Derivatives (Tables) - Coinshares International Limited [Member]

12 Months Ended

Dec. 31, 2025

Derivatives (Tables) [Line Items]

Schedule of Information Derivative Instruments

The following table summarizes information on derivative instruments by their location in the Consolidated Balance Sheets:

		Derivative Assets			Derivative Liabilities
		Consolidated Balance Sheets Location	Fair Value		Consolidated Balance Sheets Location	Fair value
Instrument:		December 31, 2025
Digital asset perpetuals and futures (DA settled)		Digital asset receivables	$	30,124	Digital asset payables	$	9
Digital asset futures (cash settled)		Prepaids and other current assets		395			—
OTC liabilities				—	Digital asset payables		13,291
CS Physical Certificate Liabilities				—	CS Physical Certificate Liabilities		2,041,154
XBT CS Physical Certificate Liabilities				—	XBT CS Physical Certificate Liabilities		1,279
Solana seed				—	Digital asset payables		155,074
Total			$	30,519		$	2,210,807
	December 31, 2024
Digital asset perpetuals and futures (DA settled)		Digital asset receivables	$	2,129	Digital asset payables	$	509
Digital asset futures (cash settled)				—	Trade and other payables		361
OTC liabilities				—	Digital asset payables		16,988
CS Physical Certificate Liabilities				—	CS Physical Certificate Liabilities		1,453,943
Solana seed				—	Digital asset payables		224,208
Total			$	2,129		$	1,696,009

Schedule of Gain/(losses) on Derivative Instruments

The impacts of gains/(losses) on derivative instruments recognized in the Consolidated Statements of Operations and Comprehensive Income were as follows:

		For the years ended December 31,
Instrument:	Consolidated Statements of Operations and Comprehensive Income Location	2025			2024			2023
Digital asset perpetuals and futures (DA settled)	Other operating gains/(losses)	$	62,506		$	18,689		$	4,026
Cash-settled derivatives	Other operating gains/(losses)		(11,937	)		(54,473	)		21,294
OTC liabilities	Other operating gains/(losses)		6,030			(5,082	)		(11,459	)
CS Physical Certificate Liabilities and XBT CS Physical Certificate Liabilities	Gain/(loss) on certificate liabilities		635,929			(708,451	)		(224,824	)
Solana seed	Other operating gains/(losses)		95,644			(107,823	)		(97,687	)
Total		$	788,172		$	(857,140	)	$	(308,650	)