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FY2025
12 months to Dec 31, 2025
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|---|---|
| Operating activities | |
| Income / (loss) for the year | |
| Adjustments for: | |
| Digital assets sales revenue | |
| Digital assets sales cost | |
| Impairment of digital assets | |
| Provision for credit losses | |
| Depreciation and amortization | |
| Other impairment loss | |
| Equity based compensation | |
| Noncash management fee | |
| Noncash borrowing costs | |
| Noncash interest and net staking income | |
| Net realized loss on disposal | |
| Net (gains) / losses from operations | |
| Net unrealized (gain) / loss on notes payable – derivative | |
| Noncash notes interest expense | |
| Taxes | |
| Other noncash adjustments | |
| Changes in operating assets and liabilities: | |
| Digital assets | |
| Digital assets receivable | |
| Investments | |
| Derivative assets / liabilities | |
| Accounts receivable | |
| Prepaid expenses and other assets | |
| Other non-current assets | |
| Collateral receivable / payable | |
| Accounts payable and accrued liabilities | |
| Other current liabilities | |
| Other non-current liabilities | |
| Net cash provided by / (used in) operating activities | |
| Investing activities | |
| Proceeds from repayments and maturities of loans receivable | |
| Origination of loans receivable | |
| Purchase of property, equipment and intangible assets | |
| Acquisitions, net of cash received | |
| Disposal of property and equipment | |
| Purchase of investments | |
| Proceeds and distributions from investments | |
| Net cash provided by / (used in) investing activities | |
| Financing activities | |
| Payable to customers | |
| Proceeds from loans payable | |
| Repayments of loans payable | |
| Margin loans payable, net | |
| Proceeds from notes payable, net of issuance costs | |
| Share issuance, net of costs | |
| Distributions | |
| Cancellation of Class A Units withheld | |
| Net cash provided by / (used in) financing activities | |
| Net increase / (decrease) in cash and cash equivalents | |
| Cash and cash equivalents, beginning of period | |
| Cash and cash equivalents, end of period | |
| Supplemental disclosure of cash flow information and noncash investing and financing activities: | |
| Cash paid during the year for: | |
| Interest | |
| Taxes | |
| Significant noncash investing and financing activities: | |
| Digital assets loan receivable, net of allowance | |
| Payables to customers - digital assets | |
| Assets posted as collateral | |
| Digital assets borrowed | |
| Collateral payable | |
| Purchase of investments with noncash contributions | |
| Payable for investments purchased | |
| Proceeds from investments included in receivables | |
| Proceeds from investments received as non-cash contributions | |
| Additions to property, plant and equipment and intangible assets | |
| Disposals of property, plant and equipment and intangible assets | |
| Reclassification between digital assets receivable and investments | |
| Origination of loans receivable with noncash consideration | |
| Receivable for repayment of loans receivable | |
| Repayment of loans receivable with non-cash considerations | |
| Repayments of loans payable with non-cash consideration |
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