Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Coinshares International Limited [Member]

Operating Segment Information (Tables) [Line Items]

Schedule of Analysis of the Group's Results by Reportable Segment

The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2025.

	Asset Management			Capital Markets			Unallocated(1)			Total
Revenue	$	126,371		$	39,306		$	—		$	165,677
Gains/(losses) from operations
(Loss)/gain on digital assets and digital asset ETPs		(1,009,065	)		31,038			(4,746	)		(982,773	)
Gain on certificate liabilities		802,747			(4,584	)		4,584			802,747
Other operating gains		206,318			5,698			(17	)		211,999
Total gains/(losses) from operations		—			32,152			(179	)		31,973
Total revenues, gains/(losses) from operations(2)	$	126,371		$	71,458		$	(179	)	$	197,650
Operating expenses(3)
Cost of revenue (excluding depreciation and amortization)		(15,434	)		(4,755	)		—			(20,189	)
Salaries and employee benefits		(6,859	)		(5,602	)		(7,060	)		(19,521	)
Professional fees		(2,254	)		(1,989	)		(5,627	)		(9,870	)
Marketing expenses		(2,637	)		(15	)		(2,639	)		(5,291	)
Technology expense		(1,089	)		(907	)		(2,478	)		(4,474	)
Allowance for credit losses		—			1,142			—			1,142
Other general and administrative expenses		(1,873	)		(1,665	)		(2,936	)		(6,474	)
XBT/ETP Pricing differential(4)		—			—			(1,633	)		(1,633	)
Segment EBITDA	$	96,225		$	57,667		$	(22,373	)	$	131,340

	Asset Management			Capital Markets			Unallocated(1)			Total
Share based compensation		—			—			(2,839	)		(2,839	)
Depreciation and amortization		(2,188	)		(474	)		(481	)		(3,143	)
Interest income		598			598			597			1,793
Interest expense		(2,601	)		(2,601	)		(2,602	)		(7,804	)
Loss on treasury digital assets		—			—			(4,685	)		(4,685	)
Fair value loss on investments		—			—			(1,574	)		(1,574	)
XBT/ETP Pricing differential		—			—			1,633			1,633
Income/(loss) before income taxes	$	92,034		$	55,190		$	(32,503	)	$	114,721

(1)      Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.

(2)      The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations.

(3)      The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(4)      Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads.

The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2024.

	Asset Management			Capital Markets			Unallocated(1)			Total
Revenue	$	111,691		$	43,849		$	—		$	155,540
Gains/(losses) from operations
Gain on digital assets and digital asset ETPs		2,891,150			37,663			4,597			2,933,410
Loss on certificate liabilities		(2,910,985	)		(14,588	)		14,588			(2,910,985	)
Other operating gain		19,835			(1	)		1			19,835
Total gains/(losses) from operations		—			23,074			19,186			42,260
Total revenues, gains/(losses) from operations(2)	$	111,691		$	66,923		$	19,186		$	197,800
Operating expenses(3)
Cost of revenue (excluding depreciation and amortization)		(9,621	)		(5,507	)		(81	)		(15,209	)
Salaries and employee benefits		(3,016	)		(3,195	)		(15,526	)		(21,737	)
Professional fees		(1,310	)		(66	)		(3,279	)		(4,655	)
Marketing expenses		(3,593	)		(70	)		(1,808	)		(5,471	)
Technology expense		—			—			(2,738	)		(2,738	)
Allowance for credit losses		—			(1,902	)		—			(1,902	)
Other general and administrative expenses		(753	)		(1,372	)		(3,561	)		(5,686	)
XBT/ETP Pricing differential(4)		—			—			(15,760	)		(15,760	)
Segment EBITDA	$	93,398		$	54,811		$	(23,567	)	$	124,642

	Asset Management		Capital Markets		Unallocated(1)			Total
Share based compensation		—		—		(12,369	)		(12,369	)
Depreciation and amortization		—		—		(3,022	)		(3,022	)
Income from sale of FTX claim		—		—		36,816			36,816
Interest income		—		—		8,495			8,495
Interest expense		—		—		(11,355	)		(11,355	)
Gain on treasury digital assets		—		—		3,493			3,493
Fair value gain on investments, net of impairment of equity method investment		—		—		923			923
XBT/ETP Pricing differential		—		—		15,760			15,760
Income before income taxes	$	93,398	$	54,811	$	15,174		$	163,383

(1)      Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.

(2)      The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations.

(3)      The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(4)      Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging. These differences result in unrealized gains or losses that are driven by market spreads.

The following is an analysis of the Group’s results by reportable segment for the year ended December 31, 2023.

	Asset Management			Capital Markets			Unallocated(1)			Total
Revenue	$	53,709		$	34,002		$	—		$	87,711
Gains/(losses) from operations
Gain on digital assets and digital asset ETPs		1,731,831			7,367			5,605			1,744,803
Loss on certificate liabilities		(1,703,465	)		341			(341	)		(1,703,465	)
Other operating loss		(28,366	)		(422	)		422			(28,366	)
Total gains/(losses) from operations		—			7,286			5,686			12,972
Total revenues, gains/(losses) from operations(2)	$	53,709		$	41,288		$	5,686		$	100,683
Operating expenses(3)
Cost of revenue (excluding depreciation and amortization)		(3,994	)		(2,803	)		(295	)		(7,092	)
Salaries and employee benefits		(1,952	)		(2,889	)		(8,475	)		(13,316	)
Professional fees		(1,230	)		(772	)		(2,495	)		(4,497	)
Marketing expenses		(1,716	)		—			(1,503	)		(3,219	)
Technology expense		—			—			(2,404	)		(2,404	)
Other general and administrative expenses(4)		(449	)		(666	)		(2,513	)		(3,628	)
XBT/ETP Pricing differential		—			—			(2,234	)		(2,234	)
Segment EBITDA	$	44,368		$	34,158		$	(14,233	)	$	64,293

	Asset Management		Capital Markets		Unallocated(1)			Total
Share based compensation		—		—		(1,261	)		(1,261	)
Depreciation and amortization		—		—		(3,993	)		(3,993	)
Interest income		—		—		7,975			7,975
Interest expense		—		—		(8,510	)		(8,510	)
Fair value gain on investments, net of impairment of equity method investment		—		—		15,732			15,732
XBT/ETP Pricing differential		—		—		2,234			2,234
Income/(loss) before income taxes	$	44,368	$	34,158	$	(2,056	)	$	76,470

(1)      Unallocated represents other business activities below the quantitative thresholds when determining the entity’s reportable segments and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.

(2)      The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations.

(3)      The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(4)      Other segment items for each reportable segment include regulatory expenses, entertainment expenses, travel, and hotel expenses.