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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash (used in) provided by operations: | |
| Net income (loss) for the year after taxes | |
| Adjustments to reconcile net (loss) income to cash (used in) operating activities: | |
| Share-based payments | |
| Impairment loss | |
| Depreciation - equipment | |
| Amortization - right-of-use asset | |
| Amortization - Intangible asset | |
| Realized loss on investments, net | |
| Unrealized gain on investments, net | |
| Realized and net change in unrealized (loss) gain on digital assets | |
| Realized and net change in unrealized gain (loss) on ETP payables | |
| Realized and net change in unrealized (loss) gain on equity investments at FVTPL | |
| Staking and lending income | |
| Management fee revenue | |
| Non-cash trading fees | |
| Share issuance costs expensed | |
| Change in fair value of warrant liability | |
| Lease interest expense | |
| Gain on deconsolidation | |
| Loss on investment in associate | |
| Unrealized loss on foreign exchange | |
| Total adjustments to reconcile net (loss) income | |
| Adjustment for: | |
| Purchase of digital assets | |
| Disposal of digital assets | |
| Disposal of equity investments | |
| Purchase of investments | |
| Treasury shares | |
| Change in client cash deposit | |
| Change in prepaid expenses and deposits | |
| Change in accounts payable and accrued liabilities | |
| Change in trading liabilities | |
| Net cash (used in) operating activities | |
| Investing activities | |
| Net cash (paid for) received from acquisition of subsidiaries | |
| Equipment purchases | |
| Net cash (used in) provided by investing activities | |
| Financing activities | |
| Proceeds from ETP holders | |
| Payments to ETP holders | |
| Loan proceeds | |
| Loan repaid | |
| Proceeds from investments | |
| Proceeds from option exercises | |
| Proceeds from exercise of warrants | |
| NCIB | |
| Proceeds from private placement | |
| Share issuance costs | |
| Lease payments | |
| Net cash provided by financing activities | |
| Effect of exchange rate changes on cash and cash equivalents | |
| Change in cash and cash equivalents | |
| Cash, beginning of year | |
| Cash and cash equivalents, end of year |
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