Cryptocurrency

12 Months Ended

Dec. 31, 2025

7.	Cryptocurrency

Cryptocurrency consists of the following:


		As of December 31, 2024						As of December 31, 2025
(in thousands, except for quantity)		Quantity		Cost Basis		Fair Value		Quantity		Cost Basis		Fair Value
Bitcoin		642		42,003		61,138		813		74,143		71,431
ETH		3		5		10		3,951		16,249		11,780
USDT		672,677		674		673		127,138		127		128
Total Cryptocurrency				42,682		61,821		—		90,519		83,339

Note: The cost basis of cryptocurrency represents the fair value of cryptocurrency at the time when the cryptocurrency is earned. The Company has adopted an accounting policy to aggregate individual contracts with individual terms less than 24 hours within each intraday period and apply a consistent valuation point, the start of day Coordinated Universal Time (00:00:00 UTC), to value the Bitcoin earned.

Additional information about cryptocurrency consists of the following:


		For the years ended December 31,
		2024		2025
Beginning balance		28,342		61,821
Cumulative effect of the adoption of ASU 2023-08		18,893		—
Revenue recognized on acceptance of cryptocurrency*		90,273		152,934
Cryptocurrency received under long-term loans agreements*		14,015		44,494
Purchase of cryptocurrencies		1,761		12,419
Cryptocurrency received as customer deposits*		5,481		6,893
Return of cryptocurrency as prepayment*		—		3,309
Cryptocurrency received from disposal of property, equipment and software*		—		1,453
Pledged and derecognized cryptocurrency under long-term loans agreements*		(38,561)		(65,283)
Return of pledged cryptocurrency under long-term loans agreements*		—		34,514
Cryptocurrency prepaid for professional services		(1,761)		—
Cryptocurrency transferred (to) from fixed term financial product*		(6,534)		26
Return of cryptocurrency as customer deposits*		(10,561)		(8,613)
Cost of revenues recognized on payment of cryptocurrency*		(9,821)		(55,941)
Proceeds from sale of cryptocurrency**		(71,494)		(93,077)
Cryptocurrency prepaid as deposits*		(639)		(182)
Change in fair value of cryptocurrency		42,427		(11,428)
Ending balance		61,821		83,339

*represents non-cash investing or financing activities.

**The cumulative realized gain on the sale of cryptocurrency were US$42,206 and US$9,825 for the years ended December 31, 2024 and 2025, respectively.