Income Taxes

9 Months Ended

Sep. 30, 2025

Income Taxes [Abstract]

INCOME TAXES

NOTE 13 – INCOME TAXES

The Company is subject to U.S. Federal tax laws at a tax rate of 21%.

There is one subsidiary incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5%. The Company owns a subsidiary incorporated in the British Virgin Islands (BVI). Under the current tax laws of BVI, the subsidiary’s income tax rate is nil.

The following table reconciles the statutory rate to the Company’s effective tax rate:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
US Statutory income tax rates		21.0	%		21.0	%		21.0	%		21.0	%
Share-based compensation expense		(97.2	)%		—			—			—
Changes in valuation allowance		—			—			2.4	%		(5.0	)%
Effective Income Tax Rate		(76.2	)%		21.0	%		23.4	%		16.0	%

The income tax expense for domestic and foreign components’ are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
US	$	7,303,523	$	364,730	$	90,244,207	$	2,666,078
Hongkong and BVI		—		—		—		—
Total	$	7,303,523	$	364,730	$	90,244,207	$	2,666,078

For the three months ended September 30, 2025 and 2024, the Company paid nil and nil for income expense (net of refunds received), respectively. For the nine months ended September 30, 2025 and 2024, the Company paid nil and nil for income expense (net of refunds received), respectively.

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive (loss) income are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Current income tax expense	$	—	$	—	$	—	$	—
Deferred income tax expense		7,303,523		364,730		90,244,207		2,666,078
Total	$	7,303,523	$	364,730	$	90,244,207	$	2,666,078

The principal components of deferred tax liabilities are as follows:

	As of September 30, 2025		As of December 31, 2024
Fair value gain of Bitcoin	$	98,478,710	$	8,234,503
Total deferred tax liabilities	$	98,478,710	$	8,234,503