| Schedule of continuity of cryptocurrencies |
| | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Beginning balance | | 5,612 | | 7,625 | | 9,581 | Cumulative effect upon adoption of ASU 2023-08 | | — | | 854 | | — | Cryptocurrencies mined from mining business | | 21,601 | | 17,092 | | 6,670 | Deposits received from customers of mining data center | | — | | 442 | | 815 | Deposits returned to customers of mining data center | | (71) | | (1,194) | | — | Payment of service expense and long-lived assets | | (13,810) | | (148) | | (1,746) | Disposal of cryptocurrency assets* | | (31,601) | | (32,995) | | (25,386) | Utility fee received from customers of mining data center | | 13,901 | | 11,480 | | 11,565 | Cryptocurrencies purchased using fiat currency | | 13,381 | | 2,258 | | 9,477 | Cryptocurrencies collected from derivative contracts | | 9,500 | | 23,109 | | 8,115 | Cryptocurrencies paid to derivative contracts | | (8,560) | | (22,265) | | (7,639) | Changes in fair value of cryptocurrency assets | | — | | 3,203 | | (4,356) | Changes in fair value of payables settled by cryptocurrency assets | | — | | 37 | | 7 | Cryptocurrencies collected from short-term investments** | | — | | 5,506 | | — | Cryptocurrencies paid to short-term investments** | | — | | (5,350) | | — | Cryptocurrency transferred from discontinued operation to continuing operations | | — | | 3,064 | | — | Cryptocurrencies received in connection with the disposal of discontinued operation | | — | | 1,000 | | 1,000 | Cryptocurrencies paid in connection with asset acquisition | | — | | (2,265) | | — | Cryptocurrencies received from disposal of property and equipment | | — | | 42 | | — | Impairment of cryptocurrency assets | | (2,359) | | — | | — | Advances received from customer for hash calculation rental services | | — | | 1,057 | | — | Cryptocurrencies paid to purchase mining machines | | — | | (2,752) | | — | Cryptocurrencies paid to settle hosting arrangement | | — | | (229) | | (136) | Cryptocurrencies received from disposal of long-term investment | | — | | — | | 190 | Cryptocurrency loss from online scam | | — | | — | | (1,266) | Utility fee pay for mining data center | | — | | — | | — | Others | | 31 | | 10 | | 87 | Ending balance of cryptocurrency assets, net | | 7,625 | | 9,581 | | 6,978 |
* From June to October 2023, the Company entered into several collar agreements with a third party with one-month term to mitigate the effect of future price fluctuations on Ethereum or Bitcoin. Pursuant to the arrangements, the Company transferred in total of 3,200 Ethereum and 40 Bitcoins to the counterparty and received USDT and USDC equal to 70% of the initial notional amount of the Ethereum and Bitcoins at the agreement date. Disposal of cryptocurrency assets for the year ended December 31, 2023 included the net effect of the carrying amount of the Ethereum and Bitcoins transferred to the counterparty of US$4,650 and the fair value of the USDT and USDC received of US$5,015. The Group also recorded a gain on disposal of cryptocurrencies related to the transfer of the Ethereum in the amount of US$2,344. ** From January to November 2024, the Group invested in several wealth management products with payments and collections in USDT. All such products were redeemed at their respective net asset values as of December 31, 2024. The Group recorded a gain from such short-term investments in the amount of US$156.
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| Summary of units, cost basis, and fair value of cryptocurrency assets |
| | | | | | | | | December 31, 2024 | | | Units | | Cost Basis | | Fair Value | Ethereum | | 1,246 | | 3,415 | | 4,181 | Dogecoin | | 7,605,910 | | 2,915 | | 2,383 | Bitcoin | | 19 | | 1,473 | | 1,831 | USDT | | 932,333 | | 932 | | 932 | Litecoin | | 1,770 | | 192 | | 176 | Other cryptocurrency assets* | | | | 58 | | 78 | | | | | 8,985 | | 9,581 |
| | | | | | | | | December 31, 2025 | | | Units | | Cost Basis | | Fair Value | Solana | | 44,700 | | 7,956 | | 5,582 | Bitcoin | | 11 | | 980 | | 976 | Ethereum | | 122 | | 315 | | 363 | Other cryptocurrency assets* | | | | 57 | | 57 | | | | | 9,308 | | 6,978 |
* Includes various other cryptocurrency asset balances, none of which individually represented more than 1% of total cryptocurrency assets as of December 31, 2024 and 2025.
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