INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS [Abstract]

INVESTMENTS

7. INVESTMENTS

The following table sets forth a breakdown of the categories of short-term and long-term investments held by the Company:

	As of December 31,
	2024		2025
	$		$
Short-term investments
Debt securities:
Held-to-maturity		2,960,155		2,432,077
Available-for-sale		3,245,212		3,943,354
Equity securities		10,056		37,830
		6,215,423		6,413,261
Long-term investments
Debt securities:
Held-to-maturity		39,385		34,652
Available-for-sale		2,076,450		1,300,222
Equity securities		393,462		376,387
Equity method investments		185,008		177,568
		2,694,305		1,888,829

Marketable equity securities

The net unrealized fair value (loss) gain of ($2,069), ($1,471) and $7,509 related to the marketable equity securities had been recognized in the consolidated statements of operations as “Net investment loss” for the years ended December 31, 2023, 2024 and 2025, respectively.

Non-marketable equity securities

As of December 31, 2024 and 2025, the Company determined an impairment indicator existed due to the deterioration in economic and market conditions and the fair value of certain investments was less than their carrying amount. As of December 31, 2024 and 2025, the Company recorded cumulative impairment of $443,906 and $506,772, respectively.

Impairment losses

Impairment losses are included in “Net investment loss” in the consolidated statements of operations:

	Year ended December 31,
	2023		2024		2025
	$		$		$
Impairment losses
Non-marketable equity securities		86,076		244,630		62,866
Equity method investments		10,608		23,149		22,000

The following table summarizes the cost or amortized cost, gross unrecognized gains and losses, gross unrealized gains and losses, and fair value of the Company’s debt securities as of December 31, 2024 and 2025:

	As of December 31, 2024
	Cost or amortized cost		Gross unrecognized gains		Gross unrecognized losses			Gross unrealized gains		Gross unrealized losses			Fair value
	$		$		$			$		$			$
Short-term investments
Debt securities:
Held-to-maturity
Time deposits		2,943,881		–		–			–		–			2,943,881
Sovereign debt securities		16,274		–		(34	)		–		–			16,240
Available-for-sale
Sovereign and corporate debt securities		3,238,181		–		–			7,873		(842	)		3,245,212
Long-term investments
Debt securities:
Held-to-maturity
Sovereign and corporate debt securities		39,385		236		(497	)		–		–			39,124
Available-for-sale
Sovereign and corporate debt securities		2,093,447		–		–			640		(17,637	)		2,076,450
		8,331,168		236		(531	)		8,513		(18,479	)		8,320,907

	As of December 31, 2025
	Cost or amortized cost		Gross unrecognized gains		Gross unrecognized losses			Gross unrealized gains		Gross unrealized losses			Fair value
	$		$		$			$		$			$
Short-term investments
Debt securities:
Held-to-maturity
Time deposits		2,420,776		–		–			–		–			2,420,776
Sovereign and corporate debt securities		11,301		29		(3	)		–		–			11,327
Available-for-sale
Sovereign and corporate debt securities		3,939,498		–		–			4,603		(747	)		3,943,354
Long-term investments
Debt securities:
Held-to-maturity
Time deposits		7,154		–		–			–		–			7,154
Sovereign debt securities		27,498		1,355		(38	)		–		–			28,815
Available-for-sale
Sovereign and corporate debt securities		1,288,970		–		–			12,800		(1,548	)		1,300,222
		7,695,197		1,384		(41	)		17,403		(2,295	)		7,711,648