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NOTE
8 — DIGITAL ASSETS
SCHEDULE
OF DIGITAL ASSETS
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2024 |
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2023 |
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As of December 31, |
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2024 |
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2023 |
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| Digital assets |
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| Bitcoin Treasury – freely-traded |
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$ |
10,550,934 |
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$ |
-
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| Bitcoin Treasury – restricted (1)
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19,890,199 |
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- |
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| Total |
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$ |
30,441,133 |
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$ |
- |
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(1)
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On December
30, 2024, the Group has entered into a loan with a commercial lender for $10 million principal amount loan to purchase Bitcoin. The loan
has an 18-month term and bears interest at 13.9% per annum, with interest repaid monthly over the 18-month term and the principal payable
in full at the end of the term. The Group may repay the loan early with no penalty. The loan is secured against the Group’s current
Bitcoin Treasury. On December 27, 2024, $19,490,644 equivalent of Bitcoin (around 208.7180 Bitcoin) were transferred out from Coinbase
and transferred into Arch Platform in order to secure the commercial loan, which would be restricted from trading. In return, the $10
million loan in the form of USDC were sent to Coinbase, and 100% of the loan were used to purchase additional Bitcoin (around 105.7173
Bitcoin). |
On
December 31, 2024, the Group revaluated the Bitcoin held in both Coinbase and Arch Platform at a closing price of $95,297, and the total
Bitcoin Treasury were recorded at $30,441,133 ($10,550,934 and $19,890,199 of Bitcoin Treasury in Coinbase and Arch Platform, respectively),
with revaluation gain recognized at $440,145.
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