information technology and software expenses

 $20,408  $19,175  $19,327 

Production expenses

  8,925   2,371   — 

Depreciation of property and equipment and right-of-use assets

  5,955   6,199   5,423 

Advertisement and promotion expenses

  4,822   3,328   1,728 

Amortization of intangible assets

  2,244   2,348   — 

Custody fees

  1,718   1,687   1,653 

Other share-based payment expenses

  628   —   — 

Impairment of right-of-use assets

  —   956   — 

Other

  15,725   10,015   6,334 

Total Other expenses

 $60,425  $46,079  $34,465 
v3.25.4
Note 10 - Finance Expense (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of finance expense [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Loan interest expense

 $51,594  $37,466  $2,174 

Lease interest expense

  775   1,063   809 

Total Finance expense

 $52,369  $38,529  $2,983 
v3.25.4
Note 11 - Income Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of income tax expense [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Current income tax expense / (benefit)

 $(170) $3,405  $2,696 

Deferred income tax expense / (benefit)

  (774)  1,600   (1,239)

Total Income tax expense / (benefit)

 $(944) $5,005  $1,457 
Schedule of deferred income tax assets and liabilities [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
             

Deferred tax expense / (income)

            

Compensation and benefits

 $(566) $1,523  $(1,090)

Tax losses carried forward

  -   (4)  - 

Depreciation allowances

  (19)  (80)  (149)

Others

  (189)  161   - 

Total deferred expense / (benefit)

 $(774) $1,600  $(1,239)
Disclosure of detailed information about reconciliation between income tax expense (benefit) and profit (loss) explanatory [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
             

Income before income tax

 $(786,413) $84,568  $1,301,472 

Tax at the applicable tax rate of 0%

            

Effects of different tax rates available to different jurisdictions

 $(4,589) $2,281  $(1,004)

Expense not deducible for tax purposes

  1,148   195   193 

Income not subject to tax

  (23)  (169)  (1,015)

ESOP windfall

  (343)  —   — 

Tax effects on unrecognized tax losses

  3,147   (1,487)  3,233 

Change in unrecognized temporary differences

  1,690   4,177   22 

Others

  (1,974)  8   28 
             

Total Income tax expense / (benefit)

 $(944) $5,005  $1,457 
Disclosure of temporary difference, unused tax losses and unused tax credits [text block]
  

Compensation

  

Depreciation

  

Tax losses

  

Others

  

Total

 
  

and benefits

  

allowances

  

carried

         
          

forward

         
    )       )   )   )

As of December 31, 2023

 $(3,808) $296  $—  $(161) $(3,673)

Charged to profit or loss

  1,523   (80)  (4)  161   1,600 

Others

  -   -   -   (9)  (9)

As of December 31, 2024

 $(2,285) $216  $(4) $(9) $(2,082)

Charged to profit or loss

  (566)  (19)  -   (189)  (774)

Others

  -   -   -   9   9 

As of December 31, 2025

 $(2,851) $197  $(4) $(189) $(2,847)
Disclosure of deferred tax assets and liabilities [text block]
  

Year Ended December 31,

 
  

2025

  

2024

 

Deferred tax assets

 $2,865  $2,088 

Deferred tax liabilities

  (18)  (6)
  $2,847  $2,082 
v3.25.4
Note 12 - Digital Assets Held (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Reconciliation of digital assets held [text block]
  

Digital

  

Digital

 
  

assets held - inventories

  

assets held - intangible assets

 
  

2025

  

2024

  

2025

  

2024

 

As of January 1,

 $573,876  $1,289,346  $1,878,268  $— 

Reclassification of digital assets from inventories to intangible assets

  —   (928,690)  —   928,690 

Reclassification of digital assets to financial assets

  (2,154)  (3,709)  —   (3)

Additions

  244,587,454   250,218,679   103,538,787   5,606,967 

Disposals

  (244,811,387)  (250,201,282)  (103,216,831)  (5,554,454)

Loan and other receivables made, net(i)

  876   (1,724)  (193,907)  (76,483)

Net settlement of Investments in financial assets

  —   —   (381,447)  (22,187)

Revaluation

  (142,487)  201,256   409,644   1,020,339 

Impairment losses

  —   —   (497,443)  (24,601)

As of December 31,

 $206,178  $573,876  $1,537,071  $1,878,268 
  

Digital

 
  

assets held - financial assets

 
  

2025

  

2024

 

As of January 1,

 $132,649  $253,663 

Reclassification of digital assets to financial assets

  2,154   3,712 

Additions/(disposals), net

  2,908,689   (60,877)

Proceeds from issuance of Ordinary shares

  1,150,000   — 

Loan and other receivables made, net(i)

  (3,138,839)  (26,810)

Net settlement of Investments in financial assets

  6,086   (8,598)

Net settlement of perpetual contracts

  (12,764)  (29,603)

Revaluation

  (10,060)  1,162 

As of December 31,

 $1,037,915  $132,649 
Details of digital assets held [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Digital financial assets held on the Exchange wallets

 $84,993  $67,514 

Digital financial assets held on the non-Exchange wallets

  952,922   65,135 

Total Digital assets held - financial assets

 $1,037,915  $132,649 
  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC(i)

  18.03  $1,598,225   22.70  $2,143,529 

ETH(i)

  12.52   37,410   61.65   208,862 

Stablecoins(ii)

      1,056,666       206,551 

Others(iii)

      88,863       25,851 

Total Digital assets held - inventories, intangible assets, and financial assets

     $2,781,164      $2,584,793 
v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Reconciliation of loans and other receivables [text block]
  

Loan and other receivables - digital assets

 
  

2025

  

2024

 

As of January 1,

 $166,388  $17,696 

Digital asset loan receivables made, net

  248,073   78,498 

Digital asset pledged as collateral made, net

  51,692   22,488 

Interest

  5,323   4,031 

Revaluation gain/(loss)

  (24,994)  43,675 

As of December 31,

 $446,481  $166,388 
Details of digital assets held [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Digital financial assets held on the Exchange wallets

 $84,993  $67,514 

Digital financial assets held on the non-Exchange wallets

  952,922   65,135 

Total Digital assets held - financial assets

 $1,037,915  $132,649 
  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC(i)

  18.03  $1,598,225   22.70  $2,143,529 

ETH(i)

  12.52   37,410   61.65   208,862 

Stablecoins(ii)

      1,056,666       206,551 

Others(iii)

      88,863       25,851 

Total Digital assets held - inventories, intangible assets, and financial assets

     $2,781,164      $2,584,793 
Digital asset loans and receivables [member]  
Statement Line Items [Line Items]  
Details of digital assets held [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

BTC

  1.90  $168,630   0.80  $74,901 

ETH

  1.96   5,843   0.42   1,427 

USDC

      132,775       20,500 

Others

      9,128       — 

Total Digital assets - credit line facility and other lending arrangements

     $316,376      $96,828 
                 

BTC

  0.01  $792   0.00  $236 

ETH

  0.57   1,699   0.58   1,977 

USDC

      12,008       19,446 

Others

      281       277 

Total Digital assets - margin lending services

     $14,780      $21,936 
                 

BTC

  1.30  $115,325   0.50   47,624 

Total Digital assets - pledged as collateral

     $115,325      $47,624 
                 

BTC

  3.21  $284,747   1.30  $122,761 

ETH

  2.53   7,542   1.00   3,404 

USDC

      144,783       39,946 

Others

      9,409       277 

Total Loan and other receivables - digital assets

     $446,481      $166,388 
v3.25.4
Note 14 - Investments in Financial Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of financial assets [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

BTC funds

 $186,067  $35,365 

Grayscale CoinDesk Crypto 5 ETF

  93,184   — 

CoinDesk 20

  87,802   40,598 

Other digital assets funds

  12,408   10,110 

Other Investments in financial assets

  24,683   100 

Total Investments in financial assets

 $404,144  $86,173 
v3.25.4
Note 15 - Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of intangible assets and goodwill [text block]
  

Domain

  

Customer relationships(i)

  

Trademarks(i)

  

Total Other Intangibles

  

Goodwill

 

Cost

                    

As of January 1, 2024

 $1,336  $7,500  $26,100  $34,936  $40,235 

Additions arising from business combinations

  —   —   731   731   22,231 

Exchange differences

  —   —   (21)  (21)  (991)

As of December 31, 2024

 $1,336  $7,500  $26,810  $35,646  $61,475 

Exchange differences

  —   —   52   52   1,587 

As of December 31, 2025

 $1,336  $7,500  $26,862  $35,698  $63,062 
                     

Accumulated Amortization

                    

As of December 31, 2024

 $—  $(580) $(1,768) $(2,348) $— 

As of December 31, 2025

 $—  $(1,116) $(3,478) $(4,594) $— 
                     

Carrying amount

                    

As of December 31, 2024

 $1,336  $6,920  $25,042  $33,298  $61,475 

As of December 31, 2025

 $1,336  $6,384  $23,384  $31,104  $63,062 
v3.25.4
Note 16 - Property and Equipment and Right-of-use Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of detailed information about property, plant and equipment [text block]
                                 
  

Computer and office equipment

  

Furniture & Fixtures

  

Leasehold improvements

  

Buildings

  

Transportation Equipment

  

Right of use asset

  

Construction in Progress (CIP)

  

Total

 

COST

                                

As of December 31, 2023

 $3,014  $1,713  $1,710  $—  $—  $16,902  $—  $23,339 

Fixed asset additions

  386   —   5   —   —   8,445   —   8,836 

Fixed asset disposals

  —   —   —   —   —   (3,815)  —   (3,815)

As of December 31, 2024

 $3,400  $1,713  $1,715  $—  $—  $21,532  $—  $28,360 

Fixed asset additions

  809   21   66   3,798   3,406   16,275   1,867   26,242 

Fixed asset disposals

  (78)  —   —   —   —   (6,897)  —   (6,975)

Translation adjustment

  (1)  —   —   —   —   —   —   (1)

As of December 31, 2025

 $4,130  $1,734  $1,781  $3,798  $3,406  $30,910  $1,867  $47,626 
                                 

ACCUMULATED DEPRECIATION

                                

As of December 31, 2023

 $(1,804) $(476) $(715) $—  $—  $(6,486) $—  $(9,481)

Charge for the year

  (861)  (339)  (280)  —   —   (4,719)  —   (6,199)

Reversal of accumulated depreciation in relation to right-of-use assets derecognition

  —   —   —   —   —   1,438   —   1,438 

As of December 31, 2024

 $(2,665) $(815) $(995) $—  $—  $(9,767) $—  $(14,242)

Fixed asset depreciation

  (383)  (221)  (168)  (3)  —   (5,180)  —   (5,955)

Fixed dsset disposals

  —   —   —   —   —   938   —   938 

Translation adjustment

  2   —   —   —   —   —   —   2 

As of December 31, 2025

 $(3,046) $(1,036) $(1,163) $(3) $—  $(14,009) $—  $(19,257)
                                 

CARRYING AMOUNT

                                

As of December 31, 2024

 $735  $898  $720  $—  $—  $11,765  $—  $14,118 

As of December 31, 2025

 $1,084  $698  $618  $3,795  $3,406  $16,901  $1,867  $28,369 
v3.25.4
Note 17 - Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of other assets [table tex block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Non-current assets

        

Deposits

 $1,180  $970 

Other receivables

  323   249 

Finance lease receivables

  739   824 

Prepayments

  16,252   20,044 

Deferred options reward program costs

  2,817   — 

Total Other assets (non-current)

 $21,311  $22,087 
         

Current assets

        

Accounts receivable

 $24,625  $9,146 

Finance lease receivables

  110   333 

Prepayments

  18,943   8,616 

Other receivables

  3,824   3,114 

Total Other assets (current)

 $47,502  $21,209 
v3.25.4
Note 19 - Cash and Cash Equivalents (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of cash and cash equivalents [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Cash at banks

 $80,159  $28,231 

Cash on the Exchange at banks

  7,626   3,300 

Cash held in brokers

  107   9 

Total Cash and cash equivalents

 $87,892  $31,540 
v3.25.4
Note 21 - Other Payables (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of other liabilities [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Options reward program liability

 $3,000  $— 

Total Other payables (non-current)

 $3,000  $— 
         

Accrued compensation and benefits

 $20,363  $16,072 

Accrued expenses

  10,569   8,153 

Deferred income

  10,557   9,504 

Loan interest payable to the related party(i)

  8,764   8,764 

Amounts due to related parties(i)

  807   1,780 

Other payables

  2,968   5,148 

Total Other payables (current)

 $54,028  $49,421 
v3.25.4
Note 22 - Borrowings from Related Parties and Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of detailed information about borrowings [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Unsecured Borrowings from related parties at FVTPL(i)

 $505,600  $482,450 
         

Secured Borrowings at amortized cost

 $49,982  $25,000 
         

Borrowings (non-current)

 $505,600  $482,450 

Borrowings (current)

 $49,982  $25,000 
v3.25.4
Note 23 - Digital Assets Loan Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of detailed information about borrowings [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Unsecured Borrowings from related parties at FVTPL(i)

 $505,600  $482,450 
         

Secured Borrowings at amortized cost

 $49,982  $25,000 
         

Borrowings (non-current)

 $505,600  $482,450 

Borrowings (current)

 $49,982  $25,000 
Digital assets loan payable [member]  
Statement Line Items [Line Items]  
Disclosure of detailed information about borrowings [text block]
  

Year Ended December 31,

 
  

2025

  

2024

 

Unsecured borrowing at FVTPL

        

Beginning of period

 $20,613  $6,164 

Loan repayment

  (15,135)  — 

Revaluations (gain)/loss

  (211)  14,449 

As of end of December 31,

 $5,267  $20,613 
         

Secured borrowing at FVTPL

        

Beginning of period

 $—  $— 

Loan drawdown

  654,863   745 

Loan repayment

  (654,726)  (761)

Revaluations (gain)/loss

  197   16 

As of end of December 31,

 $334  $— 
         

Digital assets loan payable (non-current)

 $5,267  $20,613 

Digital assets loan payable (current)

 $334  $— 
v3.25.4
Note 24 - Share Capital and Share Premium (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of classes of share capital [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 
  

Shares

  

Shares

 

Authorized shares of $0.002 each

        

Ordinary shares

  750,000   — 

Class A common shares

  —   500,000 

Class B preference shares

  —   125,000 

Class C common shares

  —   125,000 

Total

  750,000   750,000 
  

December 31,

  

December 31,

 
  

2025

  

2025

 
  

Shares

  

$'s

 

Issued and fully paid - Ordinary shares

        

As of December 31, 2024 (post-Reverse Stock Split)

  113,215  $3,821,537 

Conversion of Class B Preference shares

  2,736   66,278 

Conversion of Bullish Global shares

  233   8,622 

Issuance of Ordinary shares in connection with initial public offering during the period

  34,500   1,209,194 

Exercise of options

  115   3,087 

Restricted Stock Units vested and converted to Ordinary shares

  35   1,345 

As of December 31, 2025

  150,834  $5,110,063 
v3.25.4
Note 25 - Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of derivative instruments [text block]
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Derivative financial instruments (assets)

        

Digital currency perpetual contracts - carrying amount

 $—  $— 

Derivative financial instruments (liabilities)

        

Digital currency perpetual contracts - carrying amount

  —   — 

Total notional amount

        

Digital currency perpetual contracts

 $140,522  $38,626 
v3.25.4
Note 26 - Financial Risk Management (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of liquidity risk [text block]
      

Later than

             
      

1 year and

      

Total

  

Carrying

 
  

Less than

  

not later

  

Later than

  

undiscounted

  

amount as of

 
  

1 year

  

than 5 years

  

5 years

  

cash flow

  

December 31, 2025

 

December 31, 2025

                    

Accrued compensation and benefits

 $20,363  $—  $—  $20,363  $20,363 

Accrued expenses

  10,569   —   —   10,569   10,569 

Other payables

  2,580   —   —   2,580   2,580 

Lease liabilities

  8,655   19,717   838   29,209   19,902 

Digital assets loan payable

  623   5,465   —   6,088   5,601 

Borrowings from related parties

  34,774   563,464   —   598,239   505,600 

Borrowings

  50,456   —   —   50,456   49,982 

Customer segregated cash liabilities

  20,044   —   —   20,044   20,044 

Amounts due to related parties

  807   —   —   807   807 

Loan interest payable to the related party

  8,764   —   —   8,764   8,764 

Options reward program liability

  —   3,000   —   3,000   3,000 
  $157,635  $591,646  $838  $750,119  $647,212 
      

Later than

             
      

1 year and

      

Total

  

Carrying

 
  

Less than

  

not later

  

Later than

  

undiscounted

  

amount as of

 
  

1 year

  

than 5 years

  

5 years

  

cash flow

  

December 31, 2024

 

December 31, 2024

                    

Accrued compensation and benefits

 $16,072  $—  $—  $16,072  $16,072 

Accrued expenses

  8,153   —   —   8,153   8,153 

Other payables

  5,148   —   —   5,148   3,443 

Lease liabilities

  6,180   13,455   616   20,251   15,002 

Digital assets loan payable

  1,134   22,564   —   23,698   20,613 

Borrowings

  60,059   598,184   —   658,243   507,450 

Convertible redeemable preference shares(i)

  —   47,879   —   47,879   47,879 

Customer segregated cash liabilities

  6,382   —   —   6,382   6,382 

Amounts due to related parties

  1,780   —   —   1,780   1,780 

Loan interest payable to the related party

  8,764   —   —   8,764   8,764 

Options reward program liability

  —   —   —   —   — 
  $113,672  $682,082  $616  $796,370  $637,243 
Details of fair value estimation [text block]
  

Level 1

  

Level 2

  

Level 3

  

Total

 

As of December 31, 2025

                

Assets

                

Investments in financial assets

 $358,184  $17,275  $28,685  $404,144 

Digital assets held - inventories

  206,178   —   —   206,178 

Digital assets held - intangible assets

  1,537,071   —   —   1,537,071 

Digital assets held - financial assets

  1,037,915   —   —   1,037,915 

Loan and other receivables - digital assets

  —   446,481   —   446,481 
  $3,139,348  $463,756  $28,685  $3,631,789 
                 

Liabilities

                

Borrowings from related parties

 $—  $—  $505,600  $505,600 

Digital assets loan payable - current and non-current

  —   —   5,601   5,601 
  $—  $—  $511,201  $511,201 
  

Level 1

  

Level 2

  

Level 3

  

Total

 

As of December 31, 2024

                

Assets

                

Investments in financial assets

 $—  $86,173  $—  $86,173 

Digital assets held - inventories

  573,876   —   —   573,876 

Digital assets held - intangible assets

  1,878,268   —   —   1,878,268 

Digital assets held - financial assets

  132,649   —   —   132,649 

Loan and other receivables - digital assets

  —   166,388   —   166,388 
  $2,584,793  $252,561  $—  $2,837,354 
                 

Liabilities

                

Borrowings from related parties

 $—  $—  $482,450  $482,450 

Digital assets loan payable

  —   20,613   —   20,613 
  $—  $20,613  $482,450  $503,063 
Disclosure of activity of investments in financial assets [text block]
  

Beginning Balance January 1, 2025

  

Realized Gains (Losses)

  

Unrealized Gains (Losses)

  

Purchases

  

Sales

  

Transfers into Level 3

  

Transfers Out of Level 3

  

Ending Balance December 31, 2025

  

Change in Unrealized Gains (Losses) for the Period for Investments Still Held at December 31, 2025

 

Investments in Financial Assets, at fair value

                                    

Equity Investments

  -   -   3   23,345   -   -   -   23,348   - 

Fund Investments

  -   -   3   5,237   -   100   -   5,340   - 

Total investments in Financial Assets

 $-  $-  $6  $28,582  $-  $100  $-  $28,688  $- 

Financial Liabilities, at fair value

                                    

Borrowings

  482,450   -   23,150   -   -   -   -   505,600   - 

Digital assets loan payable

  -   -   -   -   -   5,601   -   5,601   - 

Total Financial Liabilities

 $482,450  $-  $23,150  $-  $-  $5,601  $-  $511,201  $- 
Reconciliation of level 3 liabilities [text block]

As of December 31, 2023

 $422,750 

Fair value change attributable to changes in credit risk

  16,350 

Change in fair value of financial liability at FVTPL

  43,350 

As of December 31, 2024

 $482,450 

Fair value change attributable to changes in credit risk

  3,050 

Change in fair value of financial liability at FVTPL

  20,100 

As of December 31, 2025

 $505,600 
v3.25.4
Note 28 - Earnings(Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of earnings per share [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Earnings/(loss)

            

Earnings/(loss) for the purpose of basic earnings per share attributable to owners of the Group

 $(764,681) $78,527  $1,299,167 

Effects of NCI add-back to Net income assuming conversion of BMC1 shares

  (16,969)  —   — 

Earnings/(loss) for the purpose of diluted earnings per share attributable to owners of the Group

 $(781,650) $78,527  $1,299,167 
             

Weighted average shares outstanding

            

Weighted average shares outstanding for the purpose of basic earnings/(loss) per share

  127,723   112,664   112,500 

Effects of dilutive Convertible redeemable preference shares

  —   2,736   9,684 

Weighted average shares outstanding for the purposes of diluted earnings/(loss) per share

  127,723   115,400   122,184 
v3.25.4
Note 29 - Share-based Payments (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Explanation of effect of share-based payments on entity's financial position [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Share-based payments related to employees & directors

 $15,345  $22,480  $17,781 

Share-based payments related to advisor(i)

  —   107   (11,608)

Other share-based payments

  628   —   — 

Total Share-based payments

 $15,973  $22,587  $6,173 
Disclosure of number and weighted average exercise prices of share options [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 
      

Weighted

      

Weighted

      

Weighted

 
      

average

  

Number of

  

average

  

Number of

  

average

 
  

Options

  

exercise price

  

stock options

  

exercise price

  

stock options

  

exercise price

 

Outstanding at beginning of period

  4,944,061  $14.00   2,577,467  $25.76   1,163,597  $37.98 

Granted during the period

  1,458,858  $24.52   2,881,758  $14.00   1,575,234  $25.76 

Forfeited during the period

  (441,161) $17.67   (515,164) $14.00   (139,012) $25.76 

Modified during the period

  —  $—   —  $—   (22,352) $25.76 

Exercised during the period

  (116,551) $14.14   —  $—   —  $— 

Outstanding at the end of period

  5,845,207  $18.10   4,944,061  $14.00   2,577,467  $25.76 

Exercisable at the end of period

  2,341,984       —       —     
BMC1 Class B Incentive Units [member]  
Statement Line Items [Line Items]  
Disclosure of number and weighted average exercise prices of other equity instruments [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of period

  8,856,384   9,574,468   — 

Granted during the year

  —   —   9,574,468 

Shares converted from Class B to Class A during the period

  (5,136,703)  —   — 

Cancelled during the period

  —   (718,084)  — 

Outstanding at the end of the period

  3,719,681   8,856,384   9,574,468 
BMC1 Class A Restricted Units [member]  
Statement Line Items [Line Items]  
Disclosure of number and weighted average exercise prices of other equity instruments [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of the period

  4,787,234   4,787,234   — 

Granted during the year

  —   —   4,787,234 

Shares converted from Class B to Class A during the period

  5,136,703   —   — 

Outstanding as of period end

  9,923,937   4,787,234   4,787,234 
Restricted stock units [member]  
Statement Line Items [Line Items]  
Disclosure of number and weighted average exercise prices of other equity instruments [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Outstanding at beginning of the period

  200,046   201,939   235,109 

Granted during the year

  33,111   —   — 

Forfeited during the year

  —   (1,893)  (45,009)

Released during the year

  (40,009)  —   — 

Modified during the year

  —   —   11,839 

Outstanding at end of the period

  193,148   200,046   201,939 
Advisor [member]  
Statement Line Items [Line Items]  
Disclosure of number and weighted average exercise prices of share options [text block]
  

Year Ended December 31, 2025

  

Year Ended December 31, 2024

  

Year Ended December 31, 2023

 
      

Weighted

      

Weighted

      

Weighted

 
      

average

      

average

      

average

 
  

Options

  

exercise price

  

Options

  

exercise price

  

Options

  

exercise price

 

Outstanding at beginning of period

  —  $—   1,812,500  $15.97   2,250,000  $28.70 

Exercised during the period

  —  $—   (1,125,000) $11.10   —  $— 

Cancelled during the period

  —  $—   —  $—   (437,500) $28.70 

Forfeited during the period

  —  $—   (687,500) $11.10   —  $— 

Outstanding at the end of period

  —  $—   —  $—   1,812,500  $15.97 

Exercisable at the end of period

  —       —       1,093,750     
v3.25.4
Note 30 - Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Disclosure of transactions between related parties [text block]
  

Year Ended December 31,

 
  

2025

  

2024

  

2023

 

Other expenses

            

Services fees charged to a related party (i)

 $(619) $(334) $— 
             

Finance expense

            

Loan interest expenses charged by related parties (ii)

 $34,771  $34,866  $— 
  

December 31,

  

December 31,

 
  

2025

  

2024

 

Other payables

        

Amounts due to related parties

 $807  $1,780 

Loan interest expense payable to related parties

  8,764   8,764 
         

Borrowings from related parties

        

Loan payable to related parties (iii)

 $505,600  $482,450 
v3.25.4
Note 31 - Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Statement Line Items [Line Items]  
Details of financial commitments [text block]
  

December 31, 2025

  

December 31, 2024

 

Margin lending services

 $86,437  $86,130 

Other lending services

  275,930   50,000 

Total financial commitments

 $362,367  $136,130 
v3.25.4
Note 1 - General Information (Details Textual)
 1 Months Ended 12 Months Ended
Aug. 01, 2025
USD ($)
$ / shares
shares
Aug. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Jun. 29, 2025
shares
Dec. 31, 2022
Statement Line Items [Line Items]              
Number of operating segments     1        
Number of reportable segments     1        
Number of shares issued and fully paid (in shares) | shares     150,834,000     113,215,000  
Proceeds from issue of ordinary shares | $     $ 59,194,000 $ 0 $ 0    
Reverse stock split, ratio 2            
Number of shares authorised (in shares) | shares     750,000,000 750,000,000      
Increase (decrease) through conversion of convertible instruments, equity | $     $ 0        
Reserve of equity component of convertible instruments | $     $ 0 $ 18,399,000      
Restricted stock units [member]              
Statement Line Items [Line Items]              
Reverse stock split, ratio 2            
Number of other equity instruments outstanding in share-based payment arrangement     193,148 200,046 201,939   235,109
Share options [member]              
Statement Line Items [Line Items]              
Reverse stock split, ratio 2            
BMC1 conversion rights [member]              
Statement Line Items [Line Items]              
Number of other equity instruments outstanding in share-based payment arrangement 13,643,618            
Number of shares issuable from share-based compensation arrangement awards 7,075,504            
Ordinary shares [member]              
Statement Line Items [Line Items]              
Number of shares issued and fully paid (in shares) | shares   34,500,000 34,500,000        
Share price (in dollars per share) | $ / shares   $ 37          
Proceeds from issue of ordinary shares | $   $ 1,212.7          
Offering costs | $   $ 3.5          
Number of shares authorised (in shares) | shares 750,000,000   750,000,000 0      
Par value per share (in dollars per share) | $ / shares $ 0.002            
Class A common shares [member]              
Statement Line Items [Line Items]              
Reverse stock split, ratio 2            
Number of shares authorised (in shares) | shares     0 500,000,000      
Class B preference shares [member]              
Statement Line Items [Line Items]              
Number of shares issued and fully paid (in shares) | shares     2,736,000        
Reverse stock split, ratio 2            
Number of shares authorised (in shares) | shares     0 125,000,000      
Number of shares converted 2,735,938            
Increase (decrease) through conversion of convertible instruments, equity | $ $ (47,900,000)            
Reserve of equity component of convertible instruments | $ $ 18,400,000            
v3.25.4
Note 2 - Summary of Principal Accounting Policies (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Digital assets, safeguarded   $ 117,600  
Digital liabilities, safeguarded   117,600  
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, entity's own equity instruments $ 0    
Gains (losses) recognised in profit or loss including exchange differences, conversion or expiration of conversion option 0    
Allowance for credit losses, financial assets 0 0 $ 0
Change in allowance for credit losses of financial asses $ 0 $ 0 $ 0
v3.25.4
Note 4 - Digital Assets Sales - Disaggregation of Digital Assets Sales (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Total Digital asset sales $ 244,811,387 $ 250,201,282 $ 116,492,159
On the exchange [member]      
Statement Line Items [Line Items]      
Total Digital asset sales 244,414,963 250,179,460 115,607,215
On the exchange [member] | Foreign countries [member]      
Statement Line Items [Line Items]      
Total Digital asset sales 90,018,294 49,631,807 10,315,873
On the exchange [member] | UNITED KINGDOM      
Statement Line Items [Line Items]      
Total Digital asset sales 72,492,926 74,295,884 38,127,807
On the exchange [member] | CAYMAN ISLANDS      
Statement Line Items [Line Items]      
Total Digital asset sales 46,923,742   14,377,101
On the exchange [member] | VIRGIN ISLANDS, BRITISH      
Statement Line Items [Line Items]      
Total Digital asset sales 34,980,001 35,270,979 15,305,642
On the exchange [member] | SINGAPORE      
Statement Line Items [Line Items]      
Total Digital asset sales   90,980,790 13,786,923
On the exchange [member] | NETHERLANDS      
Statement Line Items [Line Items]      
Total Digital asset sales     23,693,869
On other venues [member]      
Statement Line Items [Line Items]      
Total Digital asset sales [1] $ 396,424 $ 21,822 $ 884,944
[1] Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.
v3.25.4
Note 4 - Digital Assets Sales - Customer Concentrations (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Digital assets sales $ 244,811,387,000 $ 250,201,282,000 $ 116,492,159,000
Customer A [member]      
Statement Line Items [Line Items]      
Digital assets sales 57,649,927 62,890,467 34,908,743
Customer B [member]      
Statement Line Items [Line Items]      
Digital assets sales $ 27,955,612    
Customer C [member]      
Statement Line Items [Line Items]      
Digital assets sales   $ 85,566,459  
Customer D [member]      
Statement Line Items [Line Items]      
Digital assets sales     11,891,307
Customer E [member]      
Statement Line Items [Line Items]      
Digital assets sales     14,361,697
Customer F [member]      
Statement Line Items [Line Items]      
Digital assets sales     $ 11,691,258
v3.25.4
Note 5 - Cost of Digital Assets Derecognized - Details of Cost of Digital Assets Derecognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Total Cost of digital assets derecognized $ 244,733,087 $ 250,104,770 $ 116,419,218
On the exchange [member]      
Statement Line Items [Line Items]      
Total Cost of digital assets derecognized 244,336,500 250,082,963 115,536,178
On other venues [member]      
Statement Line Items [Line Items]      
Total Cost of digital assets derecognized [1] $ 396,587 $ 21,807 $ 883,040
[1] Other venues means other exchanges or over-the-counter brokers that were used to purchase or sell digital assets.
v3.25.4
Note 6 - Other Revenues (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Other revenue [1] $ 158,941,000 $ 61,967,000 $ 15,341,000
Interest income on financial assets designated at fair value through profit or loss 14,800,000 12,300,000 12,000,000
Non-customer interest income on financial assets designated at fair value through profit or loss 65,700,000 12,300,000 12,000,000
Non-customer non-interest income on financial assets designated at fair value through profit or loss 50.9    
Peer-to-peer spot trades [member]      
Statement Line Items [Line Items]      
Other revenue $ 1,800,000 $ 1,600,000 $ 100,000
[1] Includes interest income from non-customers of $65.7 million, $12.3 million, and $12.0 million for the year ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Note 6 - Other Revenues - Details of Other Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Total Other revenues [1] $ 158,941 $ 61,967 $ 15,341
Transaction fee income [member]      
Statement Line Items [Line Items]      
Total Other revenues [2] 3,424 2,203 445
Subscription and services revenue [member]      
Statement Line Items [Line Items]      
Total Other revenues [3] $ 155,517 $ 59,764 $ 14,896
[1] Includes interest income from non-customers of $65.7 million, $12.3 million, and $12.0 million for the year ended December 31, 2025, 2024, and 2023, respectively.
[2] For the year ended December 31, 2025, 2024, and 2023, the Exchange recorded Transaction fee income from peer-to-peer spot trades of $1.8 million, $1.6 million, and $0.1 million, respectively.
[3] Includes interest income of $14.8 million, $12.3 million, and $12.0 million for the year ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Note 7 - Change in Fair Value of Digital Assets Held, Net - Details of Change in Fair Value of Digital Assets Held, Net (Details) - Digital assets [member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Changes in fair value $ (674,968) $ 207,043 $ 1,351,832
Digital assets loan payable [member]      
Statement Line Items [Line Items]      
Changes in fair value 15 (14,449) (1,102)
Digital asset inventories [member]      
Statement Line Items [Line Items]      
Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange 244,587,454 250,218,679  
Changes in fair value (208,577) 130,733 1,238,819
Digital asset inventories [member] | On the exchange [member]      
Statement Line Items [Line Items]      
Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange 56,031 71,685 60,605
Digital asset loans and receivables [member]      
Statement Line Items [Line Items]      
Changes in fair value (24,994) 43,675 53,510
Intangible assets other than goodwill [member]      
Statement Line Items [Line Items]      
Change in fair value of digital asset inventories, arising from purchase of digital assets on the Exchange 103,538,787 5,606,967  
Impairment losses of digital asset held - intangible assets $ (497,443) $ (24,601) $ 0
v3.25.4
Note 8 - Administrative Expenses - Details of Administrative Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Compensation and benefits $ 133,824 $ 131,653 $ 90,627
Legal and professional fees 48,364 21,466 11,528
Total Administrative expenses 182,188 153,119 104,211
Total for all related parties [member]      
Statement Line Items [Line Items]      
Related party service fees $ 0 $ 0 $ 2,056
v3.25.4
Note 9 - Other Expenses - Details of Other Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Information technology and software expenses $ 20,408 $ 19,175 $ 19,327
Production expenses 8,925 2,371 0
Depreciation of property and equipment and right-of-use assets 5,955 6,199 5,423
Advertisement and promotion expenses 4,822 3,328 1,728
Amortization of intangible assets 2,244 2,348 0
Custody fees 1,718 1,687 1,653
Other share-based payment expenses 628 0 0
Impairment of right-of-use asset 0 956 0
Other 15,725 10,015 6,334
Total Other expenses $ 60,425 $ 46,079 $ 34,465
v3.25.4
Note 10 - Finance Expense (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Interest expense on borrowings $ 51,594 $ 37,466 $ 2,174
Total for all related parties [member]      
Statement Line Items [Line Items]      
Interest expense on borrowings [1] 34,771 34,866 0
Related party borrowings [member] | Total for all related parties [member]      
Statement Line Items [Line Items]      
Interest expense on borrowings 34,800 34,900 0
Related party borrowings [member] | Parent [member]      
Statement Line Items [Line Items]      
Interest expense on borrowings $ 0 $ 0 $ 2,100
[1] In 2023, the Group entered into a loan agreement with its parent entity block.one. The Group paid interest to block.one at a per annum interest rate of 7% on a quarterly basis. In 2024, block.one transferred all of its rights and obligations under the loan agreement to a subsidiary of block.one. Subsequently, the majority of shares of the subsidiary were transferred to certain major shareholders of the Group, hence the counterparty of the loan became a related party of the Group. See Note 22 for further details
v3.25.4
Note 10 - Finance Expense - Details of Finance Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Loan interest expense $ 51,594 $ 37,466 $ 2,174
Lease interest expense 775 1,063 809
Total Finance expense $ 52,369 $ 38,529 $ 2,983
v3.25.4
Note 11 - Income Tax (Details Textual) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Deferred tax asset, estimated unused tax losses carryforward $ 200,800 $ 172,900
Unused tax losses for which no deferred tax asset recognised 0  
Unused tax credits [member]    
Statement Line Items [Line Items]    
Deductible temporary differences for which no deferred tax asset is recognised 197,000 172,400
Unused tax credits [member] | GIBRALTAR    
Statement Line Items [Line Items]    
Deductible temporary differences for which no deferred tax asset is recognised 155,800 140,800
Unused tax credits [member] | UNITED KINGDOM    
Statement Line Items [Line Items]    
Deductible temporary differences for which no deferred tax asset is recognised 17,300 13,500
Unused tax credits [member] | UNITED STATES | Federal [member]    
Statement Line Items [Line Items]    
Deductible temporary differences for which no deferred tax asset is recognised 18,200 11,600
Unused tax credits [member] | UNITED STATES | States [member]    
Statement Line Items [Line Items]    
Deductible temporary differences for which no deferred tax asset is recognised $ 9,000 $ 6,500
v3.25.4
Note 11 - Income Tax - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Current income tax expense / (benefit) $ (170) $ 3,405 $ 2,696
Deferred income tax expense / (benefit) (774) 1,600 (1,239)
Total Income tax expense / (benefit) $ (944) $ 5,005 $ 1,457
v3.25.4
Note 11 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Compensation and benefits $ (566) $ 1,523 $ (1,090)
Tax losses carried forward 0 (4) 0
Depreciation allowances (19) (80) (149)
Others (189) 161 0
Total deferred expense / (benefit) $ (774) $ 1,600 $ (1,239)
v3.25.4
Note 11 - Income Tax - Reconciliation of Income Tax Expense (Benefit) and Profit (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Income before income tax $ (786,413) $ 84,568 $ 1,301,472
Effects of different tax rates available to different jurisdictions (4,589) 2,281 (1,004)
Expense not deducible for tax purposes 1,148 195 193
Income not subject to tax (23) (169) (1,015)
ESOP windfall (343) 0 0
Tax effects on unrecognized tax losses 3,147 (1,487) 3,233
Change in unrecognized temporary differences 1,690 4,177 22
Others (1,974) 8 28
Total Income tax expense / (benefit) $ (944) $ 5,005 $ 1,457
v3.25.4
Note 11 - Income Tax - Reconciliation of Income Tax Expense (Benefit) and Profit (Loss) (Details) (Parentheticals)
Pure in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Applicable tax rate 0.00% 0.00% 0.00%
v3.25.4
Note 11 - Income Tax - Schedule of Temporary Differences Related to Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Balance $ (2,082) $ (3,673)
Charged to profit or loss (774) 1,600
Others 9 (9)
Balance (2,847) (2,082)
Compensation and benefits [member]    
Statement Line Items [Line Items]    
Balance (2,285) (3,808)
Charged to profit or loss (566) 1,523
Others 0 0
Balance (2,851) (2,285)
Depreciation allowances [member]    
Statement Line Items [Line Items]    
Balance 216 296
Charged to profit or loss (19) (80)
Others 0 0
Balance 197 216
Unused tax losses [member]    
Statement Line Items [Line Items]    
Balance (4) 0
Charged to profit or loss 0 (4)
Others 0 0
Balance (4) (4)
Others [member]    
Statement Line Items [Line Items]    
Balance (9) (161)
Charged to profit or loss (189) 161
Others 9 (9)
Balance $ (189) $ (9)
v3.25.4
Note 11 - Income Tax - Schedule of Deferred Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Deferred tax assets $ 2,865 $ 2,088  
Deferred tax liabilities (18) (6)  
Deferred tax liability (asset) $ 2,847 $ 2,082 $ 3,673
v3.25.4
Note 12 - Digital Assets Held (Details Textual)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Statement Line Items [Line Items]    
Digital assets $ 2,781,164,000 $ 2,584,793,000
Aave cbBTC [member]    
Statement Line Items [Line Items]    
Digital assets held 8,177 0
Digital assets $ 725.8  
wBTC [member]    
Statement Line Items [Line Items]    
Digital assets held 227 247.9
Digital assets $ 20,100,000 $ 23,400,000
weETH [member]    
Statement Line Items [Line Items]    
Digital assets held 160.6 48.1
Digital assets $ 500,000 $ 200,000
USDC [Member]    
Statement Line Items [Line Items]    
Digital assets 464,900,000 127,900,000
USDG [Member]    
Statement Line Items [Line Items]    
Digital assets 204,300,000 51,300,000
PYUSD [Member]    
Statement Line Items [Line Items]    
Digital assets $ 161,100,000 $ 19,700,000
v3.25.4
Note 12 - Digital Assets Held - Reconciliation of Digital Assets Held (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
As of January 1, $ 3,047,412    
Impairment losses of digital assets 497,442 $ 24,601 $ 0
As of December 31, 3,956,504 3,047,412  
Net proceeds from issuance of Ordinary shares 59,194 0 0
Digital assets [member] | Digital asset inventories [member]      
Statement Line Items [Line Items]      
As of January 1, 573,876 1,289,346  
Reclassification of digital assets from inventories to intangible assets 0 (928,690)  
Reclassification of digital assets to financial assets (2,154) (3,709)  
Additions 244,587,454 250,218,679  
Disposals (244,811,387) (250,201,282)  
Loan and other receivables made, net(i) [1] 876 (1,724)  
Net settlement of Investments in financial assets 0 0  
Revaluation (142,487) 201,256  
Impairment losses of digital assets 0 0  
As of December 31, 206,178 573,876 1,289,346
Loan and other receivables made, net(i) [1] (876) 1,724  
Digital assets [member] | Intangible assets other than goodwill [member]      
Statement Line Items [Line Items]      
As of January 1, 1,878,268 0  
Reclassification of digital assets from inventories to intangible assets 0 928,690  
Reclassification of digital assets to financial assets 0 (3)  
Additions 103,538,787 5,606,967  
Disposals (103,216,831) (5,554,454)  
Loan and other receivables made, net(i) [1] (193,907) (76,483)  
Net settlement of Investments in financial assets (381,447) (22,187)  
Revaluation 409,644 1,020,339  
Impairment losses of digital assets (497,443) (24,601)  
As of December 31, 1,537,071 1,878,268 0
Loan and other receivables made, net(i) [1] 193,907 76,483  
Digital assets [member] | Investment in financial assets [member]      
Statement Line Items [Line Items]      
As of January 1, 132,649 253,663  
Reclassification of digital assets to financial assets 2,154 3,712  
Additions 2,908,689    
Disposals   (60,877)  
Loan and other receivables made, net(i) [2] 3,138,839 26,810  
Net settlement of Investments in financial assets (12,764) (29,603)  
Revaluation (10,060) 1,162  
As of December 31, 1,037,915 132,649 $ 253,663
Net proceeds from issuance of Ordinary shares 1,150,000 0  
Loan and other receivables made, net(i) [2] (3,138,839) (26,810)  
Net settlement of Investments in financial assets $ 6,086 $ (8,598)  
[1] The net repayment or proceeds from Loan and other receivables made/(returned), net, accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions.
[2] The net repayment or proceeds from Loan and other receivables accounts for the net amount of collateral pledged or returned, excluding the repayment of interest income recognized during the period. The receipt of interest is recorded under Additions/(disposals), net.
v3.25.4
Note 12 - Digital Assets Held - Details of Digital Assets Held (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Statement Line Items [Line Items]    
Total Digital assets held $ 2,781,164 $ 2,584,793
Investment in financial assets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 1,037,915 132,649
Investment in financial assets [member] | Exchange wallets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 84,993 67,514
Investment in financial assets [member] | Non-exchange wallets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 952,922 65,135
BTC [member]    
Statement Line Items [Line Items]    
Total Digital assets held [1] $ 1,598,225 $ 2,143,529
Digital assets held, units [1] 18.03 22.7
ETH [member]    
Statement Line Items [Line Items]    
Total Digital assets held [1] $ 37,410 $ 208,862
Digital assets held, units [1] 12.52 61.65
Stablecoins [member]    
Statement Line Items [Line Items]    
Total Digital assets held [2] $ 1,056,666 $ 206,551
Other digital assets [member]    
Statement Line Items [Line Items]    
Total Digital assets held [3] $ 88,863 $ 25,851
[1] BTC and ETH balances presented include tokens that are wrapped such as cbBTC (6,236 units valued at $552.9 million as of December 31, 2025 and none as of December 31, 2024), wBTC (227 units valued at $20.1 million as of December 31, 2025, 247.9 units valued at $23.4 million as of December 31, 2024) and weETH (160.6 units valued at $0.5 million as of December 31, 2025, 48.1 units valued at $0.2 million as of December 31, 2024).
[2] As of December 31, 2025 individual assets that comprise greater than 5% of the balance include USDC ($613.9 million), USDG ($204.3 million), and PYUSD ($161.1 million). As of December 31, 2024, individual assets that comprise greater than 5% of the balance include USDC ($127.9 million), SUSDE ($51.3 million), and USDT ($19.7 million). No other stablecoins represent greater than 5% of the total balance.
[3] Any digital asset that individually represents less than 5% of the digital asset balance presented is grouped together as Others.
v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Increase (decrease) in credit derivative, fair value $ 0 $ 0
v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets - Reconciliation of Loan and Other Receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
As of January 1, $ 3,047,412  
As of December 31, 3,956,504 $ 3,047,412
Digital assets [member] | Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
As of January 1, 166,388 17,696
Digital asset loan receivables repaid, net 248,073  
Digital asset loan receivables made, net   78,498
Digital asset pledged as collateral repaid, net 51,692  
Digital asset pledged as collateral made, net   22,488
Interest 5,323 4,031
Revaluation gain/(loss) (24,994) 43,675
As of December 31, $ 446,481 $ 166,388
v3.25.4
Note 13 - Loan and Other Receivables - Digital Assets - Details of Digital Assets Held (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Statement Line Items [Line Items]    
Total Digital assets held $ 2,781,164 $ 2,584,793
Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
Total Digital assets held $ 446,481 $ 166,388
Digital asset loans and receivables [member] | BTC [member]    
Statement Line Items [Line Items]    
Digital assets held, units 3.21 1.3
Total Digital assets held $ 284,747 $ 122,761
Digital asset loans and receivables [member] | ETH [member]    
Statement Line Items [Line Items]    
Digital assets held, units 2.53 1
Total Digital assets held $ 7,542 $ 3,404
Digital asset loans and receivables [member] | USDC [Member]    
Statement Line Items [Line Items]    
Total Digital assets held 144,783 39,946
Digital asset loans and receivables [member] | Other digital assets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 9,409 277
Digital asset loans and receivables [member] | Credit line facility and other lending arrangements [member]    
Statement Line Items [Line Items]    
Total Digital assets held $ 316,376 $ 96,828
Digital asset loans and receivables [member] | Credit line facility and other lending arrangements [member] | BTC [member]    
Statement Line Items [Line Items]    
Digital assets held, units 1.9 0.8
Total Digital assets held $ 168,630 $ 74,901
Digital asset loans and receivables [member] | Credit line facility and other lending arrangements [member] | ETH [member]    
Statement Line Items [Line Items]    
Digital assets held, units 1.96 0.42
Total Digital assets held $ 5,843 $ 1,427
Digital asset loans and receivables [member] | Credit line facility and other lending arrangements [member] | USDC [Member]    
Statement Line Items [Line Items]    
Total Digital assets held 132,775 20,500
Digital asset loans and receivables [member] | Credit line facility and other lending arrangements [member] | Other digital assets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 9,128 0
Digital asset loans and receivables [member] | Margin lending services [member]    
Statement Line Items [Line Items]    
Total Digital assets held $ 14,780 $ 21,936
Digital asset loans and receivables [member] | Margin lending services [member] | BTC [member]    
Statement Line Items [Line Items]    
Digital assets held, units 0.01 0
Total Digital assets held $ 792 $ 236
Digital asset loans and receivables [member] | Margin lending services [member] | ETH [member]    
Statement Line Items [Line Items]    
Digital assets held, units 0.57 0.58
Total Digital assets held $ 1,699 $ 1,977
Digital asset loans and receivables [member] | Margin lending services [member] | USDC [Member]    
Statement Line Items [Line Items]    
Total Digital assets held 12,008 19,446
Digital asset loans and receivables [member] | Margin lending services [member] | Other digital assets [member]    
Statement Line Items [Line Items]    
Total Digital assets held 281 277
Digital asset loans and receivables [member] | Pledged as collateral [member]    
Statement Line Items [Line Items]    
Total Digital assets held $ 115,325 $ 47,624
Digital asset loans and receivables [member] | Pledged as collateral [member] | BTC [member]    
Statement Line Items [Line Items]    
Digital assets held, units 1.3 0.5
Total Digital assets held $ 115,325 $ 47,624
v3.25.4
Note 14 - Investments in Financial Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Digital assets $ 2,781,164 $ 2,584,793
Digital assets exchange-traded funds and private funds [member]    
Statement Line Items [Line Items]    
Digital assets 379,400 86,100
Investment in financial assets [member]    
Statement Line Items [Line Items]    
Digital assets 1,037,915 132,649
Equity instruments held 24,700 100
Gains on disposals of investments 23,200 0
Losses on disposals of investments $ 20,600 $ 0
v3.25.4
Note 14 - Investments in Financial Assets - Details of Investments in Financial Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Total Investments in financial assets $ 404,144 $ 86,173
BTC [member]    
Statement Line Items [Line Items]    
Total Investments in financial assets 186,067 35,365
Grayscale CoinDesk Crypto 5 ETF [member]    
Statement Line Items [Line Items]    
Total Investments in financial assets 93,184 0
CoinDesk 20 [Member]    
Statement Line Items [Line Items]    
Total Investments in financial assets 87,802 40,598
Other digital assets [member]    
Statement Line Items [Line Items]    
Total Investments in financial assets 12,408 10,110
Other investments in financial assets [member]    
Statement Line Items [Line Items]    
Total Investments in financial assets $ 24,683 $ 100
v3.25.4
Note 15 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Amortisation, intangible assets other than goodwill $ 2,200 $ 2,300 $ 0
Customer-related intangible assets [member]      
Statement Line Items [Line Items]      
Useful life measured as period of time, intangible assets other than goodwill (Year) 14 years    
Copyrights, patents and other industrial property rights, service and operating rights [member] | Bottom of range [member]      
Statement Line Items [Line Items]      
Useful life measured as period of time, intangible assets other than goodwill (Year) 12 years    
Copyrights, patents and other industrial property rights, service and operating rights [member] | Top of range [member]      
Statement Line Items [Line Items]      
Useful life measured as period of time, intangible assets other than goodwill (Year) 16 years    
v3.25.4
Note 15 - Goodwill and Other Intangible Assets - Details of Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Balance $ 33,298  
Balance 31,104 $ 33,298
Balance 31,104 33,298
Goodwill [member]    
Statement Line Items [Line Items]    
Balance 61,475  
Balance 63,062 61,475
Balance 63,062 61,475
Brand names [member]    
Statement Line Items [Line Items]    
Balance 1,336  
Balance 1,336 1,336
Balance 1,336 1,336
Customer-related intangible assets [member]    
Statement Line Items [Line Items]    
Balance [1] 6,920  
Balance [1] 6,384 6,920
Balance [1] 6,384 6,920
Copyrights, patents and other industrial property rights, service and operating rights [member]    
Statement Line Items [Line Items]    
Balance [1] 25,042  
Balance [1] 23,384 25,042
Balance [1] 23,384 25,042
Gross carrying amount [member]    
Statement Line Items [Line Items]    
Balance 35,646 34,936
Additions arising from business combinations   731
Exchange differences 52 (21)
Balance 35,698 35,646
Balance 35,698 35,646
Gross carrying amount [member] | Goodwill [member]    
Statement Line Items [Line Items]    
Balance 61,475 40,235
Additions arising from business combinations   22,231
Exchange differences 1,587 (991)
Balance 63,062 61,475
Balance 63,062 61,475
Gross carrying amount [member] | Brand names [member]    
Statement Line Items [Line Items]    
Balance 1,336 1,336
Additions arising from business combinations   0
Exchange differences 0 0
Balance 1,336 1,336
Balance 1,336 1,336
Gross carrying amount [member] | Customer-related intangible assets [member]    
Statement Line Items [Line Items]    
Balance [1] 7,500 7,500
Additions arising from business combinations [1]   0
Exchange differences [1] 0 0
Balance [1] 7,500 7,500
Balance [1] 7,500 7,500
Gross carrying amount [member] | Copyrights, patents and other industrial property rights, service and operating rights [member]    
Statement Line Items [Line Items]    
Balance [1] 26,810 26,100
Additions arising from business combinations [1]   731
Exchange differences [1] 52 (21)
Balance [1] 26,862 26,810
Balance [1] 26,862 26,810
Accumulated depreciation, amortisation and impairment [member]    
Statement Line Items [Line Items]    
Balance (2,348)  
Balance (4,594) (2,348)
Balance (4,594) (2,348)
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]    
Statement Line Items [Line Items]    
Balance 0  
Balance 0 0
Balance 0 0
Accumulated depreciation, amortisation and impairment [member] | Brand names [member]    
Statement Line Items [Line Items]    
Balance 0  
Balance 0 0
Balance 0 0
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]    
Statement Line Items [Line Items]    
Balance [1] (580)  
Balance [1] (1,116) (580)
Balance [1] (1,116) (580)
Accumulated depreciation, amortisation and impairment [member] | Copyrights, patents and other industrial property rights, service and operating rights [member]    
Statement Line Items [Line Items]    
Balance [1] (1,768)  
Balance [1] (3,478) (1,768)
Balance [1] $ (3,478) $ (1,768)
[1] Customer relationships and Trademarks were acquired as part of business combinations and are amortized on a straight-line based over their estimated useful lives (14 years for Customer relationships, 12 to 16 years for Trademarks). Amortization for the year ended December 31, 2025, 2024, and 2023 was $2.2 million, $2.3 million, and $0 respectively.
v3.25.4
Note 16 - Property and Equipment and Right-of-use Assets (Details Textual) - Right-of-use assets [member]
 12 Months Ended
Dec. 31, 2025
Bottom of range [member]  
Statement Line Items [Line Items]  
Useful life measured as period of time, property, plant and equipment (Year) 2 years
Top of range [member]  
Statement Line Items [Line Items]  
Useful life measured as period of time, property, plant and equipment (Year) 8 years
v3.25.4
Note 16 - Property and Equipment and Right-of-use Assets - Detailed Information About Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Balance $ 14,118  
Fixed asset disposals (938)  
Property and equipment and right-of-use assets 28,369 $ 14,118
Balance 28,369 14,118
Fixed dsset disposals 938  
Computer and office equipment [member]    
Statement Line Items [Line Items]    
Balance 735  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 1,084 735
Balance 1,084 735
Fixed dsset disposals 0  
Fixtures and fittings [member]    
Statement Line Items [Line Items]    
Balance 898  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 698 898
Balance 698 898
Fixed dsset disposals 0  
Leasehold improvements [member]    
Statement Line Items [Line Items]    
Balance 720  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 618 720
Balance 618 720
Fixed dsset disposals 0  
Buildings [member]    
Statement Line Items [Line Items]    
Balance 0  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 3,795 0
Balance 3,795 0
Fixed dsset disposals 0  
Transportation equipment held [member]    
Statement Line Items [Line Items]    
Balance 0  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 3,406 0
Balance 3,406 0
Fixed dsset disposals 0  
Right-of-use assets [member]    
Statement Line Items [Line Items]    
Balance 11,765  
Fixed asset disposals (938)  
Property and equipment and right-of-use assets 16,901 11,765
Balance 16,901 11,765
Fixed dsset disposals 938  
Construction in progress [member]    
Statement Line Items [Line Items]    
Balance 0  
Fixed asset disposals 0  
Property and equipment and right-of-use assets 1,867 0
Balance 1,867 0
Fixed dsset disposals 0  
Gross carrying amount [member]    
Statement Line Items [Line Items]    
Balance 28,360 23,339
Fixed asset additions 26,242 8,836
Fixed asset disposals (6,975) (3,815)
Property and equipment and right-of-use assets 47,626 28,360
Translation adjustment 2 (1)
Balance 47,626 28,360
Fixed dsset disposals 6,975 3,815
Gross carrying amount [member] | Computer and office equipment [member]    
Statement Line Items [Line Items]    
Balance 3,400 3,014
Fixed asset additions 809 386
Fixed asset disposals (78) 0
Property and equipment and right-of-use assets 4,130 3,400
Translation adjustment 2 (1)
Balance 4,130 3,400
Fixed dsset disposals 78 (0)
Gross carrying amount [member] | Fixtures and fittings [member]    
Statement Line Items [Line Items]    
Balance 1,713 1,713
Fixed asset additions 21 0
Fixed asset disposals 0 0
Property and equipment and right-of-use assets 1,734 1,713
Translation adjustment 0 0
Balance 1,734 1,713
Fixed dsset disposals (0) (0)
Gross carrying amount [member] | Leasehold improvements [member]    
Statement Line Items [Line Items]    
Balance 1,715 1,710
Fixed asset additions 66 5
Fixed asset disposals 0 0
Property and equipment and right-of-use assets 1,781 1,715
Translation adjustment 0 0
Balance 1,781 1,715
Fixed dsset disposals (0) (0)
Gross carrying amount [member] | Buildings [member]    
Statement Line Items [Line Items]    
Balance 0 0
Fixed asset additions 3,798 0
Fixed asset disposals 0 0
Property and equipment and right-of-use assets 3,798 0
Translation adjustment 0 0
Balance 3,798 0
Fixed dsset disposals (0) (0)
Gross carrying amount [member] | Transportation equipment held [member]    
Statement Line Items [Line Items]    
Balance 0 0
Fixed asset additions 3,406 0
Fixed asset disposals 0 0
Property and equipment and right-of-use assets 3,406 0
Translation adjustment 0 0
Balance 3,406 0
Fixed dsset disposals (0) (0)
Gross carrying amount [member] | Right-of-use assets [member]    
Statement Line Items [Line Items]    
Balance 21,532 16,902
Fixed asset additions 16,275 8,445
Fixed asset disposals (6,897) (3,815)
Property and equipment and right-of-use assets 30,910 21,532
Translation adjustment 0 0
Balance 30,910 21,532
Fixed dsset disposals 6,897 3,815
Gross carrying amount [member] | Construction in progress [member]    
Statement Line Items [Line Items]    
Balance 0 0
Fixed asset additions 1,867 0
Fixed asset disposals 0 0
Property and equipment and right-of-use assets 1,867 0
Translation adjustment 0 0
Balance 1,867 0
Fixed dsset disposals (0) (0)
Accumulated depreciation, amortisation and impairment [member]    
Statement Line Items [Line Items]    
Balance (14,242) (9,481)
Charge for the year (5,955) (6,199)
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   1,438
Balance (19,257) (14,242)
Accumulated depreciation, amortisation and impairment [member] | Computer and office equipment [member]    
Statement Line Items [Line Items]    
Balance (2,665) (1,804)
Charge for the year (383) (861)
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance (3,046) (2,665)
Accumulated depreciation, amortisation and impairment [member] | Fixtures and fittings [member]    
Statement Line Items [Line Items]    
Balance (815) (476)
Charge for the year (221) (339)
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance (1,036) (815)
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member]    
Statement Line Items [Line Items]    
Balance (995) (715)
Charge for the year (168) (280)
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance (1,163) (995)
Accumulated depreciation, amortisation and impairment [member] | Buildings [member]    
Statement Line Items [Line Items]    
Balance 0 0
Charge for the year (3) 0
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance (3) 0
Accumulated depreciation, amortisation and impairment [member] | Transportation equipment held [member]    
Statement Line Items [Line Items]    
Balance 0 0
Charge for the year 0 0
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance 0 0
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [member]    
Statement Line Items [Line Items]    
Balance (9,767) (6,486)
Charge for the year (5,180) (4,719)
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   1,438
Balance (14,009) (9,767)
Accumulated depreciation, amortisation and impairment [member] | Construction in progress [member]    
Statement Line Items [Line Items]    
Balance 0 0
Charge for the year 0 0
Reversal of accumulated depreciation in relation to right-of-use assets derecognition   0
Balance $ 0 $ 0
v3.25.4
Note 17 - Other Assets - Details of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Deposits $ 1,180 $ 970
Other receivables 323 249
Finance lease receivables 739 824
Prepayments 16,252 20,044
Deferred options reward program costs 2,817 0
Total Other assets (non-current) 21,311 22,087
Accounts receivable 24,625 9,146
Finance lease receivables 110 333
Prepayments 18,943 8,616
Other receivables 3,824 3,114
Total Other assets (current) $ 47,502 $ 21,209
v3.25.4
Note 18 - Restricted Cash (Details Textual) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Current restricted cash and cash equivalents $ 16,839 $ 15,893
Non-current restricted cash and cash equivalents $ 5,727 $ 1,968
v3.25.4
Note 19 - Cash and Cash Equivalents - Details of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Cash at banks $ 80,159 $ 28,231  
Cash on the Exchange at banks 7,626 3,300  
Cash held in brokers 107 9  
Total Cash and cash equivalents $ 87,892 $ 31,540 $ 112,901
v3.25.4
Note 20 - Convertible Redeemable Preference Shares (Details Textual)
shares in Thousands, $ in Thousands
 12 Months Ended
Aug. 01, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Statement Line Items [Line Items]      
Increase (decrease) through conversion of convertible instruments, equity   $ 0  
Reserve of equity component of convertible instruments   0 $ 18,399
Convertible redeemable preference shares [member]      
Statement Line Items [Line Items]      
Issued capital, preference shares   $ 0 $ 47,900
Number of shares outstanding (in shares) | shares   0  
Number of shares converted 2,735,938    
Class B preference shares [member]      
Statement Line Items [Line Items]      
Number of shares converted 2,735,938    
Increase (decrease) through conversion of convertible instruments, equity $ (47,900)    
Reserve of equity component of convertible instruments $ 18,400    
v3.25.4
Note 21 - Other Payables - Details of Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Options reward program liability $ 3,000 $ 0
Total Other payables (non-current) 3,000 0
Accrued compensation and benefits 20,363 16,072
Accrued expenses 10,569 8,153
Deferred income 10,557 9,504
Loan interest payable to the related party(i) [1] 8,764 8,764
Amounts due to related parties(i) [1] 807 1,780
Other payables 2,968 5,148
Total Other payables (current) $ 54,028 $ 49,421
[1] For additional details regarding transaction with related parties see Note 30.
v3.25.4
Note 22 - Borrowings from Related Parties and Borrowings (Details Textual)
 12 Months Ended
Apr. 22, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 28, 2025
USD ($)
Jun. 11, 2024
USD ($)
Dec. 31, 2023
USD ($)
BTC [member]            
Statement Line Items [Line Items]            
Digital assets held [1]   18.03 22.7      
New credit facility [member]            
Statement Line Items [Line Items]            
Proceeds from borrowings, classified as financing activities $ 100,000,000          
Loan and security agreement [member]            
Statement Line Items [Line Items]            
Notional amount         $ 25,000,000  
Borrowings, interest rate         10.00%  
Borrowings, loan-to-value ratio         50.00%  
Repurchase agreement [member]            
Statement Line Items [Line Items]            
Notional amount       $ 125,000,000    
Borrowings, interest rate       9.00%    
Borrowings, purchase price       $ 50,000,000    
Borrowings, covenant, margin percentage       200.00%    
Block.one [member] | Final facility with block.one [member]            
Statement Line Items [Line Items]            
Loans received           $ 40,000,000
Notional amount           396,700,000
Difference in fair value and notional amount           74,000,000
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability   $ 3,100,000 $ 16,400,000      
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities   $ 20,100,000 $ 43,400,000      
Block.one [member] | Final facility with block.one [member] | BTC [member] | Top of range [member]            
Statement Line Items [Line Items]            
Digital asset, price per unit           $ 30,000
Block.one [member] | Final facility with block.one [member] | BTC [member]            
Statement Line Items [Line Items]            
Digital assets held           9,600
Block.one [member] | Final facility with block.one [member] | USDC [Member]            
Statement Line Items [Line Items]            
Digital assets held           60
[1] BTC and ETH balances presented include tokens that are wrapped such as cbBTC (6,236 units valued at $552.9 million as of December 31, 2025 and none as of December 31, 2024), wBTC (227 units valued at $20.1 million as of December 31, 2025, 247.9 units valued at $23.4 million as of December 31, 2024) and weETH (160.6 units valued at $0.5 million as of December 31, 2025, 48.1 units valued at $0.2 million as of December 31, 2024).
v3.25.4
Note 22 - Borrowings from Related Parties and Borrowings - Details of Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Borrowings (non-current) $ 49,982 $ 25,000
Borrowings (current) 49,982 25,000
Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings [1] 505,600 482,450
Borrowings (current) [2] 505,600 482,450
Secured borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 49,982 25,000
Borrowings (non-current) $ 505,600 $ 482,450
[1] See Note 30 for additional details
[2] The outstanding balances with the the related parties (formerly the parent entity block.one and its subsidiaries) are unsecured, bear interest at 7% annum and are repayable on demand.
v3.25.4
Note 23 - Digital Assets Loan Payable (Details Textual) - XRP loan agreement [member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Sep. 30, 2023
Statement Line Items [Line Items]    
Borrowings, interest rate   5.50%
Borrowing, term (Year)   4 years
Repayments of non-current borrowings $ 15.1  
v3.25.4
Note 23 - Digital Assets Loan Payable - Details of Borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Loan payable to related parties (iii) $ 49,982 $ 25,000
Digital assets loan payable (current) 49,982 25,000
Unsecured digital assets loan payables [member]    
Statement Line Items [Line Items]    
Beginning of period 20,613 6,164
Loan repayment (15,135) 0
Revaluations (gain)/loss (211) 14,449
As of end of December 31, 5,267 20,613
Secured digital assets loan payables [member]    
Statement Line Items [Line Items]    
Beginning of period 0 0
Loan repayment (654,726) (761)
Revaluations (gain)/loss 197 16
As of end of December 31, 334 0
Loan drawdown 654,863 745
Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Loan payable to related parties (iii) 5,267 20,613
Digital assets loan payable (current) $ 334 $ 0
v3.25.4
Note 24 - Share Capital and Share Premium (Details Textual) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Aug. 01, 2025
Jun. 29, 2025
Statement Line Items [Line Items]            
Number of shares authorised (in shares)   750,000,000 750,000,000      
Number of shares issued and fully paid (in shares)   150,834,000       113,215,000
Proceeds from issue of ordinary shares   $ 59,194,000 $ 0 $ 0    
Ordinary shares [member]            
Statement Line Items [Line Items]            
Number of shares authorised (in shares)   750,000,000 0   750,000,000  
Par value per share (in dollars per share)         $ 0.002  
Number of shares issued and fully paid (in shares) 34,500,000 34,500,000        
Share price (in dollars per share) $ 37          
Proceeds from issue of ordinary shares $ 1,212.7          
Offering costs $ 3.5          
v3.25.4
Note 24 - Share Capital and Share Premium - Details of Share Capital (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Aug. 31, 2025
Aug. 01, 2025
Jun. 29, 2025
Dec. 31, 2024
Dec. 30, 2024
Statement Line Items [Line Items]            
Shares authorized (in shares) 750,000,000       750,000,000  
Number of shares issued and fully paid (in shares) 150,834,000     113,215,000    
Authorized capital $ 5,110,063         $ 3,821,537
Ordinary shares [member]            
Statement Line Items [Line Items]            
Shares authorized (in shares) 750,000,000   750,000,000   0  
Number of shares issued and fully paid (in shares) 34,500,000 34,500,000        
Authorized capital $ 1,209,194          
Class A common shares [member]            
Statement Line Items [Line Items]            
Shares authorized (in shares) 0       500,000,000  
Class B preference shares [member]            
Statement Line Items [Line Items]            
Shares authorized (in shares) 0       125,000,000  
Number of shares issued and fully paid (in shares) 2,736,000          
Authorized capital $ 66,278          
Converted Bullish Global shares [member]            
Statement Line Items [Line Items]            
Number of shares issued and fully paid (in shares) 233,000          
Authorized capital $ 8,622          
Class C common shares [member]            
Statement Line Items [Line Items]            
Shares authorized (in shares) 0       125,000,000  
Exercise of options [member]            
Statement Line Items [Line Items]            
Number of shares issued and fully paid (in shares) 115,000          
Authorized capital $ 3,087          
Restricted stock units vested and converted into ordinary shares [member]            
Statement Line Items [Line Items]            
Number of shares issued and fully paid (in shares) 35,000          
Authorized capital $ 1,345          
v3.25.4
Note 25 - Derivative Financial Instruments - Details of Derivative Instruments (Details) - Digital currency perpetual contracts [member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Derivative assets $ 0 $ 0
Derivative liabilities 0 0
Derivative notional amount $ 140,522 $ 38,626
v3.25.4
Note 26 - Financial Risk Management (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 01, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]        
Allowance for credit losses, financial assets   $ 0 $ 0 $ 0
Increase (decrease) through conversion of convertible instruments, equity   0    
Gain (loss) on customers' digital assets   $ 0 $ 0  
Risk exposure of digital assets, change in price, percent   50.00% 50.00%  
Risk exposure of digital assets during twelve month period   $ 1,294,100 $ 1,342,000  
Risk exposure of net income, basis point variance point   0.0050 0.0050  
Risk exposure of net income during 12 month period   $ 3,700 $ 600  
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period   358,200    
Class B preference shares [member]        
Statement Line Items [Line Items]        
Increase (decrease) through conversion of convertible instruments, equity $ (47,900)      
Credit line facility [member]        
Statement Line Items [Line Items]        
Allowance for credit losses, financial assets   0 0  
Margin lending services [member]        
Statement Line Items [Line Items]        
Allowance for credit losses, financial assets   0 0  
Default, past due and write-off of principle   0 0  
Allowance for credit losses, modified digital asset loan   $ 0 $ 0  
v3.25.4
Note 26 - Financial Risk Management - Details of Liquidity Risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Accrued compensation and benefits $ 20,363 $ 16,072
Accrued expenses 10,569 8,153
Other payables 2,968 5,148
Customer segregated cash liabilities 20,044 6,382
Amounts due to related parties [1] 807 1,780
Options reward program liability 3,000 0
Liabilities 658,175 646,753
Convertible redeemable preference shares(i) 0 18,399
Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings [2] 505,600 482,450
Loan interest payable to the related party 8,764 8,764
At cost [member]    
Statement Line Items [Line Items]    
Accrued compensation and benefits 20,363 16,072
Accrued expenses 10,569 8,153
Other payables 2,580 5,148
Lease liabilities 29,209 20,251
Customer segregated cash liabilities 20,044 6,382
Amounts due to related parties 807 1,780
Loan interest payable to the related party 8,764 8,764
Options reward program liability 3,000 0
Liabilities 750,119 796,370
Convertible redeemable preference shares(i)   47,879
At cost [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 6,088 23,698
At cost [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 598,239  
At cost [member] | Nondigital asset borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 50,456 658,243
At fair value [member]    
Statement Line Items [Line Items]    
Accrued compensation and benefits 20,363 16,072
Accrued expenses 10,569 8,153
Other payables 2,580 3,443
Lease liabilities 19,902 15,002
Customer segregated cash liabilities 20,044 6,382
Amounts due to related parties 807 1,780
Loan interest payable to the related party 8,764 8,764
Options reward program liability 3,000 0
Liabilities 647,212 637,243
Convertible redeemable preference shares(i)   47,879
At fair value [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 5,601 20,613
At fair value [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 505,600 482,450
At fair value [member] | Nondigital asset borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 49,982 507,450
Not later than one year [member]    
Statement Line Items [Line Items]    
Accrued compensation and benefits 20,363 16,072
Accrued expenses 10,569 8,153
Other payables 2,580 5,148
Lease liabilities 8,655 6,180
Customer segregated cash liabilities 20,044 6,382
Amounts due to related parties 807 1,780
Loan interest payable to the related party 8,764 8,764
Options reward program liability 0 0
Liabilities 157,635 113,672
Convertible redeemable preference shares(i)   0
Not later than one year [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 623 1,134
Not later than one year [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 34,774  
Not later than one year [member] | Nondigital asset borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 50,456 60,059
Later than one year and not later than five years [member]    
Statement Line Items [Line Items]    
Accrued compensation and benefits 0 0
Accrued expenses 0 0
Other payables 0 0
Lease liabilities 19,717 13,455
Customer segregated cash liabilities 0 0
Amounts due to related parties 0 0
Loan interest payable to the related party 0 0
Options reward program liability 3,000 0
Liabilities 591,646 682,082
Convertible redeemable preference shares(i)   47,879
Later than one year and not later than five years [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 5,465 22,564
Later than one year and not later than five years [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 563,464  
Later than one year and not later than five years [member] | Nondigital asset borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 0 598,184
Later than five years [member]    
Statement Line Items [Line Items]    
Accrued compensation and benefits 0 0
Accrued expenses 0 0
Other payables 0 0
Lease liabilities 838 616
Customer segregated cash liabilities 0 0
Amounts due to related parties 0 0
Loan interest payable to the related party 0 0
Options reward program liability 0 0
Liabilities 838 616
Convertible redeemable preference shares(i)   0
Later than five years [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 0 0
Later than five years [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 0  
Later than five years [member] | Nondigital asset borrowings [member]    
Statement Line Items [Line Items]    
Borrowings $ 0 $ 0
[1] For additional details regarding transaction with related parties see Note 30.
[2] See Note 30 for additional details
v3.25.4
Note 26 - Financial Risk Management - Details of Fair Value of Estimation (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Investments in financial assets $ 404,144 $ 86,173
Digital assets held - intangible assets 31,104 33,298
Assets 3,956,504 3,047,412
Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings [1] 505,600 482,450
At fair value [member]    
Statement Line Items [Line Items]    
Financial liabilities 3,631,789  
Assets 511,201 503,063
At fair value [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 505,600 482,450
At fair value [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 5,601 20,613
Level 1 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Financial liabilities 3,139,348  
Assets 0 0
Level 1 of fair value hierarchy [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 0 0
Level 1 of fair value hierarchy [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 0 0
Level 2 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Financial liabilities 463,756  
Assets 0 20,613
Level 2 of fair value hierarchy [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 0 0
Level 2 of fair value hierarchy [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 0 20,613
Level 3 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Financial liabilities 28,685  
Assets 511,201 482,450
Level 3 of fair value hierarchy [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings 505,600 482,450
Level 3 of fair value hierarchy [member] | Digital assets loan payable [member]    
Statement Line Items [Line Items]    
Borrowings 5,601 0
Investment in financial assets [member] | At fair value [member]    
Statement Line Items [Line Items]    
Investments in financial assets 404,144 86,173
Investment in financial assets [member] | Level 1 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Investments in financial assets 358,184 0
Investment in financial assets [member] | Level 2 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Investments in financial assets 17,275 86,173
Investment in financial assets [member] | Level 3 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Investments in financial assets 28,685 0
Digital assets [member] | At fair value [member]    
Statement Line Items [Line Items]    
Digital assets held - inventories 206,178 573,876
Digital assets held - intangible assets 1,537,071 1,878,268
Digital assets [member] | At fair value [member] | Digital assets and investments in financial assets [member]    
Statement Line Items [Line Items]    
Investments in financial assets 1,037,915 132,649
Digital assets [member] | At fair value [member] | Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
Investments in financial assets 446,481 166,388
Digital assets [member] | Level 1 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Digital assets held - inventories 206,178 573,876
Digital assets held - intangible assets 1,537,071 1,878,268
Digital assets [member] | Level 1 of fair value hierarchy [member] | Digital assets and investments in financial assets [member]    
Statement Line Items [Line Items]    
Investments in financial assets 1,037,915 132,649
Digital assets [member] | Level 1 of fair value hierarchy [member] | Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
Investments in financial assets 0 0
Digital assets [member] | Level 2 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Digital assets held - inventories 0 0
Digital assets held - intangible assets 0 0
Digital assets [member] | Level 2 of fair value hierarchy [member] | Digital assets and investments in financial assets [member]    
Statement Line Items [Line Items]    
Investments in financial assets 0 0
Digital assets [member] | Level 2 of fair value hierarchy [member] | Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
Investments in financial assets 446,481 166,388
Digital assets [member] | Level 3 of fair value hierarchy [member]    
Statement Line Items [Line Items]    
Digital assets held - inventories 0 0
Digital assets held - intangible assets 0 0
Digital assets [member] | Level 3 of fair value hierarchy [member] | Digital assets and investments in financial assets [member]    
Statement Line Items [Line Items]    
Investments in financial assets 0 0
Digital assets [member] | Level 3 of fair value hierarchy [member] | Digital asset loans and receivables [member]    
Statement Line Items [Line Items]    
Investments in financial assets $ 0 $ 0
[1] See Note 30 for additional details
v3.25.4
Note 26 - Financial Risk Management - Activity of Investments in Financial Assets and Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Financial liabilities at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Financial liabilities, at fair value $ 482,450
Realized gains (losses), liabilities 0
Unrealized gains (losses), liabilities 23,150
Purchases, liabilities 0
Sales, liabilities 0
Transfers into level 3, liabilities 5,601
Transfers out of level 3, liabilities 0
Financial liabilities, at fair value 511,201
Change in unrealized gains (losses) for the period for investments still held, liailities 0
Nondigital asset borrowings [member] | Financial liabilities at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Financial liabilities, at fair value 482,450
Realized gains (losses), liabilities 0
Unrealized gains (losses), liabilities 23,150
Purchases, liabilities 0
Sales, liabilities 0
Transfers into level 3, liabilities 0
Transfers out of level 3, liabilities 0
Financial liabilities, at fair value 505,600
Change in unrealized gains (losses) for the period for investments still held, liailities 0
Digital assets loan payable [member] | Financial liabilities at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Financial liabilities, at fair value 0
Realized gains (losses), liabilities 0
Unrealized gains (losses), liabilities 0
Purchases, liabilities 0
Sales, liabilities 0
Transfers into level 3, liabilities 5,601
Transfers out of level 3, liabilities 0
Financial liabilities, at fair value 5,601
Change in unrealized gains (losses) for the period for investments still held, liailities 0
Financial assets at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Investments in Financial Assets, at fair value 0
Realized gains (losses), assets 0
Unrealized gains (losses), assets 6
Purchases, assets 28,582
Sales, assets 0
Transfers into Level 3, assets 100
Transfers Out of Level 3, assets 0
Investments in Financial Assets, at fair value 28,688
Change in unrealized gains (losses) for the period for investments still held, assets 0
Equity investments [member] | Financial assets at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Investments in Financial Assets, at fair value 0
Realized gains (losses), assets 0
Unrealized gains (losses), assets 3
Purchases, assets 23,345
Sales, assets 0
Transfers into Level 3, assets 0
Transfers Out of Level 3, assets 0
Investments in Financial Assets, at fair value 23,348
Change in unrealized gains (losses) for the period for investments still held, assets 0
Fund investments [member] | Financial assets at fair value through profit or loss, category [member]  
Statement Line Items [Line Items]  
Investments in Financial Assets, at fair value 0
Realized gains (losses), assets 0
Unrealized gains (losses), assets 3
Purchases, assets 5,237
Sales, assets 0
Transfers into Level 3, assets 100
Transfers Out of Level 3, assets 0
Investments in Financial Assets, at fair value 5,340
Change in unrealized gains (losses) for the period for investments still held, assets $ 0
v3.25.4
Note 26 - Financial Risk Management - Reconciliation of Level 3 Measurements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Beginning balance $ 646,753  
Ending balance 658,175 $ 646,753
Level 3 of fair value hierarchy [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Beginning balance 482,450 422,750
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability 3,050 16,350
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities 20,100 43,350
Ending balance $ 505,600 $ 482,450
v3.25.4
Note 28 - Earnings(Loss) Per Share (Details Textual)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Aug. 01, 2025
Statement Line Items [Line Items]        
Reverse stock split, conversion ratio       2
Convertible redeemable preference shares [member]        
Statement Line Items [Line Items]        
Number of instruments that are antidilutive in period presented 1.7 2,700,000 9,700,000  
Employee stock ownership plan shares [member]        
Statement Line Items [Line Items]        
Number of instruments that are antidilutive in period presented 1,400,000      
BMC1 shares [member]        
Statement Line Items [Line Items]        
Number of instruments that are antidilutive in period presented 2,700,000      
v3.25.4
Note 28 - Earnings (Loss) Per Share - Details of Earnings/(Loss) Per Share (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings/(loss)      
Earnings/(loss) for the purpose of basic earnings per share attributable to owners of the Group $ (764,681) $ 78,527 $ 1,299,167
Effects of NCI add-back to Net income assuming conversion of BMC1 shares (16,969) 0 0
Earnings/(loss) for the purpose of diluted earnings per share attributable to owners of the Group $ (781,650) $ 78,527 $ 1,299,167
Weighted average shares outstanding      
Weighted average shares outstanding for the purpose of basic earnings/(loss) per share (in shares) 127,723 112,664 112,500
Weighted average shares outstanding for the purposes of diluted earnings/(loss) per share (in shares) 127,723 115,400 122,184
Convertible instruments [member]      
Weighted average shares outstanding      
Dilutive effect of all instruments on weighted average number of ordinary shares (in shares) 0 2,736 9,684
v3.25.4
Note 29 - Share-based Payments (Details Textual)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 12, 2025
May 15, 2024
$ / shares
Feb. 16, 2021
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Jun. 01, 2023
$ / shares
May 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Jul. 31, 2021
shares
Statement Line Items [Line Items]                    
Maximum number of instruments authorized in share-based payment arrangement (in shares) | shares                   25,000,000
Number of share options outstanding in share-based payment arrangement       5,845,207 4,944,061 2,577,467     1,163,597  
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)       $ 18.1 $ 14 $ 25.76     $ 37.98  
Number of share options granted in share-based payment arrangement       1,458,858 2,881,758 1,575,234        
Weighted average exercise price of share options granted in share-based payment arrangement (in dollars per share)       $ 24.52 $ 14 $ 25.76        
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share)       $ 14.14 $ 0 $ 0        
Advisor [member]                    
Statement Line Items [Line Items]                    
Number of share options outstanding in share-based payment arrangement       0 0 1,812,500     2,250,000  
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)       $ 0 $ 0 $ 15.97     $ 28.7  
Number of share options granted in share-based payment arrangement     4,500,000              
Weighted average exercise price of share options granted in share-based payment arrangement (in dollars per share)     $ 16              
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share)       $ 0 $ 11.1 $ 0        
Reversal of expense from share-based payment transactions | $           $ 12,400        
Increase (decrease) through exercise of options, equity | $       $ 0            
The 2021 employee equity plan [member]                    
Statement Line Items [Line Items]                    
Number of other equity instruments outstanding in share-based payment arrangement       350,010            
Number of share options outstanding in share-based payment arrangement       1,869,704            
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)             $ 14 $ 37.98    
The 2022 employee equity plan [member]                    
Statement Line Items [Line Items]                    
Number of share options outstanding in share-based payment arrangement       1,575,234            
The 2022 employee equity plan [member] | Top of range [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement       50.00%            
The 2022 employee equity plan [member] | Bottom of range [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement       25.00%            
The 2023 employee equity plan [member]                    
Statement Line Items [Line Items]                    
Number of share options outstanding in share-based payment arrangement       2,898,787            
The 2023 employee equity plan [member] | Top of range [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement       25.00%            
The 2023 employee equity plan [member] | Bottom of range [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement       20.00%            
The 2024 option plan [member]                    
Statement Line Items [Line Items]                    
Number of share options outstanding in share-based payment arrangement       1,441,829            
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)       $ 18.1            
Option life, share options granted       10            
Period of vesting of equity instruments for share-based payment arrangement (Year)       4 years            
Weighted average remaining contractual life of outstanding share options (Year)       7 years 10 months 24 days            
Tranche 1 options, vesting day of grant [member] | Advisor [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement     50.00%              
Tranche 1 options, vesting over time [member] | Advisor [member]                    
Statement Line Items [Line Items]                    
Vesting percentage of equity instruments for share-based payment arrangement     50.00%              
Period of vesting of equity instruments for share-based payment arrangement (Year)     3 years              
Tranche 2 options [member] | Advisor [member]                    
Statement Line Items [Line Items]                    
Period of vesting of equity instruments for share-based payment arrangement (Year)     3 years              
Tranche 1 options [member] | Advisor [member]                    
Statement Line Items [Line Items]                    
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share)   $ 2,250,000                
BMC1 Class A Restricted Units [member]                    
Statement Line Items [Line Items]                    
Number of other equity instruments outstanding in share-based payment arrangement       9,923,937 4,787,234 4,787,234     0  
Number of other equity instruments granted in share-based payment arrangement 5,136,703     0 0 4,787,234        
BMC1 Class A and B Units [Member]                    
Statement Line Items [Line Items]                    
Number of shares issuable from exercise of other equity instruments 7,075,504                  
Number of other equity instruments exercisable in share-based payment arrangement       4,796,454            
v3.25.4
Note 29 - Share-based Payments - Components of Share-based Payments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Share-based payments related to employees & directors $ 15,345 $ 22,480 $ 17,781
Share-based payments related to advisor(i) 0 107 (11,608)
Other share-based payment expenses 628 0 0
Total Share-based payments $ 15,973 $ 22,587 $ 6,173
v3.25.4
Note 29 - Share-based Payments - Details of Option Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Statement Line Items [Line Items]      
Outstanding, options 4,944,061 2,577,467 1,163,597
Outstanding, weighted average exercise price (in dollars per share) $ 14 $ 25.76 $ 37.98
Granted options during the period 1,458,858 2,881,758 1,575,234
Granted during the period, weighted average exercise price (in dollars per share) $ 24.52 $ 14 $ 25.76
Forfeited during the period (441,161) (515,164) (139,012)
Forfeited during the period, weighted average exercise price (in dollars per share) $ 17.67 $ 14 $ 25.76
Modified during the period (in shares) | shares 0 0 (22,352)
Modified during the period, weighted average exercise price (in dollars per share) $ 0 $ 0 $ 25.76
Exercised during the period (116,551) 0 0
Exercised during the period, weighted average exercise price (in dollars per share) $ 14.14 $ 0 $ 0
Outstanding, options 5,845,207 4,944,061 2,577,467
Outstanding, weighted average exercise price (in dollars per share) $ 18.1 $ 14 $ 25.76
Exercisable at the end of period 2,341,984 0 0
v3.25.4
Note 29 - Share-based Payments - Details of RSU Activity (Details) - Restricted stock units [member]
 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Statement Line Items [Line Items]      
Outstanding at beginning of the period 200,046 201,939 235,109
Number of other equity instruments granted in share-based payment arrangement 33,111 0 0
Forfeited during the year 0 (1,893) (45,009)
Released during the year (40,009) 0 0
Modified during the year (in shares) 0 0 11,839
Outstanding at end of the period 193,148 200,046 201,939
v3.25.4
Note 29 - Share-based Payments - Details of Class A of BMC1 Equity Plans to Senior Management (Details) - BMC1 Class A Restricted Units [member]
 12 Months Ended
Aug. 12, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]        
Outstanding at beginning of the period   4,787,234 4,787,234 0
Number of other equity instruments granted in share-based payment arrangement 5,136,703 0 0 4,787,234
Shares converted   5,136,703 0 0
Outstanding at end of the period   9,923,937 4,787,234 4,787,234
v3.25.4
Note 29 - Share-based Payments - Details of Class B of BMC1 Equity Plans to Senior Management (Details) - BMC1 Class B Incentive Units [member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Outstanding at beginning of the period 8,856,384 9,574,468 0
Number of other equity instruments granted in share-based payment arrangement 0 0 9,574,468
Shares converted (5,136,703) 0 0
Forfeited during the year 0 (718,084) 0
Outstanding at end of the period 3,719,681 8,856,384 9,574,468
v3.25.4
Note 29 - Share-based Payments - Details of Option Activity with Advisor (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
Statement Line Items [Line Items]      
Outstanding, options 4,944,061 2,577,467 1,163,597
Outstanding, weighted average exercise price (in dollars per share) $ 14 $ 25.76 $ 37.98
Exercised during the period (116,551) 0 0
Exercised during the period, weighted average exercise price (in dollars per share) $ 14.14 $ 0 $ 0
Forfeited during the period (441,161) (515,164) (139,012)
Forfeited during the period, weighted average exercise price (in dollars per share) $ 17.67 $ 14 $ 25.76
Outstanding, options 5,845,207 4,944,061 2,577,467
Outstanding, weighted average exercise price (in dollars per share) $ 18.1 $ 14 $ 25.76
Exercisable at the end of period 2,341,984 0 0
Advisor [member]      
Statement Line Items [Line Items]      
Outstanding, options 0 1,812,500 2,250,000
Outstanding, weighted average exercise price (in dollars per share) $ 0 $ 15.97 $ 28.7
Exercised during the period 0 (1,125,000) 0
Exercised during the period, weighted average exercise price (in dollars per share) $ 0 $ 11.1 $ 0
Cancelled during the period 0 0 (437,500)
Cancelled during the period, weighted average exercise price (in dollars per share) $ 0 $ 0 $ 28.7
Forfeited during the period 0 (687,500) 0
Forfeited during the period, weighted average exercise price (in dollars per share) $ 0 $ 11.1 $ 0
Outstanding, options 0 0 1,812,500
Outstanding, weighted average exercise price (in dollars per share) $ 0 $ 0 $ 15.97
Exercisable at the end of period 0 0 1,093,750
v3.25.4
Note 30 - Related Party Transactions (Details Textual)
Dec. 31, 2025
Dec. 31, 2023
Block.one [member] | Related party borrowings [member]    
Statement Line Items [Line Items]    
Borrowings, interest rate 7.00% 7.00%
v3.25.4
Note 30 - Related Party Transactions - Details of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other expenses      
Interest expense on borrowings $ 51,594 $ 37,466 $ 2,174
Amounts due to related parties [1] 807 1,780  
Loan payable to related parties (iii) 49,982 25,000  
Related party borrowings [member]      
Other expenses      
Loan interest expense payable to related parties 8,764 8,764  
Loan payable to related parties (iii) [2] 505,600 482,450  
Total for all related parties [member]      
Other expenses      
Services fees charged to a related party (i) [3] (619) (334) 0
Interest expense on borrowings [4] 34,771 34,866 0
Total for all related parties [member] | Related party borrowings [member]      
Other expenses      
Interest expense on borrowings $ 34,800 $ 34,900 $ 0
[1] For additional details regarding transaction with related parties see Note 30.
[2] The outstanding balances with the the related parties (formerly the parent entity block.one and its subsidiaries) are unsecured, bear interest at 7% annum and are repayable on demand.
[3] In 2024, the Group entered into a service agreement with a company that is wholly owned by a related party, controlled by the major shareholder and director of the Group, for the use of office spaces and amenities leased by the Group. In July 2025, the Group agreed to assign this office lease in its entirety to an entity controlled by the Group's major shareholder and director, for no consideration. This assignment was subsequently completed, which finalized the termination of the 2024 service agreement and released the Group from its related lease guarantee.
[4] In 2023, the Group entered into a loan agreement with its parent entity block.one. The Group paid interest to block.one at a per annum interest rate of 7% on a quarterly basis. In 2024, block.one transferred all of its rights and obligations under the loan agreement to a subsidiary of block.one. Subsequently, the majority of shares of the subsidiary were transferred to certain major shareholders of the Group, hence the counterparty of the loan became a related party of the Group. See Note 22 for further details
v3.25.4
Note 31 - Commitments and Contingencies (Details Textual)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Statement Line Items [Line Items]    
Number of credit facility agreements 2  
Secured revolving credit facility, facility one [member]    
Statement Line Items [Line Items]    
Borrowings $ 70,900,000  
Undrawn borrowing facilities 17,800,000  
Secured revolving credit facility, facility one [member] | Bitcoin [member]    
Statement Line Items [Line Items]    
Borrowings 800  
Undrawn borrowing facilities 200  
Secured revolving credit facility, facility one [member] | USDC [Member]    
Statement Line Items [Line Items]    
Borrowings   $ 50,000,000
Undrawn borrowing facilities   $ 20,000,000
Secured revolving credit facility, facility two [member] | USDC [Member]    
Statement Line Items [Line Items]    
Borrowings 205  
Undrawn borrowing facilities $ 40,000,000  
v3.25.4
Note 31 - Commitments and Contingencies - Details of Financial Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement Line Items [Line Items]    
Total financial commitments $ 362,367 $ 136,130
Margin lending services [member]    
Statement Line Items [Line Items]    
Total financial commitments 86,437 86,130
Other lending services [member]    
Statement Line Items [Line Items]    
Total financial commitments [1] $ 275,930 $ 50,000
[1] Amount reflects contractual funding commitments of the Group and excludes exchange liquidity lending arrangements, which do not constitute binding funding obligations.
v3.25.4
Note 32 - Investments in Subsidiaries (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement Line Items [Line Items]      
Dividends paid to non-controlling interests $ 0 $ 0 $ 0
Consolidated total liabilities, difference from subsidiary (1,200,000)    
Consolidated total equity, difference from subsidiary $ 1,200,000    
BMC1 [member]      
Statement Line Items [Line Items]      
Proportion of total equity 3.90% 0.80% 0.40%
Bullish Global [member]      
Statement Line Items [Line Items]      
Proportion of total equity   0.20%  
v3.25.4
Note 33 - Subsequent Events (Details Textual) - Major ordinary share transactions [member]
 3 Months Ended
Mar. 31, 2026
shares
Statement Line Items [Line Items]  
Increase (decrease) in number of shares outstanding, conversion (in shares) 205,000
BMC1 [member]  
Statement Line Items [Line Items]  
Increase (decrease) in number of shares outstanding, conversion (in shares) (395,299)
Proportion of ownership interest in subsidiary, converted 0.14%