Date: 4/21/2025
Form: 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)]
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Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Auditor [Table] | |
| Auditor Name | WWC, P.C |
| Auditor Firm ID | 1171 |
| Auditor Location | San Mateo, California |
| Auditor Opinion [Text Block] | Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of BitFuFu Inc. and its subsidiaries (collectively the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of comprehensive income, shareholders’ equity, and cash flows in each of the years for the three-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows in each of the years for the three-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. |
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Consolidated Balance Sheets (Parentheticals) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|
| Statement of Financial Position [Abstract] | ||||
| Ordinary shares, par value (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 | |
| Ordinary shares, shares authorized | [1] | 500,000,000 | 500,000,000 | |
| Ordinary shares issued | [1] | 163,106,615 | 150,204,348 | |
| Ordinary shares outstanding | [1] | 163,106,615 | 150,000,000 | |
| Treasury shares held | 204,348 | |||
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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Total revenues | $ 463,330 | $ 284,106 | $ 198,199 |
| Cost of revenues | |||
| Total cost of revenues | (433,608) | (271,393) | (161,967) |
| Gross profit | 29,722 | 12,713 | 36,232 |
| Operating expenses | |||
| Sales and marketing expenses | (7,462) | (1,863) | (1,952) |
| General and administrative expenses | (25,271) | (3,682) | (2,736) |
| Research and development expenses | (5,600) | (1,741) | (1,564) |
| Credit loss provision for receivables | (100) | (608) | |
| Gain on sale of recovery rights on assets held by FTX | 7,270 | ||
| Impairment loss on assets held by FTX | (9,827) | ||
| Impairment loss on digital assets | (6,987) | (12,949) | |
| Impairment loss on mining equipment | (8,076) | (11,850) | |
| Unrealized loss on digital asset receivables or payables | (1,320) | ||
| Unrealized gain on digital assets | 37,604 | ||
| Realized gain on sales of digital assets | 39,329 | 18,231 | 4,948 |
| Realized gain on digital asset borrowings | 4,206 | ||
| Total operating income / (expenses) | 36,474 | 3,858 | (32,332) |
| Operating income | 66,196 | 16,571 | 3,900 |
| Investment income | 416 | ||
| Interest expense | (6,328) | (5,535) | (2,517) |
| Interest income | 1,624 | 1,055 | 343 |
| Other (expense)/ income, net | (277) | 587 | 50 |
| Income before income taxes | 61,631 | 12,678 | 1,776 |
| Income tax expense / (benefit) | 7,668 | 2,183 | (666) |
| Net income and total comprehensive income attributable to common stockholders | $ 53,963 | $ 10,495 | $ 2,442 |
| Weighted average number of shares outstanding used in calculating basic and diluted earnings per share: | |||
| Basic (in Shares) | 160,988,011 | 150,000,000 | 149,383,562 |
| Diluted (in Shares) | 165,500,289 | 150,000,000 | 149,383,562 |
| Earnings per share: | |||
| Basic (in Dollars per share) | $ 0.34 | $ 0.07 | $ 0.02 |
| Diluted (in Dollars per share) | $ 0.33 | $ 0.07 | $ 0.02 |
| Related Party | |||
| Cost of revenues | |||
| Total cost of revenues | $ (177,162) | $ (166,541) | $ (83,878) |
| Third Parties | |||
| Cost of revenues | |||
| Total cost of revenues | (231,756) | (80,397) | (59,955) |
| Depreciation and Amortization | |||
| Cost of revenues | |||
| Total cost of revenues | $ (24,690) | $ (24,455) | $ (18,134) |
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense (reversal of expense) for expected credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of expense for research and development. Includes, but is not limited to, cost for computer software product to be sold, leased, or otherwise marketed and writeoff of research and development assets acquired in transaction other than business combination or joint venture formation or both. Excludes write-down of intangible asset acquired in business combination or from joint venture formation or both, used in research and development activity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands |
Ordinary shares
Cumulative effect upon adoption of ASU 2023-08
|
Ordinary shares |
Treasury shares
Cumulative effect upon adoption of ASU 2023-08
|
Treasury shares |
Additional paid-in capital
Cumulative effect upon adoption of ASU 2023-08
|
Additional paid-in capital |
Retained earnings
Cumulative effect upon adoption of ASU 2023-08
|
Retained earnings |
Cumulative effect upon adoption of ASU 2023-08 |
Total |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2021 | $ 14 | $ (14) | $ 4,834 | $ 4,834 | ||||||||||||||
| Balance (in Shares) at Dec. 31, 2021 | [1] | 142,500,000 | ||||||||||||||||
| Balance (in Shares) at Dec. 31, 2021 | ||||||||||||||||||
| Issuance of new ordinary shares | $ 1 | 1,562 | 1,563 | |||||||||||||||
| Issuance of new ordinary shares (in Shares) | [1] | 7,500,000 | ||||||||||||||||
| Acquisition of treasury shares | $ (2,000) | (2,000) | ||||||||||||||||
| Acquisition of treasury shares (in Shares) | [1] | 204,348 | ||||||||||||||||
| Net income | 2,442 | 2,442 | ||||||||||||||||
| Balance at Dec. 31, 2022 | $ 15 | $ (2,000) | 1,548 | 7,276 | 6,839 | |||||||||||||
| Balance (in Shares) at Dec. 31, 2022 | [1] | 150,000,000 | ||||||||||||||||
| Balance (in Shares) at Dec. 31, 2022 | [1] | 204,348 | ||||||||||||||||
| Net income | 10,495 | 10,495 | ||||||||||||||||
| Balance at Dec. 31, 2023 | $ 15 | $ (2,000) | $ 1,548 | $ 6,436 | $ 17,771 | $ 6,436 | $ 17,334 | |||||||||||
| Balance (in Shares) at Dec. 31, 2023 | 150,000,000 | [1] | 150,000,000 | [2] | ||||||||||||||
| Balance (in Shares) at Dec. 31, 2023 | 204,348 | [1] | 204,348 | |||||||||||||||
| Ordinary shares issued upon Reverse Recapitalization, PIPE Financing, Backstop Financing and Stock Purchase Agreements, net of issuance costs | $ 1 | 57,529 | 57,530 | |||||||||||||||
| Ordinary shares issued upon Reverse Recapitalization, PIPE Financing, Backstop Financing and Stock Purchase Agreements, net of issuance costs (in Shares) | [1] | 13,106,615 | ||||||||||||||||
| Share-based compensation expense | 26,065 | 26,065 | ||||||||||||||||
| Sale of treasury shares | $ 2,000 | (866) | 1,134 | |||||||||||||||
| Sale of treasury shares (in Shares) | [1] | (204,348) | ||||||||||||||||
| Net income | 53,963 | 53,963 | $ 53,963 | |||||||||||||||
| Balance at Dec. 31, 2024 | $ 16 | $ 84,276 | $ 78,170 | $ 162,462 | $ 162,462 | |||||||||||||
| Balance (in Shares) at Dec. 31, 2024 | 163,106,615 | [1] | 163,106,615 | [2] | ||||||||||||||
| Balance (in Shares) at Dec. 31, 2024 | ||||||||||||||||||
| ||||||||||||||||||
| X | ||||||||||
- Definition It represents shares of sale on treasury stock. No definition available.
|
| X | ||||||||||
- Definition Sales of treasury stock. No definition available.
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Cash Flows [Abstract] | |||
| Net income | $ 53,963 | $ 10,495 | $ 2,442 |
| Adjustments to reconcile net income to net cash used in operating activities: | |||
| Net income received or to be received by digital assets | (195,679) | (183,112) | (100,981) |
| Impairment loss on digital assets | 6,987 | 12,949 | |
| Credit loss provision for receivables | 100 | 608 | |
| Gain on sale of recovery rights on assets held by FTX | (7,270) | ||
| Impairment loss on assets held by FTX | 9,827 | ||
| Impairment loss on mining equipment | 8,076 | 11,850 | |
| Unrealized loss on digital asset receivables or payables | 1,320 | ||
| Unrealized gain of digital assets | (37,604) | ||
| Realized gain on sale of digital assets | (39,329) | (18,231) | (4,948) |
| Realized fair value gain on digital asset borrowings | (4,206) | ||
| Depreciation of equipment: | |||
| - Servers, computers, and network equipment | 43 | 46 | 23 |
| - Mining equipment | 24,690 | 24,455 | 18,134 |
| Share-based compensation expense | 26,065 | ||
| Deferred income tax | 6,791 | 4,151 | (4,471) |
| Changes in operating assets and liabilities: | |||
| Prepayments | (4,565) | (654) | (481) |
| Inventory | (142) | ||
| Amount due from / (due to) related parties | (63,307) | (36,934) | 132,799 |
| Deposit receivables | 2,683 | (2,683) | |
| Other current assets | 3,422 | (1,514) | (2,370) |
| Accounts payable | 1,366 | 775 | 25 |
| Customer deposit liabilities | (75,275) | ||
| Contract liabilities | (8,075) | ||
| Taxes payable | (3) | (2,893) | 4,093 |
| Accrued expenses and other payables | (394) | 3,042 | 613 |
| Net cash used in operating activities | (219,874) | (195,970) | (7,444) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Proceeds from sales of digital assets | 184,794 | 222,393 | 71,354 |
| Purchase of digital assets | (16,824) | (45,429) | (10,825) |
| Purchases of equipment | (37) | (68) | (3,855) |
| Net cash provided by investing activities | 167,933 | 176,896 | 56,674 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from the issuance of ordinary shares | 75,187 | 1,563 | |
| Payment of deferred offering costs and extension fees | (10,140) | (2,352) | (1,674) |
| Purchase of treasury shares | (2,000) | ||
| Repayment of long-term payables | (7,000) | ||
| Net cash provided by /(used in) financing activities | 65,047 | (9,352) | (2,111) |
| Net change in cash and cash equivalents | 13,106 | (28,426) | 47,119 |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 32,005 | 60,431 | 13,312 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 45,111 | 32,005 | 60,431 |
| SUPPLEMENTAL INFORMATION | |||
| Cash paid for interest | 1,200 | 3,662 | 1,635 |
| Cash paid for income tax | 1,278 | 784 | |
| Supplemental non-cash operating activities | |||
| Net digital assets provided by operating activities | 258,403 | 212,931 | 86,109 |
| Supplemental non-cash investing activities | |||
| Net digital assets used in investing activities | (213,827) | (176,964) | (82,025) |
| Supplemental non-cash financing activities | |||
| Purchases of equipment included in long-term payable | 109,435 | ||
| Proceeds from long-term loans | $ 34,950 | ||
| X | ||||||||||
- Definition The amount of Impairment loss on assets held by FTX. No definition available.
|
| X | ||||||||||
- Definition The amount of impairment loss on digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of impairment loss on mining equipment. No definition available.
|
| X | ||||||||||
- Definition The amount of mining equipment. No definition available.
|
| X | ||||||||||
- Definition Amount of net digital assets provided by operating activities. No definition available.
|
| X | ||||||||||
- Definition The amount of net digital assets (used in)/provided by investing activities. No definition available.
|
| X | ||||||||||
- Definition The amount of net income received or to be received by digital assets. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Purchase of digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of proceeds from long-term loans. No definition available.
|
| X | ||||||||||
- Definition The amount of proceeds from sales of digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of purchases of equipment included in long-term payable. No definition available.
|
| X | ||||||||||
- Definition The amount of realized fair value gain on digital asset borrowings. No definition available.
|
| X | ||||||||||
- Definition Realized gain on sale of digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of unrealized gain of digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of unrealized gain on digital asset receivables or payables. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; excluding effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, before refund, of cash paid to foreign, federal, state, and local jurisdictions as income tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in moneys or securities given as security including, but not limited to, contract, escrow, or earnest money deposits, retainage (if applicable), deposits with clearing organizations and others, collateral, or margin deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families; affiliates; or other parties with the ability to exert significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in other obligations or expenses incurred but not yet paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in current assets classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in security deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for acquisition of machinery and equipment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense (reversal of expense) for expected credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
Organization |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ORGANIZATION |
BitFuFu Inc. (“BitFuFu” together with its consolidated subsidiaries, the “Company”) was incorporated in the Cayman Islands on February 16, 2022 under the Cayman Islands Companies Law as an exempted company.
The Company operates under the trade name of “BitFuFu”. The Company is a global leader in Bitcoin mining and comprehensive mining services, dedicated to fostering a secure, compliant, and transparent blockchain infrastructure. The Company also provides a variety of stable and intelligent digital asset mining solutions, including one-stop cloud-mining services and miner hosting services to institutional customers and individual digital asset enthusiasts. The Company maintains a fleet of advanced Bitcoin miners for efficient cloud-mining on behalf of its customers and self-mining for its own account, allowing it to seamlessly adjust business strategies and reduce risk exposure.
As of the date of this report, the details of the Company’s principal subsidiaries are as follows:
Finfront Holding Company (“Finfront”) was incorporated in the Cayman Islands on July 22, 2021 under the Cayman Islands Companies Act as an exempted company with limited liability, which survives the Acquisition Merger as a wholly-owned subsidiary of BitFuFu upon the Closing of the Business Combination (as defined below). Merger with Arisz Acquisition Corp.
Arisz Acquisition Corp. (“Arisz”) was a blank check company incorporated in the state of Delaware on July 21, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
On February 29, 2024 (the “Closing Date”), Finfront and Arisz consummated the merger (the “Reverse Recapitalization” or the “Business Combination”) pursuant to the Merger Agreement, dated as of January 21, 2022 (as amended as of April 4, 2022, October 10, 2022, April 24, 2023 and July 28, 2023), by and between Arisz and Finfront. The Business Combination was effected in two steps: On February 29, 2024, (1) Arisz merged with and into the Company (the “Redomestication Merger”), with the Company surviving the Redomestication Merger as a publicly traded entity; and (2) immediately following the Redomestication Merger, Boundary Holding Company, the subsidiary of the Company, merged with and into Finfront (the “Acquisition Merger”), with Finfront surviving the Acquisition Merger as a wholly-owned subsidiary of the Company.
The listed company following the Business Combination is BitFuFu Inc., and its Class A Ordinary Shares and warrants commenced trading on the Nasdaq Stock Market under the ticker symbols “FUFU” and “FUFUW”, respectively, starting from March 1, 2024.
The transaction was accounted for as a “reverse recapitalization” in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Under this method of accounting, Arisz was treated as the “acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the Reverse Recapitalization, senior management of Finfront continues as senior management of the combined company; Finfront identifies a majority of the members of the board of directors of the combined company; the trade name of the combined company is BitFuFu, and it utilizes the Company’s current headquarters, and Finfront’s operations comprise the ongoing operations of the combined company. Accordingly, for accounting purposes, the financial statements of the Company will represent a continuation of the financial statements of Finfront, with the net identifiable assets of Arisz deemed to have been acquired by Finfront in exchange for Finfront common shares accompanied by a recapitalization, with no goodwill recorded. All share and per share data has been retroactively restated to reflect the current capital structure of the Company.
On November 22, 2021, Arisz sold warrants, together with its common stocks and rights, to the public and to Arisz Investments LLC, a Delaware limited liability company affiliated with Arisz’s chairman and chief executive officer (“Sponsor”), in a private placement in connection with Arisz’s initial public offering. On December 19, 2023, BitFuFu Inc., Arisz and Continental Stock Transfer & Trust Company entered into a supplemental warrant agreement (the “Supplemental Warrant Agreement”), pursuant to which, BitFuFu assumed the obligations of Arisz under that certain warrant agreement, dated November 17, 2021, by and between Arisz and Continental Stock Transfer & Trust Company (the “Existing Warrant Agreement”). Pursuant to the Business Combination Agreement and the Supplemental Warrant Agreement, each issued and outstanding warrant of Arisz (the “Warrants”) were exchanged for a corresponding warrant exercisable for Class A Ordinary Shares.
The Warrants have the same terms as the Arisz Warrants. Each Warrant entitles the holder thereof to purchase three-fourths (3/4) of one Class A Ordinary Share at a price of $11.50 per full share. The Company will not issue fractional shares. As a result, a warrant holder must exercise its Warrants in multiples of four, at a price of $11.50 per full share, subject to adjustment, to validly exercise the Warrants. The Warrants became exercisable on the completion of the Business Combination and will expire five years after the consummation of the Business Combination.
The Company may redeem the outstanding Warrants (excluding the private warrants that are part of the Private Units), in whole and not in part, at a price of $0.01 per warrant, when all below criteria are met:
Warrant activity during the year ended December 31, 2024, was as follows:
The Company evaluated the Warrants in accordance with the guidance at ASC 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging, and determined that they should be classified as equity instruments, with no recurring fair value measurement required. The Warrants are indexed to the Company’s common stock and are required to be settled through physical settlement, if exercised. Accordingly, the Warrants were recorded at fair value on the Closing Date with no subsequent remeasurement.
The relative fair value of the Warrants at grant date was estimated to be approximately $3.39 million to additional paid-in capital in the Consolidated Balance Sheets as the Warrants were determined to be equity classified, with the corresponding debit as an issuance cost of the related Ordinary Shares issued by Reverse Recapitalization, PIPE Financing, Backstop Financing and Stock Purchase Agreements. The fair value of the Warrants was determined by utilizing a Black-Scholes model, considering all relevant assumptions at the Closing Date.
Following are the assumptions (Level 3 significant unobservable inputs) used in valuing the Warrants on February 29, 2024 (non-recurring basis):
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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of presentation
The accompanying Consolidated Financial Statements of the Company include the financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).
Significant accounting policies followed by the Company in the preparation of the accompanying Consolidated Financial Statements are summarized below.
Principles of consolidation
The accompanying Consolidated Financial Statements include the accounts of BitFuFu Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.
Use of estimates
The preparation of the Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the Consolidated Financial Statements and accompanying notes. Significant accounting estimates reflected in the Company’s Consolidated Financial Statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, useful lives and recoverability of long-lived assets, the realizability of deferred tax assets, valuation of the Warrants classified under Level 3 fair value hierarchy, measurement of digital assets, valuation and recognition of share-based compensation, the fair value of derivatives and other contingencies. Actual results could differ from those estimates.
Foreign currency
The Company’s reporting currency is the U.S. dollars. The functional currency of the Company and its subsidiaries which are incorporated in Cayman Islands, Singapore, United States, UAE and Hong Kong are in U.S. dollars. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters.
Cash and cash equivalents
Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. As of December 31, 2024, the Company had cash and cash equivalents of approximately $38.20 million, of which $37.13 million was held in financial institutions in Singapore, $0.47 million and $0.58 million was held in financial institutions in the US and UAE, respectively. The Company maintains its cash and cash equivalents in the financial institutions, which, at times, may exceed regulated insured limits. The Company believes it is not exposed to significant credit risk on cash and cash equivalents.
Restricted cash and cash equivalents
The Company holds restricted cash deposits with financial institutions. The restricted deposits related to deposits payable to third parties under mining facility lease contracts located in the United States. These restricted balances were subsequently paid to the respective third party in January 2025.
The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows:
Accounts receivable, net
Accounts receivable consists of amounts due from customers of the cloud-mining business, mining equipment sales, and self-mining operations. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers many factors, including the age of the balance, collection history, secured and collaterals (if any), and forecasts of future economic conditions. Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). The Company recorded the balance of allowances for CECL of approximately $0.32 million for both December 31, 2024 and December 31, 2023. For the years ended December 31, 2024 and 2023, the Company did not record any credit recoveries.
The Company offered credit periods to some customers of cloud mining services. The accounts receivable due from those customers were denominated in U.S. dollars, interest bearing and secured by pledging digital assets to the Company. The Company implements robust risk management practices to address potential credit risks associated with customer defaults, retaining the right to liquidate the pledged digital assets if customers fail to meet their obligations. The Company continuously and systematically monitors the fair value of the digital assets pledged as collateral against the outstanding obligations of customers for cloud mining services. If the value of a customer’s pledged digital assets falls below the required collateral level, the customer is obligated to deposit additional collaterals to the Company. Due to the collateral requirements the Company applies to such receivables, the Company’s process for collateral maintenance, and collateral held by the Company, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against could mining receivables. The Company would recognize credit losses on these receivables if there was a collateral shortfall and it is not reasonably expected that the customer will replenish such a shortfall, nor will repay the outstanding balance cover such shortfall.
Digital assets pledged by the customers to the Company were recorded in the Digital Assets on the Consolidated Balance Sheets, as the Company had obtained control of these pledged digital assets, including the rights to sell, re-pledge, or rehypothecate the collaterals. The liability to return the collateral digital assets was recorded accordingly on the Consolidated Balance Sheets (See discussion of accounting for “Obligation to Return Collateral Digital Assets” below).
Digital assets
Prior to the adoption of ASU 2023-08, digital assets are accounted for as indefinite lived intangible assets. They are presented as current assets within the consolidated balance sheets. An intangible asset with an indefinite useful life is not amortized but assessed for impairment whenever events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets in the principal market at the time its fair value is being measured, and the Company recognized an impairment loss in an amount equal to that excess. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. The Company tracks its cost basis of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting.
Following the early adoption of Accounting Standards Update (“ASU”) 2023-08, Accounting for and Disclosure of Crypto Assets, since January 1, 2024, digital assets held at period end are recorded at fair value, and changes in fair value are recognized in Operating expense on the Consolidated Statements of Comprehensive Income. Digital assets collateralized to the lender were reported as “Digital assets collateral receivable” and classified as short-term or long-term assets on the Consolidated Balance Sheets according to the maturity of the related loans for which the digital assets were pledged.
The Company primarily holds digital assets for long-term price appreciation and plans to sell them to support operations as needed. Purchases and sales of digital assets for fiat currency are classified as investing activities in the Company’s consolidated cash flow statements.
Digital assets held as collateral
Digital assets held as collateral from customers are initially recorded at cost and subsequently remeasured at fair value, with changes in fair value recognized in Operating expenses on the Consolidated Statements of Comprehensive Income. Fair value is determined using quoted digital asset prices from the Company’s principal market at the time of measurement. Digital assets held as collateral include those digital assets under the Company’s control and may exceed the required contractual amounts. These assets are derecognized from the Consolidated Balance Sheets when the collateral is returned to customers or when it is sold or rehypothecated. Gains and losses upon derecognition are calculated on a cost basis.
Borrowings and related collateral
Long-term loans
The Company borrowed loans from counterparties. The loans are denominated in U.S. dollars with fixed interest rates. Long-term loans are carried at amortized cost. Transaction costs are recorded as direct deductions from the related loan liabilities and amortized to interest expense using the effective interest method over the terms of the term loans. Interest expense on debt includes long-term loan interest expense, as well as amortization of debt issuance costs.
Loans are classified as non-current liabilities unless they are due within one year.
Digital assets collateral receivable
The Company enters into borrowing arrangements with institutions that require it to pledge certain digital assets as collateral and maintain a specified collateral ratio. When the lender obtains control or has the right to sell, pledge, or rehypothecate the collateral, the Company derecognizes the pledged digital assets and recognizes a receivable from the lender.
Digital assets pledged as collateral are initially measured at fair value on the date they are received. Subsequently, the fair value of the pledged collateral is reassessed periodically, with any changes in fair value recognized in the Company’s financial statements. Upon the Company’s full repayment of its obligations, the lender is obligated to return the same quantity and type of digital assets originally posted as collateral.
Digital assets pledged are classified as current or non-current based on the maturity of the term loan, which determines the expected release date. Changes in the fair value of the receivable are recorded in Operating expenses on the Consolidated Statements of Comprehensive Income.
The Company assessed the CECL on its digital asset collateralized receivables using the current expected credit loss impairment model. This model requires the Company to estimate expected credit losses over the contractual life of the financial instrument and to present the net amount expected to be collected.
In developing the CECL estimate, the Company considered various factors, including the age of the receivable balances, historical collection patterns, the existence and quality of collateral (such as digital assets), and forward-looking information regarding macroeconomic conditions. Any changes to the expected credit loss estimate are recorded as a credit loss expense or reversal in the income statement.
For the financial year, the Company did not record any allowance for CECL on the digital asset collateralized receivables. Obligation to return collateral digital assets
The Company enters into lending arrangements with its cloud mining customers that require the customers to pledge crypto assets as collateral. The Company records such obligation to return collateral to the customers as “obligation to return collateral digital assets” on the Consolidated Balance Sheets.
Obligation to return collateral digital assets are initially measured at the fair value of the digital assets received (which becomes the Company’s cost basis) if the Company has the right to sell, pledge, or rehypothecate the collateral, and subsequently are remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Consolidated Statement of Comprehensive Income.
The loan agreements with the customers stipulate that collateral shall be returned in the same type of asset originally provided by the Company assuming no defaults. The Company is not obligated to return collateral equal to the fair value of the borrowings if the customer defaults on its loans. Instead, the Company has the right to liquidate the collateral to cover outstanding obligations.
Obligation to return collateral to customers is in the form of digital assets and accounted for as a hybrid instrument, with a liability host contract that contains an embedded derivative based on the changes in fair value of the underlying digital asset. The gain or loss on remeasurement of the Obligation to return collateral is recorded in Operating expenses on the Consolidated Statements of Comprehensive Income. Realized gain or loss on sale of digital assets
The Company accumulates Bitcoin mined through its self-mining operation and exchanges Bitcoin for fiat currencies at established cryptocurrency exchanges, such as Coinbase or Binance, to satisfy its working capital needs from time to time. The Company also receives other digital assets, such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tether (USDT), as payments for its cloud mining service and hosting services. Digital assets that are received as service payments are converted into USDT and then U.S. dollars. The difference between the cost of the sold digital assets and the fair value of the digital assets received in exchange for fiat currency is recognized as Realized Gain on Sales of Digital Assets on the Consolidated Statements of Comprehensive Income. The Company recognizes realized gains or losses when digital assets are sold on an exchange for other digital assets, or for cash consideration using a first-in first-out method of accounting.
Equipment, net
Equipment is stated at cost less accumulated depreciation and impairment loss, if any. Equipment is depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives (3-5 years) on a straight-line basis.
Impairment of long-lived assets other than goodwill
Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
For the year ended December 31, 2024, the Company recorded an impairment charge of approximately $8.08 million related to the miners purchased in 2022. The impairment in 2024 was primarily triggered by lower projected net cash flows from the mining equipment purchased in 2022, due to combination of market forces and price fluctuation in BTC. Accordingly, these conditions were identified as impairment indicators under the applicable accounting standards. No impairment loss was recorded for the year ended December 31, 2023.
Leases
The Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the Consolidated Balance Sheets as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company’s Consolidated Balance Sheet as an accounting policy election.
As the lessee, there were no lease assets included on our Consolidated Balance Sheets for leased equipment as of December 31, 2024 and 2023, since all the leases of the Company are less than 12 months, and the Company employed the practical expedient for leases with terms for less than 12 months and did not account for such leases as right of use assets with corresponding lease obligations. Warrants
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. The Company concluded that warrants issued pursuant to the Existing Warrant Agreement and Supplemental Warrant Agreement qualify for equity accounting treatment.
Fair value of financial instruments
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.
Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:
Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 — Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.
Level 3 — Unobservable inputs which are supported by little or no market activity and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payables, other payables, long-term loans and long-term payables. As of December 31, 2024 and 2023, the carrying values of these financial instruments approximated their fair values.
Contract liabilities
A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Revenue for future goods or services reflected in this account are recognized, and the contract liability is reduced, as the Company subsequently satisfies the performance obligation under the contract. Contract liabilities primarily represent 1) cloud mining service fees prepaid by customers for which the relevant services have not been provided; 2) prepayment from customers for the Company’s sales of mining equipment for which the equipment has not been delivered.
The revenue recognized during the years ended December 31, 2024 and 2023 for the beginning balance of contract liabilities was $47.72 million and $6.44 million, respectively. Revenue recognition
Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Company’s performance:
Cloud mining solutions
The Company sells to customers one-stop cloud-mining solutions so that the customer can earn rewards of mining in the form of digital assets by using the purchased hash rate from the Company.
The Company transfers control of cloud mining service over time, because the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Therefore, the Company satisfies its sole performance obligation over time and recognizes revenue over time by measuring the progress toward complete satisfaction of such performance obligation. The Company’s system records the amount of hash calculations and its actual service time period for each order during each month, and the completion progress of each order’s performance obligation can be calculated according to the proportion of the actual service time period to the whole agreed service period.
Cryptocurrency self-mining revenue
The Company has entered into framework agreements, as amended from time to time, with mining pool operators to perform hash calculations for the mining pools. Each party has the unilateral right to terminate the contract at any time without any compensation to the other party for such termination. Therefore, the Company has concluded that the duration of the contract is less than 24 hours and that the contract is continuously renewed throughout the day. The Company has determined that the mining pool operator’s renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. Upon contract termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due that is related to previously satisfied performance obligations.
The Company’s enforceable right to compensation only begins once the Company commences performing hash calculations for the mining pool operators. The Company is entitled to compensation regardless of whether the mining pool operators successfully record a block to the Bitcoin blockchain. Providing a service to perform hash calculations for the pool operators is the only performance obligation in the Company’s arrangements with mining pool operators and is an output of the Company’s ordinary activities.
The Company is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been mined using the hash calculations performed by the Company according to the pool operator’s specification over the 24-hour period ended 23:59:59 UTC, based upon the then current blockchain difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the mining pools in which the Company participated is the Full-Pay-Per-Share (“FPPS”) method. The Company’s total compensation is calculated using the following formula: the sum of the Company’s share of (1) block rewards and (2) transaction fees, less (3) mining pool operating fees.
The non-cash consideration received in exchange for the Company’s performing hash calculations, including block rewards and transaction fees, is variable because it depends, in part, on the amount of hash calculations the Company performs in accordance with the pool operator’s specifications and the amount of transaction fees of the entire blockchain network for the 24-hour period, beginning at midnight UTC. The mining pool operating fees are also variable because they are calculated as a small fraction of the sum of the block rewards and the transaction fees, in accordance with the agreement with each mining pool operator. The Company is able to estimate the amount of variable consideration related to the block reward component on the date of contract inception because (a) the total amount of hash calculations the Company provides to the mining pool operator, (b) the total Bitcoin network’s implied hash calculations and (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole are either fixed or can be estimated on the date of contract inception. However, the Company is not able to reliably estimate the amount of variable consideration related to transaction fee component until 23:59:59 UTC on the date of contract inception, because of the uncertainty of the actual amount of transaction fees of the entire blockchain network for that day. The mining pool operators will confirm the considerations for the 24 hours, including the block rewards, the transaction fees, and the mining pool operating fees at 23:59:59 UTC each day.
For each contract, the Company measures the non-cash consideration using the average of daily quoted U.S. dollar spot rate of Bitcoin on the date of contract inception. For each contract, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception.
Sale of mining equipment
The Company sells mining equipment to customers. Before the Company receives orders from customers, the Company signs a purchase agreement with suppliers and places purchase orders to the suppliers. The mining equipment is usually delivered to the Company one month after the purchase orders are presented to the suppliers. Upon taking control of the mining equipment, title also passes to the Company. The Company has neither an explicit nor implicit repurchase right or obligation for the sold mining equipment. If mining equipment purchased from the suppliers remains unsold, the mining equipment is non-returnable and kept in inventory. Since there is no guarantee of any sales orders, the Company takes inventory risk before mining equipment is sold to customers. Management believes there is a single performance obligation related to the sale of mining equipment. Revenue for mining equipment sales is recognized at a point of time when the control of the mining machine is transferred from the Company to the customer, evidenced by documentation of delivery and customer acceptance. The Company may receive payments prior to delivery of the mining equipment and records funds received as contract liabilities, or the Company may receive payment for the mining equipment within thirty days of delivery of the mining equipment. Deferred revenue is recognized as revenue upon delivery. Hosting services
Management has determined that the aforementioned services represent a series of performance obligations that should not be separated and recognized individually, but rather, as a whole over time in accordance with the Hosting Contract entered into by the Company and the customer. Cost of revenues
The cost of revenues is primarily consistent with the revenue streams. This includes expenses such as lease costs of mining equipment, depreciation expenses of self-owned mining equipment, outsourcing fees, electricity costs, platform technology fees, web service fees, salaries, allocated overhead, and sourcing expenses.
Sales and marketing expenses
Sales and marketing expenses primarily comprise sales commissions, advertising expenses, marketing and promotional expenses, salaries, and share-based compensation for sales and marketing personnel. Advertising expenses specifically include costs related to promoting the corporate image and marketing products. The Company expenses all advertising costs as they are incurred.
General and administrative expenses
General and administrative expenses primarily include salaries, bonuses, share-based compensation and benefits for employees engaged in general corporate functions and those not specifically dedicated to research and development activities. Additionally, these expenses encompass depreciation of fixed assets that are not utilized in research and development activities, legal and other professional services fees, and other general corporate related expenses.
Research and development expenses
Research and development expenses primarily comprise payroll, share-based compensation and related personnel costs, as well as technical service fees associated with the enhancement of the Company’s platform and technical system. These expenses are expensed as they are incurred.
Income taxes
Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax, (“ASC 740 - Income Taxes”). Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.
The Company records liabilities related to uncertain tax positions when, despite the Company’s belief that the Company’s tax return positions are supportable, the Company believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense.
Comprehensive income
The Company applies ASC 220, Comprehensive Income, (“ASC 220”), with respect to reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Company during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Company’s comprehensive income was equal to net income. Segment reporting
ASC 280, Segment Reporting, (“ASC 280”), establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.
Based on the criteria established by ASC 280, the chief operating decision maker (“CODM”) has been identified as the Company’s Chief Executive Officer. The CODM has determined that the Company operates as a single operating segment and uses net income (loss) and operating income (loss) as measures of profit or loss on a consolidated basis when making decisions regarding resource allocation and performance assessment. The Company’s key financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between cost of revenues, sales and marketing, general and administrative and research and development expenses.
Information regarding the Company’s net income (loss) and operating income (loss) is disclosed in the Consolidated Statements of Comprehensive Income. Segment expenses and other items are reviewed by the CODM on the same basis as presented in the Consolidated Statements of Comprehensive Income. The CODM does not separately evaluate performance or allocate resources based on segment assets. As a result, asset information by segment is not presented.
Share-Based Compensation
The Company grants restricted share rewards to employees and non-employees, and accounts for share-based compensation expenses in accordance with ASC 718, Compensation—Stock Compensation.
The fair value of granted shares without a lock-up period is based on the market price of the Company’s ordinary share on the date of each grant. The fair value of granted shares with a lock-up period is based on the discounted market price of the Company’s ordinary share on the date of each grant, which is discounted using Asian-style put option method. The Asian-style model is affected by factors and assumptions, such as the market price of underlying ordinary shares, expected volatility, remaining term of lock-up period, and expected dividend yield.
Share-based compensation expense for the restricted share rewards with only service-based conditions is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur and reverses compensation cost previously recognized in the period the award is forfeited.
Earnings per share
In accordance with ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. There are no dilutive shares outstanding.
Concentration of credit risk
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, digital assets, accounts receivable and other receivables. The Company places cash and cash equivalents with financial institutions with high credit ratings and quality. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation (“FDIC”) in the US, or the Singapore Deposit Insurance Corporation Limited (SDIC) in Singapore. The Company has never suffered a loss due to such excess balances. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for expected credit losses primarily based upon various factors surrounding the credit risk of specific customers and general economic conditions, to refer to the current expected credit loss policy. The Company held for its own account digital assets of approximately $129.94 million and $43.98 million as of December 31, 2024, and 2023, respectively.
Related party transactions
Parties are considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
Recent accounting pronouncements
The Company maintains a proactive approach in evaluating the impact of new accounting pronouncements on its financial reporting. Upon identifying potential effects on its financial statements, the Company conducts a thorough analysis to assess the necessary adjustments to its Consolidated Financial Statements. Furthermore, the Company conducts a comprehensive review to understand the implications of the changes and ensures the implementation of appropriate controls to safeguard the accuracy and integrity of its Consolidated Financial Statements.
New and amended standards adopted by the Company:
Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280): Segment Reporting
On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 amends ASC 280, Segment Reporting(“ASC 280”) to expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Company’s chief operating decision maker (“CODM”), the amount and description of other segment items, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 further permits disclosure of more than one measure of segment profit or loss and extends the full disclosure requirements of ASC 280 to companies with single reportable segments. The Company adopted ASU 2023-07 on January 1, 2024, which did not have a material impact on the Consolidated Financial Statements.
Accounting Standards Update (ASU) No. 2023-08, Intangibles - Goodwill and Other- Crypto Assets (Topic 350-60): Accounting for and Disclosure of Crypto Assets
In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets. ASU 2023-08 amends ASC 350, Intangibles – Goodwill and Other, to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the Consolidated Balance Sheets and record gains and losses from remeasurement in Net income (loss) in the Consolidated Statements of Comprehensive income; (ii) present crypto assets separate from other intangible assets in the Consolidated Balance Sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the Consolidated Statements of Comprehensive income; and (iv) provide specific disclosures for crypto assets. The new standard is effective for the company for its fiscal year beginning January 1, 2025, with early adoption permitted, and should be applied using a modified retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of the beginning of the year of adoption. The Company early adopted ASU 2023-08 on January 1, 2024, and recorded a cumulative adjustment to increase the opening balance of retained earnings by $6.44 million as a result of recognizing its digital assets held as of January 1, 2024, at fair value. During the year ended December 31, 2024, the adoption of ASU 2023-08 led to an unrealized gain of $37.60 million due to the bitcoin price increase during the year. No adjustments were made to prior comparative periods. New Accounting Standards That Have Not Yet Been Adopted:
Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods; early adoption is permitted. Adoption is either with a prospective method or a fully retrospective method of transition. The Company plans to adopt ASU 2023-09 for the year beginning on January 1, 2025. The Company is currently evaluating the effect the updated guidance will have on its disclosures.
Accounting Standards Update 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement expenses
On November 4, 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends ASC 220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Consolidated Financial Statements. |
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- References No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reverse Recapitalization |
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| Reverse Recapitalization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVERSE RECAPITALIZATION |
As discussed in Note 1, on February 29, 2024, the Company completed the business combination with Arisz pursuant to the Merger Agreement by and between Arisz and Finfront. As a result of the Reverse Recapitalization, the Company became a publicly traded company, with Finfront surviving the Acquisition Merger as a wholly-owned subsidiary of the Company.
At the Redomestication Merger Effective Time, pursuant to the Redomestication Merger: (1) all units of Arisz were separated into individual components of Arisz Common Stock, Arisz Warrant and Arisz Right and such units ceased to exist; (2) each Arisz Common Stock, issued and outstanding immediately prior to the Redomestication Merger Effective Time (other than any redeemed shares), were automatically cancelled and ceased to exist, and for each share of such Arisz Common Stock, the Company issued to each Arisz stockholder (other than Arisz stockholders who exercised their redemption rights in connection with the Business Combination) one validly issued, fully paid Class A Ordinary Share; (3) each Arisz Warrant issued and outstanding immediately prior to Redomestication Merger Effective Time was cancelled in exchange for one Warrant to purchase three-fourths (3/4) of one Class A Ordinary Share; and (4) each Arisz Right that entitles the holders thereof to receive one-twentieth (1/20) of one Arisz Common Stock issued and outstanding immediately prior to the Redomestication Merger Effective Time was cancelled in exchange for the number of full Class A Ordinary Shares equal to the number of Arisz Common Stock to which the registered holder of Arisz Right would have been entitled, rounded to the nearest whole share.
At the Effective Time (as defined in the Merger Agreement), pursuant to the Acquisition Merger: (1) each ordinary share of Finfront (other than the ordinary shares of Finfront held by Chipring Technology Limited, an entity controlled by Mr. Leo Lu, the founder and chief executive officer of the Company) issued and outstanding immediately prior to the Effective Time was cancelled in exchange for the applicable number of Class A Ordinary Shares, (2) all ordinary shares of Finfront held by Chipring Technology Limited were cancelled in exchange for 135,000,000 Class B Ordinary Shares ; and (3) the one share of Merger Sub issued and outstanding immediately prior to the Effective Time was converted into and became one ordinary share of Finfront. PIPE Subscription Agreements
In connection with the Business Combination, Finfront and Arisz obtained commitments from interested accredited investors to purchase Class A Ordinary Shares issued in connection with the Closing, for an aggregate cash amount of $74,000,000 at a purchase price of $10.00 per share, in a private placement (the “PIPE”). Such commitments are being made by way of the PIPE Subscription Agreements, by and among each PIPE Investor, Finfront and Arisz. The PIPE Shares are identical to Class A Ordinary Shares issued to existing public stockholders of Arisz at the time of the Closing, except that the PIPE Shares were not entitled to any redemption rights and were not registered under the Securities Act at the time of issuance. The closing of the PIPE Subscription Agreements took place concurrently with the closing of the Business Combination on February 29, 2024.
Backstop Agreements
On October 13, 2022, Arisz, Finfront and the Sponsor entered into a new backstop agreement (the “New Backstop Agreement”) whereby, in connection with the Business Combination, the Sponsor agreed to subscribe for and purchase no less than $2.0 million worth of shares of Arisz Common Stock or Class A Ordinary Shares to replace a previously signed backstop agreement dated July 14, 2022, which terminated in accordance with its terms on 31 July 2022. The Sponsor subscribed for 200,000 Class A Ordinary Shares in a private placement transaction pursuant to the New Backstop Agreement. The closing of the Backstop Agreement took place concurrently with the closing of the Business Combination on February 29, 2024.
Stock Purchase Agreements
In connection with the execution of the Merger Agreement, the Sponsor and Ethereal Singapore entered into a stock purchase agreement (the “First ET Stock Purchase Agreement”), pursuant to which Ethereal Singapore purchased 128,206 shares of Arisz Common Stock (the “ET Shares”) from the Sponsor for a purchase price of $1,250,000. Subject to the satisfaction of conditions set forth in the ET Stock Purchase Agreement, the Sponsor shall cause the ET Shares to be transferred on the books and records of Arisz to Ethereal Singapore. The transfer of ET Shares has been completed. In addition, on October 10, 2022, the Sponsor and Ethereal Singapore entered into a stock purchase agreement (the “Second ET Stock Purchase Agreement” and together with the First ET Stock Purchase Agreement, the “ET Stock Purchase Agreements”), pursuant to which Ethereal Singapore purchased 76,142 shares of Arisz Common Stock (the “Additional ET Shares”) from the Sponsor for a purchase price of $750,000. Subject to the satisfaction of conditions set forth in the Second ET Stock Purchase Agreement, the Sponsor shall cause the Additional ET Shares to be transferred on the books and records of Arisz to Ethereal Singapore. The transfer of Additional ET Shares was completed at the Closing. 204,348 Class A Ordinary Shares were issued at the Closing in connection with the aforementioned transactions, which have been classified as treasury shares of the Company.
In connection with the execution of the Merger Agreement, the Sponsor and Aqua Pursuit International Limited (“Aqua”), the financial advisor of Finfront, entered into the Aqua Stock Purchase Agreement, pursuant to which Aqua purchased 200,000 shares of Arisz Common Stock (the “Aqua Shares”) from the Sponsor for a purchase price of $2,000,000. Subject to the satisfaction of conditions set forth in the Aqua Stock Purchase Agreement, the Sponsor shall cause the Aqua Shares to be transferred on the books and records of Arisz to Aqua upon the consummation of any business combination (as defined in Arisz’s organizational documents). On October 10, 2022, Aqua and the Sponsor entered into an amendment to the Aqua Stock Purchase Agreement, pursuant to which the number of Aqua Shares purchased from the Sponsor was changed from 200,000 shares of Arisz Common Stock to 260,000 shares of Arisz Common Stock, and the purchase price was changed from $2,000,000 to $2,500,000. The transfer of the Aqua Shares was completed at the Closing, and 260,000 Class A Ordinary Shares were issued at the Closing in connection with the aforementioned transaction. Amended Stock Escrow Agreement
Pursuant to certain Stock Escrow Agreement dated November 17, 2021, by and among Continental Stock Transfer & Trust Company, acting as escrow agent, Arisz, the Sponsor and certain shareholders of Arisz (as amended by an amendment to stock escrow agreement dated February 29, 2024, the “Amended Stock Escrow Agreement”), subject to certain limited exceptions, 696,247 shares of Arisz Common Stock (which was exchanged into the same number of Class A Ordinary Shares in connection with the Business Combination) may not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of the Business Combination. The limited exceptions referred to above include, among other things, (1) transfers among the Sponsor or its affiliates or members or to our officers, directors, advisors and employees, (2) transfers to the Sponsor’s affiliates or its members upon its liquidation, (3) transfers to relatives and trusts for estate planning purposes, (4) transfers by virtue of the laws of descent and distribution upon death, (5) transfers pursuant to a qualified domestic relations order, or (6) private sales made at prices no greater than the price at which the securities were originally purchased, in each case where the transferee agrees to the terms of the escrow agreement and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of the holders of such shares.
In connection with the Business Combination, on February 26, 2024, holders of 2,287,657 shares of Arisz Common Stock exercised their right to redeem their shares for cash at a redemption price of approximately $11.14 per share, for an aggregate redemption amount of approximately $25.4 million, representing approximately 96.0% of the total outstanding shares of Arisz Common Stock then held by public stockholders. As a result of a significant number of Arisz public stockholders electing to redeem the Arisz Common Stock in connection with the Business Combination, the gross proceeds to BitFuFu from the Business Combination were accordingly reduced to approximately $1.1 million. BitFuFu raised $74 million in the PIPE financing, which amounted to $75.1 million in gross proceeds.
The total transaction costs of $10.1 million were related to third-party legal, accounting services and other professional services to consummate the Reverse Recapitalization and the PIPE financing incurred by Finfront. These transaction costs were recognized as an offset to additional paid-in capital in the Consolidated Balance Sheets of the Company.
In consideration of the Acquisition Merger, the expected beneficial ownership of BitFuFu Ordinary Shares following the consummation of the Business Combination (post-Business Combination), has been determined based upon the following: (i) the issuance of 15,000,000 Class A Ordinary Shares and 135,000,000 Class B Ordinary Shares to the shareholders of BitFuFu, (ii) the conversion of each share of Arisz Common Stock issued and outstanding immediately prior to the effective time of the Redomestication Merger into one validly issued Class A Ordinary Share, (iii) the conversion of each Arisz Right issued and outstanding immediately prior to the effective time of the Redomestication Merger into one-twentieth (1/20) of one Class A Ordinary Share, (iv) the issuance of 7,400,000 Class A Ordinary Shares to the PIPE Investors in the PIPE Investment, (v) the issuance of 2,301,750 Class A Ordinary Shares to Chardan, (vi) the issuance of 1,010,000 Class A Ordinary Shares to Aqua (including the transfer of 260,000 Class A Ordinary Shares to Aqua from Sponsor), (vii) the issuance of 200,000 Class A Ordinary Shares pursuant to the Backstop Agreement, (viii) Sponsor has transferred 204,348 Class A Ordinary Shares to Ethereal Tech Pte. Ltd., a subsidiary of BitFuFu, pursuant to the ET Stock Purchase Agreement, (ix) redemption of 777,050 shares of Arisz Common Stock (approximately at $11.14 per share totaled $8.7 million) in connection with the stockholders’ vote at the annual meeting of stockholders held by Arisz on February 5, 2024, and (x) redemption of 2,282,657 shares of Arisz Common Stock (approximately at $11.14 per share totaled $25.4 million) in connection with the Business Combination. The following summarizes the number of Ordinary Shares outstanding at the Closing Date:
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- Definition The entire disclosure for reverse recapitalization. No definition available.
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- References No definition available.
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Digital Assets |
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| Digital Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DIGITAL ASSETS |
Prior to the adoption of ASU 2023-08, the carrying value of digital assets represents the post-impairment value of all digital assets held. Digital assets not within the scope of ASU 2023-08 should be tested for impairment, whenever events or changes in circumstances occur which indicate that it is more likely than not that the indefinite-lived asset is impaired. Impairment loss on digital assets recorded for the years ended December 31, 2024, 2023 and 2022 was Nil, $6.99 million and $12.95 million, respectively.
As a result of adopting ASU 2023-08, the Company measures digital assets at fair value as of each reporting period. Unrealized gain on digital assets recorded for the years ended December 31, 2024, 2023 and 2022 was $37.60 million, Nil and Nil, respectively. Realized gain on sales of digital assets recorded for the years ended December 31, 2024, 2023 and 2022 was $39.33 million, $18.23 million and $4.95 million, respectively. The Company’s digital asset holdings include digital assets pledged by customers pursuant to applicable agreements and exclude digital assets pledged by the Company to suppliers or lenders as collateral (see Note 5):
The cost basis of digital assets represents the fair value of digital assets at the time of service contract inception, the fair value of digital assets purchased upon receipt in an exchange for another digital assets, and the cost of digital assets purchased upon receipt in an exchange for fiat currency.
The following table presents the movement for digital assets of the Company for the years ended December 31, 2024 and 2023:
The following table provides the reconciliation between net income and the movement of digital assets of the Company for the years ended December 31, 2024 and 2023:
The net income received or to be received by digital assets, as presented in the consolidated statement of cash flow, consists of items (a), (b), (c) and (d) above. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Digital Asset Collateral Receivable |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Digital Asset Collateral Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DIGITAL ASSET COLLATERAL RECEIVABLE |
The following table presents the Company’s digital assets pledged as collateral for loan borrowings and accounts payable as of December 31, 2024:
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| X | ||||||||||
- Definition Digital asset collateral receivable. No definition available.
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| X | ||||||||||
- References No definition available.
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Accounts Receivable, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE, NET |
Accounts receivable, net consisted of the following:
As of December 31, 2024, the Company holds a receivable with a principal amount of $10.93 million, of which $8.28 million is secured by BTC. The secured portion of the receivable bears interest at an annual rate of 7.5% with the obligation maturing on February 2026 unless early repayment by the customer. The customer is required to maintain BTC collateral with a fair value of at least 70% of the outstanding secured receivable balance (the “Collateral Coverage Requirement”). The Company regularly monitors the fair value of the BTC collateral and may request additional BTC if its value falls below the stipulated threshold. Failure by the customer to meet the Collateral Coverage Requirement or to repay the secured receivable in full may result in the Company liquidating the BTC collateral to recover the outstanding amount. None of the balances in 2023 were secured by BTC collateral.
The following table presents the activity in the allowance for credit losses for the years ended December 31, 2024, and 2023:
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| X | ||||||||||
- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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Prepayments |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAYMENTS |
Prepayments consisted of the following:
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| X | ||||||||||
- Definition The entire disclosure for prepayments at the end of the reporting period. No definition available.
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| X | ||||||||||
- References No definition available.
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Other Current Assets, Net |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Assets, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER CURRENT ASSETS, NET |
Other current assets consisted of the following:
The following table presents the activity in allowance for credit losses for the years ended December 31,2024 and 2023:
In November 2024, the Company entered into a settlement agreement with a third party to sell its receivables rights from FTX for a total consideration of $7.27 million. As part of this transaction, the Company recognized a write-off of $2.56 million charged against the allowance for credit losses, reflecting its assessment of the un-collectability of these receivables. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for other current assets. No definition available.
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Equipment, Net |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equipment, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUIPMENT, NET |
Equipment consisted of the following:
Depreciation expense was $24.73 million, $24.50 million and $18.16 million for the years ended December 31, 2024, 2023 and 2022, respectively.
During the year, the Company identified indicators of impairment for its mining equipment, as the carrying amount exceeded the projected undiscounted cash flows of the assets. The fair value was determined using an income approach, based on the present value of expected future cash flows. Significant inputs to the fair value calculation included assumptions related to future BTC prices, forecasted global network hashrate, and estimated future power prices. Accordingly, the Company recognized impairment charges of $8.08 million, Nil and $11.85 million for the year ended December 31, 2024, 2023 and 2022, respectively. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Accrued Expenses and Other Payables |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses and Other Payables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCRUED EXPENSES AND OTHER PAYABLES |
Accrued expenses and other payables consisted of the following:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Long-Term Payables |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Payables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM PAYABLES |
Long-term payables consisted of the following:
The long-term payable represents an amount due to a supplier for the purchase of mining equipment in 2022. Pursuant to the purchase agreements and supplemental agreements entered into between the supplier and the Company, the outstanding purchase price is subject to interest at a rate of 6% per annum from the date of equipment delivery until the full settlement of the outstanding balance. The Company may initiate early or partial repayments, subject to mutual agreement by both parties. During the year ended December 31, 2024, the Company made partial repayment by transferring its 204,348 treasury shares to the supplier. |
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| X | ||||||||||
- Definition The entire disclosure for long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Long-Term Loans |
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|---|---|---|---|---|
Dec. 31, 2024 | ||||
| Long-Term Loans [Abstract] | ||||
| LONG-TERM LOANS |
In November 2024, the Company, through a wholly-owned subsidiary, entered into Master Loan and Pledge Agreements (the “Agreements”) with an institution (the “Lender”). Pursuant to the Agreements, the Lender will provide loans in tranches, which is denominated in U.S. Dollar with a term of 18 months, maturing in May and June of 2026, and a fixed interest rate of 6.5% per annum. The Agreements also require the Company to transfer certain amounts of its BTC to the Lender as collateral (see Note 5), with the loan amount being 70% of the then-current fair market value (the “Loan-to-Value Ratio”) of the pledged BTC. If the fair market value of BTC falls, leading to the Loan-to-Value Ratio below 80%, the Company is required to add additional collateral. The loans were paid in USDT. The repayment of the loan principal may be made in U.S. Dollar by default or in digital assets. In the event that the Company wishes to repay the loan balance to Lender in digital assets, the Company shall repay such amount of digital assets which, if converted into U.S. Dollar using the spot rate at the time of such repayment, would be no less than the amount Lender would receive in U.S. Dollar. The balance of long-term loans outstanding as of December 31, 2024 and 2023 was $35.0 million and Nil, respectively. |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes |
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES |
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022, which is effective on January 1, 2023 and contains provisions implementing a 15% minimum corporate income tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. While the company is continuing to evaluate the impact of these provisions, at this time, they are not expected to have a material impact on the company’s Consolidated Financial Statements.
The components of the provision for income taxes are as follows:
Effective tax rates of 12.44% for 2024, 17.22% for 2023 and (37.48%) for 2022 differ from the federal statutory rate applied to income before income taxes due to the following:
The Company’s net deferred tax assets/(liabilities) were as follows:
Net operating loss carryforwards: Ethereal US has approximately $19.57 million and $4.66 million of federal and state tax Net Operating Losses (“NOLs”), respectively, that may be available to offset future taxable income. Under the Tax Cuts and Jobs Act, $19.57 million federal and $4.66 million state NOLs incurred after December 31, 2017 are carried forward indefinitely but may be limited in utilization to 80% of taxable income.
The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2024, and 2023. The Company’s policy is to recognize interest and penalties that would be assessed in relation to the settlement value of unrecognized tax benefits as a component of income tax expense. The Company did not accrue either interest or penalties for the years ended December 31, 2024, and 2023. The Company and its subsidiaries are subject to U.S. federal income tax as well as income taxes in various state and foreign jurisdictions. The Company files federal, states, and foreign income tax returns. The 2022-2023 tax years generally remain subject to examination by the IRS and various state taxing authorities, although the Company is not currently under examination in any jurisdiction. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue by Categories |
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| Revenue by Categories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE BY CATEGORIES |
Revenue by products or services
For the years ended December 31, 2024 ,2023 and 2022, the Company operates in a single operating segment that mainly includes: 1) cloud mining solutions services; 2) self-mining; 3) sale of mining equipment; and 4) hosting services and others.
The following table summarizes the revenue generated from different revenue streams:
Revenue by geographical location
The following table also summarizes the revenue (excluding self-mining revenue) generated from different continents:
The basis for attributing revenues by continents is based on the customers’ KYC information, which indicates the country or region where a corporate customer was incorporated or the place of residence of an individual customer.
Revenue by consideration
The amount of revenue recognized from receipt of digital assets and receipt of U.S. dollars is presented separately as follows:
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- References No definition available.
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Shareholders’ Equity |
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Dec. 31, 2024 | ||||
| Shareholders’ Equity [Line Items] | ||||
| SHAREHOLDERS’ EQUITY |
Ordinary shares
The Company’s authorized share capital is $50,000 divided into 500,000,000 ordinary shares (Ordinary Shares), consisting of 300,000,000 class A Ordinary Shares (Class A Ordinary Shares) of par value of $0.0001 each and 200,000,000 class B Ordinary Shares (Class B Ordinary Shares) of par value of $0.0001 each. All ordinary shares issued and outstanding were fully paid and non-assessable.
Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to vote at the general meetings, and each Class B Ordinary Share shall entitle the holder thereof to five (5) votes on all matters subject to vote at the general meetings.
Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder to any person or entity which is not the founder of the Company or an affiliate of the founder, or upon a change of ultimate beneficial ownership of Class B Ordinary Shares to any person or entity which is not the founder or an affiliate of the founder, such Class B Ordinary Shares shall be automatically and immediately converted into the same number of Class A Ordinary Shares.
On February 29, 2024, the Company completed the business combination with Arisz and upon consummation of the business combination (Note 3), BitFuFu Inc. issued 150,000,000 ordinary shares to Finfront Holding Company’s shareholders. As a result, to reflect the conversion effect, the outstanding shares and earnings per share for the years ended December 31, 2024, 2023 and 2022 are calculated based on weighted average Ordinary Shares. As of December 31, 2024, 2023 and 2022 there were 160,988,011, 150,000,000, and 149,383,562 Ordinary Shares outstanding, respectively, as adjusted to reflect the Reverse Recapitalization through the application of a retroactive restatement.
Treasury shares
In January 2022, Finfront entered into an Agreement and Plan of Merger with Arisz, pursuant to which Finfront will be merged with Arisz. As part of the execution of the Merger Agreement, Ethereal Singapore purchased 128,206 shares of Arisz common stock from the Sponsor for a purchase price of $1,250,000. In October 2022, Ethereal Singapore entered into a Second Stock Purchase Agreement with the Sponsor, pursuant to which Ethereal Singapore agreed to purchase 76,142 shares of Arisz common stock for a purchase price of $750,000. As of December 31, 2023, a total of 204,348 purchased class A Ordinary Shares are retroactively accounted as treasury shares. During the year ended December 31, 2024, these treasury shares were fully utilized to settle outstanding obligations with vendors, resulting in a zero balance as of December 31, 2024. |
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- References No definition available.
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- Definition The entire disclosure for equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Compensation |
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| Share-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION |
In September 2024, the Board of Directors of the Company approved the grant of 6,525,192 restricted shares, representing 6,525,192 Class A Ordinary Shares of the Company to certain directors, officers, employees and consultants under the 2022 Share Incentive Plan of the Company. The maximum number of Ordinary Shares that may be issued under the 2022 Share Incentive Plan (“SIP”) is 7,500,000 Ordinary Shares, which were issued to FuFu ESOP Limited before the Business Combination and reserved for the disbursement of share-based awards under the 2022 Share Incentive Plan.
Compensation expense is recognized over the vesting period of the share awards based on the fair value of the shares at the grant date. A portion of the fair value of service-based restricted shares with post-vesting restrictions is determined using the Asian-Style put option valuation model to estimate the fair value of service based restricted share granted with post-vesting restriction. Certain shares vest on the grant date or the first anniversary of the vesting commencement date, while others vest between the second and fourth anniversaries. As of December 31, 2024, a total of 6,512,781 shares have been granted under the plan, with 10,919 shares forfeited.
The weighted average grant date fair value is $4.24 for the years ended December 31, 2024. The following are the assumptions used in valuing the restricted shares with post-vesting restrictions on grant dates during the years ended December 31, 2024 (in percentages, except as noted):
A summary of changes in the Company’s nonvested shares for the year follows:
As of December 31, 2024, there was $1.5 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1 to 4 years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022 was $26.1 million, Nil and Nil, respectively. The share-based compensation expenses related to restricted shares are recorded as components of general and administrative expenses, selling and marketing expenses, and research and development expenses, as follows:
During the years ended December 31, 2024, 2023, and 2022, the Company recognized an income tax benefit of $1.7 million, Nil, and Nil, respectively, related to stock-based compensation expense. |
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- Definition The entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE |
Basic and diluted earnings per share for the periods presented were calculated as follows:
Net income per ordinary share is calculated in accordance with ASC 260 - Earnings Per Share. Basic income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. For the year ended December 31, 2024, the Company recorded net income and as such, the Company calculated the impact of dilutive ordinary shares in determining diluted earnings per share. |
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- References No definition available.
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS |
The Company purchased infrastructure hosting services and hash rate services from Bitmain for the years ended December 31, 2024, 2023 and 2022 which were recognized in cost of revenues.
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Major Customers and Suppliers |
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| Major Customers and Suppliers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAJOR CUSTOMERS AND SUPPLIERS |
The Company has derived a substantial portion of its revenue from sales to a limited number of customers. Sales to BitFuFu’s top three customers contributed 31%, 26% and 31% of its total revenue for the years ended December 31, 2024, 2023 and 2022, respectively. Although the Company continually seeks to diversify its customer base, there is no assurance that the proportion of revenue contribution from its major customers to its total revenue will decrease in the future. Dependence on a limited number of major customers exposes the Company to risks of substantial losses if any of them reduces or ceases business collaboration with the Company. Concentration of credit risk
The below table represented the customers whose revenue individually accounted for over 5% of the Company’s total revenue for the years ended December 31, 2024, 2023, and 2022:
Supplier concentration
The Company relies on a limited number of suppliers to provide it with digital asset mining equipment and hosting facilities at economical prices. For the years ended December 31, 2024, 2023 and 2022, the Company’s purchases from its largest supplier accounted for 41%, 61%, and 52% of its total cost of revenue, respectively.
The below table represented the suppliers to which cost of revenue was attributed and accounted for over 5% of the Company’s total cost of revenue:
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Fair Value Measurements |
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| Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS |
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, net, deposits and other receivables, accounts payables, other payables and long-term payables. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company had no financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and, 2023.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
As of December 31, 2024 and, 2023, the fair value of cash and cash equivalents, accounts receivables, net, deposits and other receivables, accounts payables and other payables approximated their carrying values because of the short-term nature of these instruments.
The carrying amounts of long-term payables approximate their fair values as they are subject to interest rates close to the market rate of interests for similar arrangements with financial institutions.
On February 29, 2024, the Company measured the Warrants at fair value (see Note 1).
Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s non-financial assets accounted for at fair value on a recurring basis as of December 31, 2024, by level within the fair value hierarchy (dollars in thousands):
Effective January 1, 2024, the Company early adopted ASU 2023-08, measuring digital assets at fair value on a recurring basis. There were no transfers among Levels 1, 2 or 3 during the years ended December 31, 2024. For the year ended December 31, 2023, the Company did not have any non-financial assets and liabilities measured at fair value on a recurring basis.
Non-Financial Assets and Liabilities measured at fair value on a Non-Recurring basis
For the year ended December 31, 2023, the digital assets held at year end with a total carrying amount of $50.97 million were written down to their fair value of $43.98 million, resulting in an impairment charge of $6.99 million, which represents the difference between the carrying value of the digital assets and their fair value. The Company estimated the fair value of the digital assets using Level 1 inputs based on the lowest intraday trading price of the digital assets on the Company’s principal market, Binance (the “Principal Market”). The Company calculates the impairment on digital assets using the lowest spot rate of the digital assets at any point of time during the day, whenever the carrying value of the Company’s digital assets exceeds the fair value of the digital assets.
For our mining equipment, fair value measurement is triggered when there are indications of impairment and the carrying amount exceeds the projected undiscounted cash flows of the assets. We record these assets at fair value only when an impairment charge is recognized. In 2024, 2023 and 2022, the Company recognized an impairment charge of $8.08 million, Nil and $11.85 mil, respectively. |
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Commitments and Contingencies |
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Dec. 31, 2024 | ||||
| Commitments and Contingencies [Abstract] | ||||
| COMMITMENTS AND CONTINGENCIES |
On March 4, 2024, an entity that holds some Warrants, or the Warrant Holder, sent us a letter alleging that we had breached the warrant agreement between Arisz and Continental Stock Transfer & Trust Company when we allegedly failed to allow the Warrant Holder to exercise a portion of the Warrants it holds on that same day, thus, resulting in potential loss to the Warrant Holder. The Warrant Holder threatened to file litigation against us. We dispute the claim of breach and maintain that we have not breached the warrant agreement. On September 11, 2024, the Warrant Holder filed a complaint against us in the United States District Court for Southern District of New York, which was subsequently amended by the Warrant Holder on November 27, 2024. We moved to dismiss all of the claims on December 18, 2024 and that motion is fully briefed before the court and awaiting a decision. We intend to defend the lawsuit vigorously but we cannot predict the outcome at this time due to its early stage.
In December 2024, the Company entered into a two-year framework agreement with Bitmain to purchase up to 80,000 S-series miners (including but not limited to the S21 XP and S21 Pro). Under the terms of the framework agreement, the Company has the flexibility to place orders in batches over a two-year period. The machines will be available for self-mining operations as well as providing mining services to customers, including miner resales, cloud mining and miner hosting services, depending on market conditions and our evolving miner capacity requirements. Additionally, the framework agreement includes payment terms, enabling management to pay, at its option, part of the purchase price in the Company’s ordinary shares as well as the ability to defer part of payments after delivery of the miners. |
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Subsequent Events |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 | ||||
| Subsequent Events [Abstract] | ||||
| SUBSEQUENT EVENTS |
The Company has assessed all subsequent events that occurred from December 31, 2024, up through April 21, 2025, which is the date that these Consolidated Financial Statements were issued. Other than described below, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.
On February 19, 2025, the Company signed a definitive agreement and acquired 51% ownership in a 51-megawatt (MW) operational Bitcoin mining data center in Oklahoma, which will be accounted for a consolidated subsidiary of the Company. The transaction, priced at $400,000 per MW and totaled $10.4 million, is funded with cash from the Company’s balance sheet and common stock. |
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 53,963 | $ 10,495 | $ 2,442 |
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Insider Trading Policies and Procedures |
12 Months Ended |
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Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
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Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended | ||||||||||||
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Dec. 31, 2024 | |||||||||||||
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |||||||||||||
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity Risk Management and Strategy We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things, operational risks, intellectual property theft, harm to employees or customers and violation of data privacy or security laws. We are a holding company and our operations are conducted through Finfront, with principal executive offices in Singapore. We receive, process, store and transmit, often electronically, data of customers, much of which is confidential. Cybersecurity risks increase when we transmit information from one location to another, including over the internet or other electronic networks. We have implemented comprehensive internal policies and measures for assessing, identifying and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incidents. We have also integrated cybersecurity risk management into our overall enterprise risk management system. The main internal policies and measures are as follows:
We have implemented a set of procedures to ensure effective management of the cybersecurity risks associated with the use of third-party service provider, CrowdStrike Falcon OverWatch (“CrowdStrike”), to help us reduce the risk of cybersecurity attacks. Our internal security team conducts regular inspections on the hunting reports generated by CrowdStrike. Our digital assets are mined to and stored in offline cold wallet, which is a physical device that holds digital assets offline and aims to prevent hackers from being able to access digital assets via traditional internet-hacking means. Access to digital assets in such cold wallet requires separate authentication from different authorized individuals. As of the date of this Report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect our business strategy, results of operations or financial conditions. However, despite the measures we have implemented, our miners, systems and procedures, and those of our third-party service providers, may be vulnerable to security breaches, acts of vandalism, software viruses, misplaces or lost data, programming or human errors or other similar events which may disrupt our delivery of services or expose the confidential information of our customers. Furthermore, security breaches, computer malware and computer hacking attacks have been a prevalent concern in the digital asset exchange market. Therefore, there can be no assurance that cybersecurity incidents or threats would not occur to us in the future. |
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| Cybersecurity Risk Management Processes Integrated [Text Block] | We have also integrated cybersecurity risk management into our overall enterprise risk management system. | ||||||||||||
| Cybersecurity Risk Management Processes Integrated [Flag] | true | ||||||||||||
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true | ||||||||||||
| Cybersecurity Risk Management Third Party Engaged [Flag] | true | ||||||||||||
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false | ||||||||||||
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Cybersecurity Governance Our board considers cybersecurity risk as part of its risk oversight function. The board receives regular reports from management on our cybersecurity risks and any material cybersecurity incidents. Our Chief Executive Officer and Chief Technology Officer are responsible for assessing and managing cybersecurity risks. Our Chief Executive Officer has over 12 years of experience in banking system development and operation and holds certificates of IT System Management and Certified Information System Auditor. We have also adopted an information security incident emergency response guide (the “Cybersecurity Emergency Response Guide”), which sets out details procedures for detecting, reporting, and responding to cybersecurity incidents. Our Cybersecurity Emergency Response Guide also include steps to contain the incident, investigate the root cause, and restore normal operations. Pursuant to our Cybersecurity Emergency Response Guide, we regularly conduct training for our team members who are responsible for responding to any cybersecurity incident to ensure their competence in such situations. |
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Chief Executive Officer and Chief Technology Officer are responsible for assessing and managing cybersecurity risks. |
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Accounting Policies, by Policy (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of presentation | Basis of presentation The accompanying Consolidated Financial Statements of the Company include the financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying Consolidated Financial Statements are summarized below. |
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| Principles of consolidation | Principles of consolidation The accompanying Consolidated Financial Statements include the accounts of BitFuFu Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. |
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| Use of estimates | Use of estimates The preparation of the Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the Consolidated Financial Statements and accompanying notes. Significant accounting estimates reflected in the Company’s Consolidated Financial Statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, useful lives and recoverability of long-lived assets, the realizability of deferred tax assets, valuation of the Warrants classified under Level 3 fair value hierarchy, measurement of digital assets, valuation and recognition of share-based compensation, the fair value of derivatives and other contingencies. Actual results could differ from those estimates. |
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| Foreign currency | Foreign currency The Company’s reporting currency is the U.S. dollars. The functional currency of the Company and its subsidiaries which are incorporated in Cayman Islands, Singapore, United States, UAE and Hong Kong are in U.S. dollars. The determination of the respective functional currency is based on the criteria set out by ASC 830, Foreign Currency Matters. |
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| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. As of December 31, 2024, the Company had cash and cash equivalents of approximately $38.20 million, of which $37.13 million was held in financial institutions in Singapore, $0.47 million and $0.58 million was held in financial institutions in the US and UAE, respectively. The Company maintains its cash and cash equivalents in the financial institutions, which, at times, may exceed regulated insured limits. The Company believes it is not exposed to significant credit risk on cash and cash equivalents. |
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| Restricted cash and cash equivalents | Restricted cash and cash equivalents The Company holds restricted cash deposits with financial institutions. The restricted deposits related to deposits payable to third parties under mining facility lease contracts located in the United States. These restricted balances were subsequently paid to the respective third party in January 2025. The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows:
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| Accounts receivable, net | Accounts receivable, net Accounts receivable consists of amounts due from customers of the cloud-mining business, mining equipment sales, and self-mining operations. The Company records accounts receivable at the invoiced amount less an allowance for any potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers many factors, including the age of the balance, collection history, secured and collaterals (if any), and forecasts of future economic conditions. Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). The Company recorded the balance of allowances for CECL of approximately $0.32 million for both December 31, 2024 and December 31, 2023. For the years ended December 31, 2024 and 2023, the Company did not record any credit recoveries. The Company offered credit periods to some customers of cloud mining services. The accounts receivable due from those customers were denominated in U.S. dollars, interest bearing and secured by pledging digital assets to the Company. The Company implements robust risk management practices to address potential credit risks associated with customer defaults, retaining the right to liquidate the pledged digital assets if customers fail to meet their obligations. The Company continuously and systematically monitors the fair value of the digital assets pledged as collateral against the outstanding obligations of customers for cloud mining services. If the value of a customer’s pledged digital assets falls below the required collateral level, the customer is obligated to deposit additional collaterals to the Company. Due to the collateral requirements the Company applies to such receivables, the Company’s process for collateral maintenance, and collateral held by the Company, the Company’s credit exposure is significantly limited and no allowance, write-offs or recoveries were recorded against could mining receivables. The Company would recognize credit losses on these receivables if there was a collateral shortfall and it is not reasonably expected that the customer will replenish such a shortfall, nor will repay the outstanding balance cover such shortfall. Digital assets pledged by the customers to the Company were recorded in the Digital Assets on the Consolidated Balance Sheets, as the Company had obtained control of these pledged digital assets, including the rights to sell, re-pledge, or rehypothecate the collaterals. The liability to return the collateral digital assets was recorded accordingly on the Consolidated Balance Sheets (See discussion of accounting for “Obligation to Return Collateral Digital Assets” below). |
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| Digital assets | Digital assets Prior to the adoption of ASU 2023-08, digital assets are accounted for as indefinite lived intangible assets. They are presented as current assets within the consolidated balance sheets. An intangible asset with an indefinite useful life is not amortized but assessed for impairment whenever events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets in the principal market at the time its fair value is being measured, and the Company recognized an impairment loss in an amount equal to that excess. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. The Company tracks its cost basis of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting. Following the early adoption of Accounting Standards Update (“ASU”) 2023-08, Accounting for and Disclosure of Crypto Assets, since January 1, 2024, digital assets held at period end are recorded at fair value, and changes in fair value are recognized in Operating expense on the Consolidated Statements of Comprehensive Income. Digital assets collateralized to the lender were reported as “Digital assets collateral receivable” and classified as short-term or long-term assets on the Consolidated Balance Sheets according to the maturity of the related loans for which the digital assets were pledged. The Company primarily holds digital assets for long-term price appreciation and plans to sell them to support operations as needed. Purchases and sales of digital assets for fiat currency are classified as investing activities in the Company’s consolidated cash flow statements. |
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| Digital assets held as collateral | Digital assets held as collateral Digital assets held as collateral from customers are initially recorded at cost and subsequently remeasured at fair value, with changes in fair value recognized in Operating expenses on the Consolidated Statements of Comprehensive Income. Fair value is determined using quoted digital asset prices from the Company’s principal market at the time of measurement. Digital assets held as collateral include those digital assets under the Company’s control and may exceed the required contractual amounts. These assets are derecognized from the Consolidated Balance Sheets when the collateral is returned to customers or when it is sold or rehypothecated. Gains and losses upon derecognition are calculated on a cost basis. |
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| Borrowings and related collateral | Borrowings and related collateral Long-term loans The Company borrowed loans from counterparties. The loans are denominated in U.S. dollars with fixed interest rates. Long-term loans are carried at amortized cost. Transaction costs are recorded as direct deductions from the related loan liabilities and amortized to interest expense using the effective interest method over the terms of the term loans. Interest expense on debt includes long-term loan interest expense, as well as amortization of debt issuance costs. Loans are classified as non-current liabilities unless they are due within one year. Digital assets collateral receivable The Company enters into borrowing arrangements with institutions that require it to pledge certain digital assets as collateral and maintain a specified collateral ratio. When the lender obtains control or has the right to sell, pledge, or rehypothecate the collateral, the Company derecognizes the pledged digital assets and recognizes a receivable from the lender. Digital assets pledged as collateral are initially measured at fair value on the date they are received. Subsequently, the fair value of the pledged collateral is reassessed periodically, with any changes in fair value recognized in the Company’s financial statements. Upon the Company’s full repayment of its obligations, the lender is obligated to return the same quantity and type of digital assets originally posted as collateral. Digital assets pledged are classified as current or non-current based on the maturity of the term loan, which determines the expected release date. Changes in the fair value of the receivable are recorded in Operating expenses on the Consolidated Statements of Comprehensive Income. The Company assessed the CECL on its digital asset collateralized receivables using the current expected credit loss impairment model. This model requires the Company to estimate expected credit losses over the contractual life of the financial instrument and to present the net amount expected to be collected. In developing the CECL estimate, the Company considered various factors, including the age of the receivable balances, historical collection patterns, the existence and quality of collateral (such as digital assets), and forward-looking information regarding macroeconomic conditions. Any changes to the expected credit loss estimate are recorded as a credit loss expense or reversal in the income statement. For the financial year, the Company did not record any allowance for CECL on the digital asset collateralized receivables. |
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| Obligation to return collateral digital assets | Obligation to return collateral digital assets The Company enters into lending arrangements with its cloud mining customers that require the customers to pledge crypto assets as collateral. The Company records such obligation to return collateral to the customers as “obligation to return collateral digital assets” on the Consolidated Balance Sheets. Obligation to return collateral digital assets are initially measured at the fair value of the digital assets received (which becomes the Company’s cost basis) if the Company has the right to sell, pledge, or rehypothecate the collateral, and subsequently are remeasured at fair value at the end of each reporting period, with changes in fair value recognized in Consolidated Statement of Comprehensive Income. The loan agreements with the customers stipulate that collateral shall be returned in the same type of asset originally provided by the Company assuming no defaults. The Company is not obligated to return collateral equal to the fair value of the borrowings if the customer defaults on its loans. Instead, the Company has the right to liquidate the collateral to cover outstanding obligations. Obligation to return collateral to customers is in the form of digital assets and accounted for as a hybrid instrument, with a liability host contract that contains an embedded derivative based on the changes in fair value of the underlying digital asset. The gain or loss on remeasurement of the Obligation to return collateral is recorded in Operating expenses on the Consolidated Statements of Comprehensive Income. |
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| Realized gain or loss on sale of digital assets | Realized gain or loss on sale of digital assets The Company accumulates Bitcoin mined through its self-mining operation and exchanges Bitcoin for fiat currencies at established cryptocurrency exchanges, such as Coinbase or Binance, to satisfy its working capital needs from time to time. The Company also receives other digital assets, such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tether (USDT), as payments for its cloud mining service and hosting services. Digital assets that are received as service payments are converted into USDT and then U.S. dollars. The difference between the cost of the sold digital assets and the fair value of the digital assets received in exchange for fiat currency is recognized as Realized Gain on Sales of Digital Assets on the Consolidated Statements of Comprehensive Income. The Company recognizes realized gains or losses when digital assets are sold on an exchange for other digital assets, or for cash consideration using a first-in first-out method of accounting. |
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| Equipment, net | Equipment, net Equipment is stated at cost less accumulated depreciation and impairment loss, if any. Equipment is depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives (3-5 years) on a straight-line basis. |
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| Impairment of long-lived assets other than goodwill | Impairment of long-lived assets other than goodwill Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. For the year ended December 31, 2024, the Company recorded an impairment charge of approximately $8.08 million related to the miners purchased in 2022. The impairment in 2024 was primarily triggered by lower projected net cash flows from the mining equipment purchased in 2022, due to combination of market forces and price fluctuation in BTC. Accordingly, these conditions were identified as impairment indicators under the applicable accounting standards. No impairment loss was recorded for the year ended December 31, 2023. |
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| Leases | Leases The Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the Consolidated Balance Sheets as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company’s Consolidated Balance Sheet as an accounting policy election. As the lessee, there were no lease assets included on our Consolidated Balance Sheets for leased equipment as of December 31, 2024 and 2023, since all the leases of the Company are less than 12 months, and the Company employed the practical expedient for leases with terms for less than 12 months and did not account for such leases as right of use assets with corresponding lease obligations. |
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| Warrants | Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. The Company concluded that warrants issued pursuant to the Existing Warrant Agreement and Supplemental Warrant Agreement qualify for equity accounting treatment. |
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| Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Company considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payables, other payables, long-term loans and long-term payables. As of December 31, 2024 and 2023, the carrying values of these financial instruments approximated their fair values. |
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| Contract liabilities | Contract liabilities A contract liability is the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Revenue for future goods or services reflected in this account are recognized, and the contract liability is reduced, as the Company subsequently satisfies the performance obligation under the contract. Contract liabilities primarily represent 1) cloud mining service fees prepaid by customers for which the relevant services have not been provided; 2) prepayment from customers for the Company’s sales of mining equipment for which the equipment has not been delivered. The revenue recognized during the years ended December 31, 2024 and 2023 for the beginning balance of contract liabilities was $47.72 million and $6.44 million, respectively. |
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| Revenue recognition | Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Company’s performance:
Cloud mining solutions The Company sells to customers one-stop cloud-mining solutions so that the customer can earn rewards of mining in the form of digital assets by using the purchased hash rate from the Company.
The Company transfers control of cloud mining service over time, because the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs. Therefore, the Company satisfies its sole performance obligation over time and recognizes revenue over time by measuring the progress toward complete satisfaction of such performance obligation. The Company’s system records the amount of hash calculations and its actual service time period for each order during each month, and the completion progress of each order’s performance obligation can be calculated according to the proportion of the actual service time period to the whole agreed service period. Cryptocurrency self-mining revenue The Company has entered into framework agreements, as amended from time to time, with mining pool operators to perform hash calculations for the mining pools. Each party has the unilateral right to terminate the contract at any time without any compensation to the other party for such termination. Therefore, the Company has concluded that the duration of the contract is less than 24 hours and that the contract is continuously renewed throughout the day. The Company has determined that the mining pool operator’s renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. Upon contract termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due that is related to previously satisfied performance obligations. The Company’s enforceable right to compensation only begins once the Company commences performing hash calculations for the mining pool operators. The Company is entitled to compensation regardless of whether the mining pool operators successfully record a block to the Bitcoin blockchain. Providing a service to perform hash calculations for the pool operators is the only performance obligation in the Company’s arrangements with mining pool operators and is an output of the Company’s ordinary activities. The Company is entitled to a non-cash consideration at an amount that approximates the total Bitcoins that could have been mined using the hash calculations performed by the Company according to the pool operator’s specification over the 24-hour period ended 23:59:59 UTC, based upon the then current blockchain difficulty. The Bitcoin payout is settled on the following day, on a daily basis. The payout method used by the mining pools in which the Company participated is the Full-Pay-Per-Share (“FPPS”) method. The Company’s total compensation is calculated using the following formula: the sum of the Company’s share of (1) block rewards and (2) transaction fees, less (3) mining pool operating fees.
The non-cash consideration received in exchange for the Company’s performing hash calculations, including block rewards and transaction fees, is variable because it depends, in part, on the amount of hash calculations the Company performs in accordance with the pool operator’s specifications and the amount of transaction fees of the entire blockchain network for the 24-hour period, beginning at midnight UTC. The mining pool operating fees are also variable because they are calculated as a small fraction of the sum of the block rewards and the transaction fees, in accordance with the agreement with each mining pool operator. The Company is able to estimate the amount of variable consideration related to the block reward component on the date of contract inception because (a) the total amount of hash calculations the Company provides to the mining pool operator, (b) the total Bitcoin network’s implied hash calculations and (c) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole are either fixed or can be estimated on the date of contract inception. However, the Company is not able to reliably estimate the amount of variable consideration related to transaction fee component until 23:59:59 UTC on the date of contract inception, because of the uncertainty of the actual amount of transaction fees of the entire blockchain network for that day. The mining pool operators will confirm the considerations for the 24 hours, including the block rewards, the transaction fees, and the mining pool operating fees at 23:59:59 UTC each day. For each contract, the Company measures the non-cash consideration using the average of daily quoted U.S. dollar spot rate of Bitcoin on the date of contract inception. For each contract, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception. Sale of mining equipment The Company sells mining equipment to customers. Before the Company receives orders from customers, the Company signs a purchase agreement with suppliers and places purchase orders to the suppliers. The mining equipment is usually delivered to the Company one month after the purchase orders are presented to the suppliers. Upon taking control of the mining equipment, title also passes to the Company. The Company has neither an explicit nor implicit repurchase right or obligation for the sold mining equipment. If mining equipment purchased from the suppliers remains unsold, the mining equipment is non-returnable and kept in inventory. Since there is no guarantee of any sales orders, the Company takes inventory risk before mining equipment is sold to customers. Management believes there is a single performance obligation related to the sale of mining equipment. Revenue for mining equipment sales is recognized at a point of time when the control of the mining machine is transferred from the Company to the customer, evidenced by documentation of delivery and customer acceptance. The Company may receive payments prior to delivery of the mining equipment and records funds received as contract liabilities, or the Company may receive payment for the mining equipment within thirty days of delivery of the mining equipment. Deferred revenue is recognized as revenue upon delivery. Hosting services
Management has determined that the aforementioned services represent a series of performance obligations that should not be separated and recognized individually, but rather, as a whole over time in accordance with the Hosting Contract entered into by the Company and the customer. |
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| Cost of revenues | Cost of revenues The cost of revenues is primarily consistent with the revenue streams. This includes expenses such as lease costs of mining equipment, depreciation expenses of self-owned mining equipment, outsourcing fees, electricity costs, platform technology fees, web service fees, salaries, allocated overhead, and sourcing expenses. |
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| Sales and marketing expenses | Sales and marketing expenses Sales and marketing expenses primarily comprise sales commissions, advertising expenses, marketing and promotional expenses, salaries, and share-based compensation for sales and marketing personnel. Advertising expenses specifically include costs related to promoting the corporate image and marketing products. The Company expenses all advertising costs as they are incurred. |
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| General and administrative expenses | General and administrative expenses General and administrative expenses primarily include salaries, bonuses, share-based compensation and benefits for employees engaged in general corporate functions and those not specifically dedicated to research and development activities. Additionally, these expenses encompass depreciation of fixed assets that are not utilized in research and development activities, legal and other professional services fees, and other general corporate related expenses. |
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| Research and development expenses | Research and development expenses Research and development expenses primarily comprise payroll, share-based compensation and related personnel costs, as well as technical service fees associated with the enhancement of the Company’s platform and technical system. These expenses are expensed as they are incurred. |
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| Income taxes | Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax, (“ASC 740 - Income Taxes”). Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized. The Company records liabilities related to uncertain tax positions when, despite the Company’s belief that the Company’s tax return positions are supportable, the Company believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. |
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| Comprehensive income | Comprehensive income The Company applies ASC 220, Comprehensive Income, (“ASC 220”), with respect to reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Company during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Company’s comprehensive income was equal to net income. |
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| Segment reporting | Segment reporting ASC 280, Segment Reporting, (“ASC 280”), establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, the chief operating decision maker (“CODM”) has been identified as the Company’s Chief Executive Officer. The CODM has determined that the Company operates as a single operating segment and uses net income (loss) and operating income (loss) as measures of profit or loss on a consolidated basis when making decisions regarding resource allocation and performance assessment. The Company’s key financial metrics used by the CODM help make key operating decisions, include significant acquisitions and allocation of budget between cost of revenues, sales and marketing, general and administrative and research and development expenses. Information regarding the Company’s net income (loss) and operating income (loss) is disclosed in the Consolidated Statements of Comprehensive Income. Segment expenses and other items are reviewed by the CODM on the same basis as presented in the Consolidated Statements of Comprehensive Income. The CODM does not separately evaluate performance or allocate resources based on segment assets. As a result, asset information by segment is not presented. |
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| Share-Based Compensation | Share-Based Compensation The Company grants restricted share rewards to employees and non-employees, and accounts for share-based compensation expenses in accordance with ASC 718, Compensation—Stock Compensation. The fair value of granted shares without a lock-up period is based on the market price of the Company’s ordinary share on the date of each grant. The fair value of granted shares with a lock-up period is based on the discounted market price of the Company’s ordinary share on the date of each grant, which is discounted using Asian-style put option method. The Asian-style model is affected by factors and assumptions, such as the market price of underlying ordinary shares, expected volatility, remaining term of lock-up period, and expected dividend yield. Share-based compensation expense for the restricted share rewards with only service-based conditions is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur and reverses compensation cost previously recognized in the period the award is forfeited. |
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| Earnings per share | Earnings per share In accordance with ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. There are no dilutive shares outstanding. |
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| Concentration of credit risk | Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, digital assets, accounts receivable and other receivables. The Company places cash and cash equivalents with financial institutions with high credit ratings and quality. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation (“FDIC”) in the US, or the Singapore Deposit Insurance Corporation Limited (SDIC) in Singapore. The Company has never suffered a loss due to such excess balances. The Company conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for expected credit losses primarily based upon various factors surrounding the credit risk of specific customers and general economic conditions, to refer to the current expected credit loss policy. The Company held for its own account digital assets of approximately $129.94 million and $43.98 million as of December 31, 2024, and 2023, respectively. |
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| Related party transactions | Related party transactions Parties are considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. |
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| Recent accounting pronouncements | Recent accounting pronouncements The Company maintains a proactive approach in evaluating the impact of new accounting pronouncements on its financial reporting. Upon identifying potential effects on its financial statements, the Company conducts a thorough analysis to assess the necessary adjustments to its Consolidated Financial Statements. Furthermore, the Company conducts a comprehensive review to understand the implications of the changes and ensures the implementation of appropriate controls to safeguard the accuracy and integrity of its Consolidated Financial Statements. New and amended standards adopted by the Company: Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280): Segment Reporting On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 amends ASC 280, Segment Reporting(“ASC 280”) to expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Company’s chief operating decision maker (“CODM”), the amount and description of other segment items, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 further permits disclosure of more than one measure of segment profit or loss and extends the full disclosure requirements of ASC 280 to companies with single reportable segments. The Company adopted ASU 2023-07 on January 1, 2024, which did not have a material impact on the Consolidated Financial Statements. Accounting Standards Update (ASU) No. 2023-08, Intangibles - Goodwill and Other- Crypto Assets (Topic 350-60): Accounting for and Disclosure of Crypto Assets In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets. ASU 2023-08 amends ASC 350, Intangibles – Goodwill and Other, to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the Consolidated Balance Sheets and record gains and losses from remeasurement in Net income (loss) in the Consolidated Statements of Comprehensive income; (ii) present crypto assets separate from other intangible assets in the Consolidated Balance Sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the Consolidated Statements of Comprehensive income; and (iv) provide specific disclosures for crypto assets. The new standard is effective for the company for its fiscal year beginning January 1, 2025, with early adoption permitted, and should be applied using a modified retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of the beginning of the year of adoption. The Company early adopted ASU 2023-08 on January 1, 2024, and recorded a cumulative adjustment to increase the opening balance of retained earnings by $6.44 million as a result of recognizing its digital assets held as of January 1, 2024, at fair value. During the year ended December 31, 2024, the adoption of ASU 2023-08 led to an unrealized gain of $37.60 million due to the bitcoin price increase during the year. No adjustments were made to prior comparative periods. New Accounting Standards That Have Not Yet Been Adopted: Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods; early adoption is permitted. Adoption is either with a prospective method or a fully retrospective method of transition. The Company plans to adopt ASU 2023-09 for the year beginning on January 1, 2025. The Company is currently evaluating the effect the updated guidance will have on its disclosures. Accounting Standards Update 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement expenses On November 4, 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends ASC 220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard on the Consolidated Financial Statements. |
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- Definition Borrowing and related collateral. No definition available.
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- Definition Digital assets held as collateral. No definition available.
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- Definition Disclosure of accounting policy for digital assets. No definition available.
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- Definition Obligation to return collateral digital assets. No definition available.
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- References No definition available.
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- Definition The disclosure of warrants. No definition available.
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for comprehensive income. No definition available.
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- Definition Disclosure of accounting policy for credit risk. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Disclosure of accounting policy for cost of product sold and service rendered. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for leasing arrangement entered into by lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for revenue from contract with customer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization (Tables) |
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| Organization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company’s Principal Subsidiaries | As of the date of this report, the details of the Company’s principal subsidiaries are as follows:
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| Schedule of Warrant Activity | Warrant activity during the year ended December 31, 2024, was as follows:
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| Schedule of Assumptions Used in Valuing the Warrants | Following are the assumptions (Level 3 significant unobservable inputs) used in valuing the Warrants on February 29, 2024 (non-recurring basis):
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the key aspects of a subsidiary (partnership, corporation, or other entity) of the limited liability company or limited partnership. No definition available.
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Summary of Significant Accounting Policies (Tables) |
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| Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalent | The following is a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows:
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- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reverse Recapitalization (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reverse Recapitalization [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Number of Ordinary Shares Outstanding | The following summarizes the number of Ordinary Shares outstanding at the Closing Date:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- Definition Tabular disclosure of number of ordinary shares outstanding. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Digital Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Digital Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company’s Digital Assets | The Company’s digital asset holdings
include digital assets pledged by customers pursuant to applicable agreements and exclude digital assets pledged by the Company to suppliers
or lenders as collateral
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Movement for Digital Assets | The following table presents the movement for digital assets of the Company for the years ended December 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation between Net Income and the Movement of Digital Assets | The following table provides the reconciliation between net income and the movement of digital assets of the Company for the years ended December 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of reconciliation between net income and the movement of digital assets. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of information about activity for crypto asset. Excludes information about crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Tabular disclosure of information about crypto asset. Includes, but is not limited to, name, cost basis, fair value, and number of units held. Excludes information about crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Digital Asset Collateral Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Digital Asset Collateral Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Collateral for Loan Borrowings | The following table presents the Company’s digital assets pledged as collateral for loan borrowings and accounts payable as of December 31, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- Definition Schedule of collateral for loan borrowings. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Accounts Receivable, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Table Presents the Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses for the years ended December 31, 2024, and 2023:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- Definition Tabular disclosure of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Prepayments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepayments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Prepayments | Prepayments consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Other Current Assets, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Assets, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Assets | Other current assets consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Activity in Allowance for Credit Losses | The following table presents the activity in allowance for credit losses for the years ended December 31,2024 and 2023:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the carrying amounts of other current assets. No definition available.
|
Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equipment | Equipment consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Accrued Expenses and Other Payables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses and Other Payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Expenses and Other Payables | Accrued expenses and other payables consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. No definition available.
|
Long-Term Payables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Payables | Long-term payables consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provision for Income Taxes | The components of the provision for income taxes are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Effective Tax Rates | Effective tax rates of 12.44% for 2024, 17.22% for 2023 and (37.48%) for 2022 differ from the federal statutory rate applied to income before income taxes due to the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company’s Net Deferred Tax Assets and Liabilities | The Company’s net deferred tax assets/(liabilities) were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Revenue by Categories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by Categories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue Generated from Different Revenue Streams | The following table summarizes the revenue generated from different revenue streams:
|
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| Schedule of Revenue Generated from Different Continents | The following table also summarizes the revenue (excluding self-mining revenue) generated from different continents:
|
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| Schedule of Revenue Recognized from Receipt of Digital Assets | The amount of revenue recognized from receipt of digital assets and receipt of U.S. dollars is presented separately as follows:
|
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| X | ||||||||||
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuing the Restricted Shares with Post-Vesting Restrictions on Grant Dates | The weighted average grant date fair value is $4.24 for the years ended December 31, 2024. The following are the assumptions used in valuing the restricted shares with post-vesting restrictions on grant dates during the years ended December 31, 2024 (in percentages, except as noted):
|
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| Schedule of Nonvested Shares | A summary of changes in the Company’s nonvested shares for the year follows:
|
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| Schedule of Share-Based Compensation Expenses Related to Restricted Shares | The share-based compensation expenses related to restricted shares are recorded as components of general and administrative expenses, selling and marketing expenses, and research and development expenses, as follows:
|
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Tabular disclosure of the changes in outstanding nonvested shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share for the periods presented were calculated as follows:
|
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Parties | Related parties
|
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| Schedule of Significant Related Party Transactions | Other than disclosed elsewhere, the Company had the following significant
related party transactions for the years ended December 31, 2024, 2023 and 2022:
|
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| Schedule of Related Party Balances | The Company had the following related party balances as of December 31, 2024 and 2023:
|
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| X | ||||||||||
- Definition Tabular disclosure of related parties. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of related party balances. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
|
Major Customers and Suppliers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Major Customers and Suppliers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue by Major Customers and Suppliers | The below table represented the customers whose revenue individually accounted for over 5% of the Company’s total revenue for the years ended December 31, 2024, 2023, and 2022:
The below table represented the suppliers to which cost of revenue was attributed and accounted for over 5% of the Company’s total cost of revenue:
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| X | ||||||||||
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Non-Financial Assets | The following table presents the Company’s non-financial assets accounted for at fair value on a recurring basis as of December 31, 2024, by level within the fair value hierarchy (dollars in thousands):
|
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| X | ||||||||||
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
|
Organization (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Feb. 05, 2024 |
|
| Organization [Line Items] | ||
| Price per share | $ 11.14 | |
| Warrant [Member] | ||
| Organization [Line Items] | ||
| Exercise price | $ 11.5 | |
| Redemption price per warrant | $ 0.01 | |
| Minimum threshold written notice period for redemption of warrants | 30 days | |
| Stock price trigger for redemption of warrants | $ 16.5 | |
| Threshold trading days for redemption of warrants | 20 days | |
| Threshold consecutive trading days for redemption of warrants | 30 days | |
| Threshold number of business days before sending notice of redemption to warrant holders | 30 days | |
| Additional paid-in capital | $ 3,390 | |
| Class A Ordinary Shares [Member] | ||
| Organization [Line Items] | ||
| Price per share | $ 11.5 |
| X | ||||||||||
- Definition The minimum threshold period during which a written notice is required for redemption of warrants, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Price of the entity's common stock which would be required to be attained to trigger the redemption of warrants. No definition available.
|
| X | ||||||||||
- Definition Threshold number of specified consecutive trading days for stock price trigger considered for redemption of warrants. No definition available.
|
| X | ||||||||||
- Definition Threshold number of specified trading days for stock price trigger considered for redemption of warrants. No definition available.
|
| X | ||||||||||
- Definition Redemption price per share or per unit of warrants or rights outstanding. No definition available.
|
| X | ||||||||||
- Definition Threshold number of business days before sending notice of redemption to warrant holders. No definition available.
|
| X | ||||||||||
- Definition Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Exercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Per share or per unit amount of equity securities issued. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Organization - Schedule of Company’s Principal Subsidiaries (Details) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Finfront Holding Company (“Finfront”) [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Jul. 22, 2021 | |||
| Place of incorporation | Cayman Islands | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | 100.00% | ||
| Principal activities | Investment holding | |||
| Ethereal Tech Pte. Ltd. (“Ethereal Singapore”) [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Oct. 22, 2021 | |||
| Place of incorporation | Singapore | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | 100.00% | ||
| Principal activities | Provision of cloud mining services, miner hosting services, mining equipment sales and lease and sourcing services for mining equipment sales | |||
| Ethereal Tech US Corporation (“Ethereal US”) [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Dec. 15, 2021 | |||
| Place of incorporation | United States | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | 100.00% | ||
| Principal activities | Provision of self-mining activities and mining equipment sales | |||
| Ethereal Tech ME Limited [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Aug. 20, 2024 | |||
| Place of incorporation | United Arab Emirates (“UAE”) | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | |||
| Principal activities | Provision of cloud mining services, self-mining activities, miner hosting services and mining equipment sales | |||
| Finfront Tech Company [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Jun. 28, 2024 | |||
| Place of incorporation | Cayman Islands | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | |||
| Principal activities | Investment holding | |||
| Cloudmap Tech Group Limited [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | Jun. 11, 2024 | |||
| Place of incorporation | Hong Kong Special Administrative Region | |||
| Percentage of direct or indirect ownership by the Company | 100.00% | |||
| Principal activities | Investment holding | |||
| Lonshi Tech Canada Limited (“Lonshi”) [Member] | ||||
| Schedule of Company’s Principal Subsidiaries [Line Items] | ||||
| Date of incorporation/ acquistion | [1] | Nov. 22, 2022 | ||
| Place of incorporation | [1] | Canada | ||
| Percentage of direct or indirect ownership by the Company | [1] | 100.00% | ||
| Principal activities | [1] | Dormant | ||
| ||||
| X | ||||||||||
- Definition Description of business purpose of the subsidiary of the limited liability company or limited partnership, for example, its day-to-day operating functions and whether it acts as a holding or operating company. No definition available.
|
| X | ||||||||||
- Definition Date the subsidiary of the limited liability company (LLC) or limited partnership (LP) was formed, in YYYY-MM-DD format. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The number of units or percentage investment held in the subsidiary by the limited liability company or limited partnership. No definition available.
|
| X | ||||||||||
- Definition State in which the subsidiary of the limited liability company or limited partnership was organized. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Organization - Schedule of Warrant Activity (Details) - Warrant [Member] - Warrant [Member] - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 29, 2024 |
Dec. 31, 2024 |
||||
| Schedule of Warrant Activity [Line Items] | |||||
| Number of Warrants Outstanding Beginning Balance | 7,176,389,000 | ||||
| Weighted Average Exercise Share Price Outstanding Beginning Balance (in Dollars per share) | $ 11.5 | ||||
| Total Intrinsic Value Outstanding Beginning Balance (in Dollars) | |||||
| Weighted Average Remaining Contractual Life (in years) Outstanding Beginning Balance | 5 years | [1] | 4 years 2 months 1 day | ||
| Number of Warrants Issued, exercised or cancelled | |||||
| Weighted Average Exercise Share Price Issued, exercised or cancelled (in Dollars per share) | |||||
| Total Intrinsic Value Issued, exercised or cancelled (in Dollars) | |||||
| Number of Warrants Outstanding Ending Balance | 7,176,389,000 | ||||
| Weighted Average Exercise Share Price Outstanding Ending Balance (in Dollars per share) | $ 11.5 | ||||
| Total Intrinsic Value Outstanding Ending Balance (in Dollars) | |||||
| Weighted Average Remaining Contractual Life (in years) Outstanding Ending Balance | 5 years | [1] | 4 years 2 months 1 day | ||
| |||||
| X | ||||||||||
- Definition Amount of accumulated difference between fair value of underlying shares on dates of issued, exercised or cancelled price on non options exercised (or share units converted) into shares. No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their non options into shares. No definition available.
|
| X | ||||||||||
- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of non options outstanding. No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the non option plan. No definition available.
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for non option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Number of non-option equity instruments exercised by participants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of equity instruments other than options outstanding, including both vested and non-vested instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Organization - Schedule of Assumptions Used in Valuing the Warrants (Details) |
Feb. 29, 2024 |
|---|---|
| Risk-free interest rate [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs | 4.26 |
| Remaining expected term [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs | 5 |
| Expected volatility [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs | 27.51 |
| Stock price on valuation date [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs | 6.03 |
| Exercise price [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs | 11.5 |
| Expected dividend rate [Member] | |
| Schedule of Assumptions Used in Valuing the Warrants [Line Items] | |
| Warrants measurement inputs |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Value of input used to measure outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Summary of Significant Accounting Policies (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Summary of Significant Accounting Policies [Line Items] | ||
| Cash and cash equivalents | $ 38,200,000 | |
| Impairment charge | 8,080,000.00 | |
| Contract liabilities | 47,720,000 | $ 6,440,000 |
| Digital assets | 129,940,000 | 43,978,000 |
| Opening balance of retained earnings | 6,440,000 | |
| CECL [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Allowances for CECL | $ 320,000 | $ 320,000 |
| Minimum [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Estimated useful lives | 3 years | |
| Maximum [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Estimated useful lives | 5 years | |
| Singapore [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Cash and cash equivalents | $ 37,130,000 | |
| US [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Cash and cash equivalents | 470,000 | |
| UAE [Member] | ||
| Summary of Significant Accounting Policies [Line Items] | ||
| Cash and cash equivalents | $ 580,000 |
| X | ||||||||||
- Definition Opening balance of retained earnings. No definition available.
|
| X | ||||||||||
- Definition Amount of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Fair value of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
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| X | ||||||||||
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Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalent (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalent [Abstract] | ||||
| Cash and cash equivalents | $ 38,201 | $ 32,005 | $ 60,431 | |
| Restricted cash and cash equivalents | 6,910 | |||
| Total cash and cash equivalents, and restricted cash and cash equivalents | $ 45,111 | $ 32,005 | $ 60,431 | $ 13,312 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Reverse Recapitalization (Details) |
1 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 26, 2024
USD ($)
$ / shares
shares
|
Feb. 05, 2024
USD ($)
$ / shares
shares
|
Oct. 13, 2022
USD ($)
shares
|
Oct. 10, 2022
USD ($)
shares
|
Jan. 31, 2022
USD ($)
shares
|
Oct. 31, 2022
USD ($)
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
shares
|
Dec. 31, 2022
shares
|
Feb. 29, 2024
shares
|
Dec. 31, 2021
shares
|
|||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 1,250,000 | $ 750,000 | |||||||||||||||
| Price per share (in Dollars per share) | $ / shares | $ 11.14 | ||||||||||||||||
| Purchase shares of common stock | 128,206 | 76,142 | 204,348 | ||||||||||||||
| Treasury stock common shares | 204,348 | ||||||||||||||||
| Percentage of outstanding shares | 96.00% | ||||||||||||||||
| Gross proceeds from business combination (in Dollars) | $ | $ 75,100,000 | ||||||||||||||||
| Number of issued per unit | 1 | ||||||||||||||||
| Ordinary shares issued | [1] | 163,106,615 | 150,204,348 | ||||||||||||||
| Transferred Common Stock | 260,000 | ||||||||||||||||
| Minimum [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 2,000,000 | ||||||||||||||||
| Purchase shares of common stock | 200,000 | ||||||||||||||||
| Maximum [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 2,500,000 | ||||||||||||||||
| Purchase shares of common stock | 260,000 | ||||||||||||||||
| Treasury Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Treasury stock common shares | 204,348 | 204,348 | [2] | 204,348 | [2] | ||||||||||||
| Common Stock [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | [2] | 7,500,000 | |||||||||||||||
| Ordinary shares issued | 500,000,000 | 150,000,000 | |||||||||||||||
| Redemption shares | 2,282,657 | 777,050 | |||||||||||||||
| Redemption value (in Dollars) | $ | $ 25,400,000 | $ 8,700,000 | |||||||||||||||
| Chardan [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Ordinary shares issued | 2,301,750 | ||||||||||||||||
| Subscription Agreements [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 74,000,000 | ||||||||||||||||
| Price per share (in Dollars per share) | $ / shares | $ 10 | ||||||||||||||||
| Backstop Agreements [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 2,000,000 | ||||||||||||||||
| Stock Purchase Agreements [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Price per share (in Dollars per share) | $ / shares | $ 11.14 | ||||||||||||||||
| Amended Stock Escrow Agreement [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Common stock exercised | 2,287,657 | ||||||||||||||||
| Redemption price (in Dollars per share) | $ / shares | $ 11.14 | ||||||||||||||||
| Aggregate redemption amount (in Dollars) | $ | $ 25,400,000 | ||||||||||||||||
| Bit Fu Fu [Member] | Minimum [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Gross proceeds from business combination (in Dollars) | $ | 1,100,000 | ||||||||||||||||
| Bit Fu Fu [Member] | Maximum [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Gross proceeds from business combination (in Dollars) | $ | $ 74,000,000 | ||||||||||||||||
| Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Transaction costs (in Dollars) | $ | $ 10,100,000 | ||||||||||||||||
| Amended Stock Escrow Agreement [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | 696,247 | ||||||||||||||||
| Class B Ordinary Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Ordinary shares cancelled | 135,000,000 | ||||||||||||||||
| Issuance of shares | 135,000,000 | ||||||||||||||||
| Class A Ordinary Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | 15,000,000 | ||||||||||||||||
| Number of issued per unit | 1 | ||||||||||||||||
| Class A Ordinary Shares [Member] | Investors [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Ordinary shares issued | 7,400,000 | ||||||||||||||||
| Class A Ordinary Shares [Member] | Aqua [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Ordinary shares issued | 1,010,000 | ||||||||||||||||
| Class A Ordinary Shares [Member] | Ethereal Tech Pte. Ltd [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | 204,348 | ||||||||||||||||
| Class A Ordinary Shares [Member] | Backstop Agreements [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Ordinary shares issued | 200,000 | ||||||||||||||||
| Private Placement [Member] | Class A Ordinary Shares [Member] | Sponsor [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | 200,000 | ||||||||||||||||
| Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 1,250,000 | ||||||||||||||||
| Shares [Member] | Stock Purchase Agreements [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Purchase shares of common stock | 128,206 | ||||||||||||||||
| Additional Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 750,000 | ||||||||||||||||
| Purchase shares of common stock | 76,142 | ||||||||||||||||
| Aqua Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Aggregate cash amount (in Dollars) | $ | $ 2,000,000 | ||||||||||||||||
| Purchase shares of common stock | 200,000 | ||||||||||||||||
| Aqua Shares [Member] | Class A Ordinary Shares [Member] | |||||||||||||||||
| Reverse Recapitalization [Line Items] | |||||||||||||||||
| Issuance of shares | 260,000 | ||||||||||||||||
| |||||||||||||||||
| X | ||||||||||
- Definition Number of issued per unit No definition available.
|
| X | ||||||||||
- Definition Percentage of outstanding shares. No definition available.
|
| X | ||||||||||
- Definition The amount of proceeds from business combination. No definition available.
|
| X | ||||||||||
- Definition Transferred of ordinary shares. No definition available.
|
| X | ||||||||||
- Definition Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Per share or per unit amount of equity securities issued. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination. No definition available.
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination. No definition available.
|
| X | ||||||||||
- Definition Value of stock issued as a result of the exercise of stock options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of stock bought back by the entity at the exercise price or redemption price. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the value of stock bought back by the entity at the exercise price or redemption price. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount to be paid per share that is classified as temporary equity by entity upon redemption. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Reverse Recapitalization - Schedule of the Number of Ordinary Shares Outstanding (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 163,106,615 |
| Shares issuable upon the exercise of Warrants | 5,382,292 |
| Shares outstanding, diluted | 168,488,907 |
| Arisz Common Stock [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 94,658 |
| Arisz Private Placement Shares [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 276,389 |
| Arisz Common Stock Held By Insiderfounders Sponsor Initial Share And Transferees [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 1,260,652 |
| Arisz Rights Held By Public Stockholders [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 345,000 |
| Arisz Common Stocks Underlying Arisz Rights Included As Part Of The Private Placement [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 13,818 |
| Class Ordinary Shares Issued To Chardan Capital Markets As Deferred Underwriting Compensation [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 51,750 |
| Class Ordinary Shares Issued To Chardan Capital Markets As Ariszs Consultant [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 2,250,000 |
| Class Ordinary Shares Issued To Aqua Pursuit International Limited As Bit Fu Fus Consultant [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 1,010,000 |
| Class Ordinary Shares Issued To Investors [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 7,400,000 |
| Ordinary Shares Issued To Shareholders Of Bit Fu Fu In Business Combination [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 150,000,000 |
| Shares Issued Pursuant To The Backstop Agreement [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 200,000 |
| Shares Transferred From Arisz Sponsor To Bit Fu Fu And Its Subsidiaries [Member] | |
| Number of Ordinary Shares Outstanding [Line Items] | |
| Ordinary shares issued | 204,348 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
|
| X | ||||||||||
- Definition The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
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- Details
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| X | ||||||||||
- Details
|
Digital Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Digital Assets [Line Items] | |||
| Impairment loss on digital assets | $ 6,990 | $ 12,950 | |
| Unrealized gain on digital assets | 37,600 | ||
| Digital Assets [Member] | |||
| Digital Assets [Line Items] | |||
| Realized gain on sales of digital assets | $ 39,330 | $ 18,230 | $ (4,950) |
| X | ||||||||||
- Definition Realized gain on sales of digital assets. No definition available.
|
| X | ||||||||||
- Definition Unrealized gain of digital asset. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of gain (loss) from the difference between the sale price or salvage price and the book value of an asset that was sold or retired, and gain (loss) from the write down of assets from their carrying value to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
Digital Assets - Schedule of Company’s Digital Assets (Details) pure in Thousands, $ in Thousands |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024 |
Dec. 31, 2024
BITCOIN
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|---|---|---|
| Schedule of Company’s Digital Assets [Line Items] | |||||
| Cost Basis | $ 92,336 | ||||
| Fair Value | 129,940 | $ 43,978 | |||
| Carrying Value | 129,940 | 43,978 | |||
| Bitcoin (“BTC”) [Member] | |||||
| Schedule of Company’s Digital Assets [Line Items] | |||||
| Quantity | 1,313 | 480 | |||
| Cost Basis | 87,457 | ||||
| Fair Value | 125,048 | 43,896 | |||
| Carrying Value | 125,048 | 43,896 | |||
| USDT [Member] | |||||
| Schedule of Company’s Digital Assets [Line Items] | |||||
| Quantity | 4,800,082 | ||||
| Cost Basis | 4,802 | ||||
| Fair Value | 4,817 | 61 | $ 56 | ||
| Carrying Value | 4,817 | 61 | 56 | ||
| Others [Member] | |||||
| Schedule of Company’s Digital Assets [Line Items] | |||||
| Quantity | 46,233 | ||||
| Cost Basis | 77 | ||||
| Fair Value | 75 | 21 | 17 | ||
| Carrying Value | $ 75 | $ 21 | $ 17 |
| X | ||||||||||
- Definition Cost of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Fair value of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
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|
| X | ||||||||||
- Details
|
Digital Assets - Schedule of Movement for Digital Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| BTC [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Beginning balance | $ 43,896 | $ 7,938 |
| Digital assets received from customers for products and services | 123,345 | 77,236 |
| Revenue generated from BTC self-mining operation | 157,511 | 100,197 |
| Converted to other digital assets or fiat cash, net | (67,710) | (95,441) |
| Costs and expenses (paid)/prepaid in digital assets | (169,506) | |
| Unrealized fair value changes on digital assets | 37,604 | |
| Realized gain on sale/exchange of digital assets | 39,329 | 18,231 |
| Digital assets from borrowings | ||
| Digital assets pledged to lender or supplier | (60,629) | |
| Digital assets pledged from customers | 21,669 | |
| Purchase of mining equipment | (6,897) | |
| Adoption of ASU 2023-08 | 6,436 | |
| Other income received in BTC | 378 | |
| Costs and expenses paid in digital assets | (57,656) | |
| Impairment on digital assets | (6,987) | |
| Ending balance | 125,048 | 43,896 |
| BTC [Member] | Revision of Prior Period, Adjustment [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Ending balance | 50,332 | |
| USDT [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Beginning balance | 61 | 56 |
| Digital assets received from customers for products and services | 114,363 | 150,134 |
| Revenue generated from BTC self-mining operation | ||
| Converted to other digital assets or fiat cash, net | (100,077) | (81,280) |
| Costs and expenses (paid)/prepaid in digital assets | (44,480) | |
| Unrealized fair value changes on digital assets | ||
| Realized gain on sale/exchange of digital assets | ||
| Digital assets from borrowings | 34,950 | |
| Digital assets pledged to lender or supplier | ||
| Digital assets pledged from customers | ||
| Purchase of mining equipment | ||
| Adoption of ASU 2023-08 | ||
| Other income received in BTC | ||
| Costs and expenses paid in digital assets | (68,849) | |
| Impairment on digital assets | ||
| Ending balance | 4,817 | 61 |
| USDT [Member] | Revision of Prior Period, Adjustment [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Ending balance | 61 | |
| Others [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Beginning balance | 21 | 17 |
| Digital assets received from customers for products and services | 223 | 251 |
| Revenue generated from BTC self-mining operation | ||
| Converted to other digital assets or fiat cash, net | (183) | (243) |
| Costs and expenses (paid)/prepaid in digital assets | 14 | |
| Unrealized fair value changes on digital assets | ||
| Realized gain on sale/exchange of digital assets | ||
| Digital assets from borrowings | ||
| Digital assets pledged to lender or supplier | ||
| Digital assets pledged from customers | ||
| Purchase of mining equipment | ||
| Adoption of ASU 2023-08 | ||
| Other income received in BTC | ||
| Costs and expenses paid in digital assets | (4) | |
| Impairment on digital assets | ||
| Ending balance | 75 | 21 |
| Others [Member] | Revision of Prior Period, Adjustment [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Ending balance | 21 | |
| Digital Assets [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Beginning balance | 43,978 | 8,011 |
| Digital assets received from customers for products and services | 237,931 | 227,621 |
| Revenue generated from BTC self-mining operation | 157,511 | 100,197 |
| Converted to other digital assets or fiat cash, net | (167,970) | (176,964) |
| Costs and expenses (paid)/prepaid in digital assets | (213,972) | |
| Unrealized fair value changes on digital assets | 37,604 | |
| Realized gain on sale/exchange of digital assets | 39,329 | 18,231 |
| Digital assets from borrowings | 34,950 | |
| Digital assets pledged to lender or supplier | (60,629) | |
| Digital assets pledged from customers | 21,669 | |
| Purchase of mining equipment | (6,897) | |
| Adoption of ASU 2023-08 | 6,436 | |
| Other income received in BTC | 378 | |
| Costs and expenses paid in digital assets | (126,509) | |
| Impairment on digital assets | (6,987) | |
| Ending balance | 129,940 | $ 43,978 |
| Digital Assets [Member] | Revision of Prior Period, Adjustment [Member] | ||
| Schedule of Movement for Digital Assets [Line Items] | ||
| Ending balance | $ 50,414 | |
| X | ||||||||||
- Definition The amount of adoption. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of converted (to)/from other digital assets or fiat cash, net. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of costs and expenses paid in digital assets. No definition available.
|
| X | ||||||||||
- Definition The amount of costs and expenses (paid)/prepaid in digital assets. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of digital assets from borrowings. No definition available.
|
| X | ||||||||||
- Definition The amount of digital assets pledged from customers. No definition available.
|
| X | ||||||||||
- Definition The amount of digital assets pledged to lender or supplier. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of digital assets received from customers for products and services. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of impairment on bitcoins. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of other income received in bitcoin. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of purchase of mining equipment. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of realized gain on sale/exchange of bitcoins. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of revenue generated from bitcoin self-mining operation. No definition available.
|
| X | ||||||||||
- Definition The amount of unrealized fair value changes on bitcoins. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Fair value of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Digital Assets - Schedule of Reconciliation between Net Income and the Movement of Digital Assets (Details) - Digital Assets [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Reconciliation between Net Income and the Movement of Digital Assets [Line Items] | ||
| Revenue recognized from selling products and services which was settled or will be settled in digital assets (a) | $ 277,089 | $ 183,908 |
| Adjusted by the changes in operating assets and liabilities: | ||
| Accounts receivable to be settled in digital assets | (7,087) | 2,431 |
| Inventories | (104) | |
| Contract liabilities received in digital assets | (31,967) | 41,282 |
| Digital assets received from customers for products and services | 237,931 | 227,621 |
| Revenue recognized from Bitcoin self-mining operation (b) | 157,511 | 100,197 |
| Cost and expenses settled or to be settled by digital assets (c) | (238,921) | (101,371) |
| Adjusted by the changes in operating assets and liabilities: | ||
| Prepayments made in digital assets to suppliers | 16,214 | (24,035) |
| Accounts payable to be settled in digital assets | 11,947 | (7) |
| Payments made in digital assets by a related party on behalf of Company | 1,579 | |
| Other receivables to be settled in digital assets | (6,020) | (130) |
| Other payables to be settled in digital assets | 1,229 | (966) |
| Costs and expenses paid in digital assets | (213,972) | (126,509) |
| Impairment of digital assets | (6,987) | |
| Other income received in digital assets (d) | 378 | |
| Unrealized fair value gain of digital assets | 37,604 | |
| Realized gain on sale of digital assets | 39,329 | 18,231 |
| Net digital assets provided by operating activities | 258,403 | 212,931 |
| DIGITAL ASSETS FROM INVESTING ACTIVITIES | ||
| Sales of digital assets in exchange for fiat cash | (184,794) | (222,393) |
| Digital assets purchased by fiat cash | 16,824 | 45,429 |
| Digital asset collateral, net | (38,960) | |
| Purchase of mining equipment | (6,897) | |
| Net digital assets used in investing activities | (213,827) | (176,964) |
| DIGITAL ASSETS FROM FINANCING ACTIVITIES | ||
| Proceeds from long-term loans | 34,950 | |
| Net digital assets provided by financing activities | 34,950 | |
| Adjustments on the opening balance for adoption of ASU 2023-08 | 6,436 | |
| Net increase in digital assets | 85,962 | 35,967 |
| Digital assets at the beginning of the year | 43,978 | 8,011 |
| Digital assets at the end of the year | $ 129,940 | $ 43,978 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of adjustments on the opening balance for adoption of ASU. No definition available.
|
| X | ||||||||||
- Definition The amount of Digital asset collateral. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Represent the amount of digital assets received from customers for products and services. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of impairment of digital assets. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of contract liabilities received in digital assets. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of costs and expenses paid in digital assets. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of prepayments made in digital assets to suppliers. No definition available.
|
| X | ||||||||||
- Definition The amount of net digital assets provided by financing activities. No definition available.
|
| X | ||||||||||
- Definition The amount of net digital assets (used in)/provided by investing activities. No definition available.
|
| X | ||||||||||
- Definition The amount of proceeds from long-term loans. No definition available.
|
| X | ||||||||||
- Definition The amount of proceeds from sales of digital assets. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of revenue recognized from Bitcoin self-mining operation. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of revenue recognized from selling products and services. No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; excluding effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of other assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in obligations classified as other, payable within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in receivables classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash outflow for payments to acquire rented equipment which is recorded as an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow from disposal of asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Digital Asset Collateral Receivable - Schedule of Collateral for Loan Borrowings (Details) - Digital Assets [Member] $ in Thousands |
Dec. 31, 2024
USD ($)
|
|||||
|---|---|---|---|---|---|---|
| Schedule of Collateral for Loan Borrowings [Line Items] | ||||||
| Pledged BTC - current | 131 | [1] | ||||
| Pledged BTC - current | $ 12,569 | [1] | ||||
| Pledged BTC - non-current | 502 | [2] | ||||
| Pledged BTC - non-current | $ 47,827 | [2] | ||||
| Digital asset collateral receivable | 633 | |||||
| Digital asset collateral receivable | $ 60,396 | |||||
| ||||||
| X | ||||||||||
- Definition Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. No definition available.
|
| X | ||||||||||
- Definition Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Cost of crypto asset. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Fair value of crypto asset classified as current. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Fair value of crypto asset classified as noncurrent. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
Accounts Receivable, Net (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Accounts Receivable, Net [Line Items] | |
| Accounts receivables, net | $ 10,930 |
| Receivable bears interest annual rate | 7.50% |
| Percentage of outstanding secured receivable | 70.00% |
| Bitcoin [Member] | |
| Accounts Receivable, Net [Line Items] | |
| Accounts receivables, net | $ 8,280 |
| X | ||||||||||
- Definition The percentage of account receivable bears interest annual rate. No definition available.
|
| X | ||||||||||
- Definition The percentage of outstanding secured receivable. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Details
|
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Schedule of Accounts Receivable and Allowance for Credit Losses [Abstract] | |||
| Accounts receivables | $ 11,238 | $ 4,150 | |
| Allowances for credit losses | (312) | (312) | $ (608) |
| Accounts receivables, net | $ 10,926 | $ 3,838 |
| X | ||||||||||
- Definition Amount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Allowance for Credit Losses [Abstract] | ||
| Opening balance | $ 312 | $ 608 |
| Credit loss expense | ||
| Charged off | (296) | |
| Closing balance | $ 312 | $ 312 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of direct write-downs of accounts receivable charged against the allowance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of expense related to credit loss from transactions other than loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Prepayments (Details) $ in Thousands |
1 Months Ended |
|---|---|
|
Oct. 31, 2024
USD ($)
| |
| Prepayments [Abstract] | |
| Prepayment acquisition of a mining facility | $ 2,460 |
| X | ||||||||||
- Definition The cash outflow from the purchase of mining and mining related assets during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Prepayments - Schedule of Prepayments (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|
| Schedule of Prepayments [Abstract] | ||||||||
| Prepayment to suppliers | [1] | $ 18,833 | $ 33,972 | |||||
| Prepaid acquisition consideration | [2] | 2,460 | ||||||
| Prepaid offering costs | [3] | 5,526 | ||||||
| Others | 358 | 68 | ||||||
| Prepayments | $ 21,651 | $ 39,566 | ||||||
| ||||||||
| X | ||||||||||
- Definition Amount of prepaid acquisition consideration. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of prepaid offering costs. No definition available.
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for other costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of consideration paid in advance for supplies that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Other Current Assets, Net (Details) - 12 months ended Dec. 31, 2024 $ in Thousands |
USD ($) |
Total |
BITCOIN |
|---|---|---|---|
| Other Current Assets, Net (Details) [Line Items] | |||
| Other receivables | $ 4,100 | ||
| Annual interest rate | 7.50% | ||
| Cash | $ 2,090 | ||
| Carrying value | 7,740 | ||
| Settlement agreement | 7,270 | ||
| Write-off charges | $ 2,560 | ||
| Bitcoin [Member] | |||
| Other Current Assets, Net (Details) [Line Items] | |||
| Number of bitcoin (in BITCOIN) | 1,313,000 | 480 |
| X | ||||||||||
- Definition Annual interest rate. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Number of restricted and unrestricted crypto asset units held. Excludes crypto asset units held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of writeoff of financing receivable, charged against allowance for credit loss. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
| X | ||||||||||
- Definition Amount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates, classified as other. Excludes cash and cash equivalents within disposal group and discontinued operation. No definition available.
|
| X | ||||||||||
- Definition Amount, after allowance, of receivables classified as other, due within one year or the operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Cash received or short term receivables for unsettled money transfers, money orders, consumer payments, or business to business payments. Settlement assets include clearing and settling customers payments due to and from financial institutions and may include cash and cash equivalents. No definition available.
|
| X | ||||||||||
- Details
|
Other Current Assets, Net - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Other Current Assets, Net [Abstract] | |||||||||
| Other receivables due from third parties | [1] | $ 6,214 | |||||||
| Deposits due from third parties | [2] | 5,506 | 1,880 | ||||||
| Custodian assets held by FTX | [3] | 9,827 | |||||||
| Others | 90 | 63 | |||||||
| Other current assets, gross | 11,810 | 11,770 | |||||||
| Less: Allowance for credit losses | (100) | (9,926) | $ (9,826) | ||||||
| Other current assets, net | $ 11,710 | $ 1,844 | |||||||
| |||||||||
| X | ||||||||||
- Definition Amount of custodian assets held by FTX. No definition available.
|
| X | ||||||||||
- Definition Amount of current assets gross. No definition available.
|
| X | ||||||||||
- Definition Amount of allowance for credit loss on receivable, classified as other and current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of other miscellaneous assets expected to be realized or consumed within one year or operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount, before allowance, of receivables classified as other, due within one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Other Current Assets, Net - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Schedule of Activity in Allowance for Credit Losses [Abstract] | ||||
| Opening balance | $ 9,926 | $ 9,826 | ||
| Recoveries collected | [1] | (7,270) | ||
| Charged off | [1] | (2,556) | ||
| Credit loss expense | 100 | |||
| Closing balance | $ 100 | $ 9,926 | ||
| ||||
| X | ||||||||||
- Definition The amount of allowance for doubtful other receivables charged off. No definition available.
|
| X | ||||||||||
- Definition The amount of allowance for doubtful other receivables credit loss expense. No definition available.
|
| X | ||||||||||
- Definition The amount of allowance for doubtful other receivables recoveries collected. No definition available.
|
| X | ||||||||||
- Definition Amount of allowance for credit loss on receivable, classified as other and current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Equipment, Net [Line Items] | |||
| Depreciation expenses | $ 24,730 | $ 24,500 | $ 18,160 |
| Impairment charge | $ 8,080 | 11,850 | |
| Mining Equipment [Member] | |||
| Equipment, Net [Line Items] | |||
| Impairment charge | $ 11,850 | ||
| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
Equipment, Net - Schedule of Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Cost: | ||
| Total cost | $ 143,300 | $ 136,367 |
| Less: accumulated depreciation | ||
| Total accumulated depreciation | (67,393) | (42,660) |
| Less: accumulated impairment loss | (19,926) | (11,850) |
| Equipment, net | 55,981 | 81,857 |
| Servers, computer and network equipment [Member] | ||
| Cost: | ||
| Total cost | 140 | 140 |
| Less: accumulated depreciation | ||
| Total accumulated depreciation | (114) | (71) |
| Mining equipment [Member] | ||
| Cost: | ||
| Total cost | 143,160 | 136,227 |
| Less: accumulated depreciation | ||
| Total accumulated depreciation | $ (67,279) | $ (42,589) |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of accumulated impairment loss for asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of accumulated depreciation of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accrued Expenses and Other Payables [Line Items] | |||
| Long-term payables owed mining equipment | $ 101,300 | ||
| Long-term loans | $ 35,000 | ||
| Fixed annual interest rate | 6.50% | ||
| Interest expense | $ 6,330 | $ 5,540 | $ 2,520 |
| Notes Payable, Other Payables [Member] | |||
| Accrued Expenses and Other Payables [Line Items] | |||
| Interest rate | 6.00% | ||
| Loans Payable [Member] | |||
| Accrued Expenses and Other Payables [Line Items] | |||
| Fixed annual interest rate | 6.50% | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Reflects the effective interest rate as of the balance sheet date on interest-bearing trade payables. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow from the purchase of royalty interests in mining properties is the amount of cash the mineral producer pays the owner of the mine or mineral resource. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Accrued Expenses and Other Payables - Schedule of Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
| Schedule of Accrued Expenses and Other Payables [Abstract] | ||||||
| Interest payable | [1] | $ 5,177 | $ 2,731 | |||
| Accrued expenses | 2,292 | 1,097 | ||||
| Customer refund | [2] | 1,040 | 290 | |||
| Issuance costs payable | 1,250 | |||||
| Others | 264 | |||||
| Total | $ 8,773 | $ 5,368 | ||||
| ||||||
| X | ||||||||||
- Definition The amount of cost payables. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of liability for consideration received or receivable from customer which is not included in transaction price, when consideration is expected to be refunded to customer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of liabilities incurred and payable to vendors for goods and services received classified as other, and expenses incurred but not yet paid, payable within one year or the operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Long-Term Payables (Details) - shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
[1] | Oct. 10, 2022 |
Dec. 31, 2021 |
|||
|---|---|---|---|---|---|---|---|---|---|
| Long-Term Payables [Abstract] | |||||||||
| Interest rate | 6.00% | ||||||||
| Treasury shares | 204,348 | ||||||||
| Treasury Shares [Member] | |||||||||
| Long-Term Payables [Abstract] | |||||||||
| Treasury shares | 204,348 | [1] | 204,348 | 204,348 | |||||
| Supplier [Member] | Treasury Shares [Member] | |||||||||
| Long-Term Payables [Abstract] | |||||||||
| Treasury shares | (204,348) | ||||||||
| |||||||||
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a rate subject to change from time to time. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Long-Term Payables - Schedule of Long-Term Payables (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Payables for purchasing mining equipment – non-current portion | ||
| Opening balance | $ 102,435 | $ 109,435 |
| Repayment | (1,134) | (7,000) |
| Closing balance | $ 101,301 | $ 102,435 |
| X | ||||||||||
- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash outflow for the payment of debt classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Long-Term Loans (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Long-Term Loans [Abstract] | ||
| Fixed interest rate | 6.50% | |
| Fair market value | 70.00% | |
| Percentage on additional collateral fair market value bitcoins | 80.00% | |
| Long-term loans (in Dollars) | $ 35.0 |
| X | ||||||||||
- Definition Fair market value current. No definition available.
|
| X | ||||||||||
- Definition The percentage on additional collateral fair market value bitcoins. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of long-term debt classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Aug. 16, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes [Line Items] | ||||
| Corporate income tax | 15.00% | |||
| Percentage of excise tax | 1.00% | |||
| Effective tax rates | 12.44% | 17.22% | (37.48%) | |
| Net operating loss carryforwards of federal tax | $ 19,570 | |||
| Net operating loss carryforwards of state tax | $ 4,660 | |||
| Utilization of taxable income | 80.00% | |||
| Uncertain tax positions | ||||
| Income tax penalties and interest accrued | ||||
| X | ||||||||||
- Definition Percentage of excise tax. No definition available.
|
| X | ||||||||||
- Definition Percenatge of carryforward utilization of taxable income. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Percentage of reported income tax benefit (expense) from difference to income tax expense (benefit) computed by applying statutory federal (national) income tax rate to pretax income (loss) from continuing operation, attributable to other reconciling items. Excludes state and local income tax expense (benefit), federal tax expense (benefit), statutory income tax expense (benefit) outside of country of domicile, tax credit, nondeductible expense, deduction, income tax settlement, income tax contingency, and cross-border tax law. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount accrued for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current income tax expense/(benefit): | |||
| US-Federal | |||
| US-State | |||
| Foreign | 877 | (1,968) | 3,805 |
| Total current income tax expense/(benefit) | 877 | (1,968) | 3,805 |
| Deferred tax expense/(benefit): | |||
| US-Federal | (2,370) | (991) | (2,421) |
| US-State | (564) | (236) | (576) |
| Foreign | 9,725 | 5,378 | (1,474) |
| Total deferred tax expense/(benefit) | 6,791 | 4,151 | (4,471) |
| Total income tax expense/(benefit) | $ 7,668 | $ 2,183 | $ (666) |
| X | ||||||||||
- Definition Amount of current federal, state, and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national, regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of current federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current state and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of deferred federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, deferred national tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of deferred federal, state, and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, deferred national, regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of deferred foreign income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of deferred state and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, deferred regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Income Taxes - Schedule of Effective Tax Rates (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Effective Tax Rates [Abstract] | |||
| Federal income tax benefit at the statutory rate | $ (2,370) | $ (991) | $ (2,421) |
| Effect of: | |||
| State income taxes | (564) | (236) | (576) |
| Foreign taxes | 10,602 | 3,494 | 2,331 |
| Other, net | (84) | ||
| Income tax expense/(benefit) | $ 7,668 | $ 2,183 | $ (666) |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to foreign income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Income Taxes - Schedule of Company’s Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Impairment loss on digital assets | $ 210 | |
| Impairment loss on mining equipment | 5,181 | 3,081 |
| Net operating loss carryforwards | 7,742 | 6,320 |
| Credit loss provision for receivables | 81 | 81 |
| Impairment loss on assets held by FTX | 1,356 | |
| Limits on interest expense deduction | 3,683 | 2,087 |
| Total gross deferred tax assets | 16,687 | 13,135 |
| Deferred tax liabilities: | ||
| Digital assets | (15,072) | (5,470) |
| Depreciation of equipment | (8,086) | (7,345) |
| Total gross deferred liabilities | (23,158) | (12,815) |
| Net deferred tax assets/(liabilities) | (6,471) | 320 |
| Deferred tax assets/liabilities): | ||
| United Arab Emirates | 4,660 | |
| Singapore | (19,570) | |
| UNITED STATES | ||
| Deferred tax assets/liabilities): | ||
| United States | 7,158 | 4,224 |
| UNITED ARAB EMIRATES | ||
| Deferred tax assets/liabilities): | ||
| United Arab Emirates | 1,443 | |
| SINGAPORE | ||
| Deferred tax assets/liabilities): | ||
| Singapore | $ (15,072) | $ (3,904) |
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from credit loss provision for receivables. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from impairment loss on assets held by FTX. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from iImpairment loss on digital assets. No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from impairment loss on mining equipment. No definition available.
|
| X | ||||||||||
- Definition Represent the amount of net deferred tax assets(liabilities). No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from depreciation of equipment. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences from provisions, reserves, allowances, and accruals, classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from intangible assets other than goodwill. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Revenue by Categories - Schedule of Revenue Generated from Different Revenue Streams (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | $ 463,330 | $ 284,106 | $ 198,199 |
| Cloud mining solutions [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | 271,036 | 178,044 | 99,392 |
| BTC self-mining [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | 157,511 | 100,197 | 60,291 |
| Sale of mining equipment [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | 30,463 | 10,400 | |
| Leasing of mining equipment [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | 1,336 | ||
| Sourcing commission for mining equipment [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | 18,792 | ||
| Hosting services and others [Member] | |||
| Schedule of Revenue Generated from Different Revenue Streams [Line Items] | |||
| Revenue generated from different revenue streams | $ 4,320 | $ 5,865 | $ 7,988 |
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Revenue by Categories - Schedule of Revenue Generated from Different Continents (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Schedule of Revenue Generated from Different Continents [Line Items] | |||||
| Revenue | [1] | $ 305,819 | $ 183,909 | $ 137,908 | |
| Revenue in % | [1] | 100.00% | 100.00% | 100.00% | |
| North America [Member] | |||||
| Schedule of Revenue Generated from Different Continents [Line Items] | |||||
| Revenue | $ 155,736 | $ 99,043 | $ 98,003 | ||
| Revenue in % | 51.00% | 54.00% | 71.00% | ||
| Asia [Member] | |||||
| Schedule of Revenue Generated from Different Continents [Line Items] | |||||
| Revenue | $ 94,171 | $ 31,113 | $ 10,320 | ||
| Revenue in % | 31.00% | 17.00% | 7.00% | ||
| Europe [Member] | |||||
| Schedule of Revenue Generated from Different Continents [Line Items] | |||||
| Revenue | $ 41,298 | $ 47,372 | $ 28,602 | ||
| Revenue in % | 13.00% | 26.00% | 21.00% | ||
| Others [Member] | |||||
| Schedule of Revenue Generated from Different Continents [Line Items] | |||||
| Revenue | $ 14,614 | $ 6,381 | $ 983 | ||
| Revenue in % | 5.00% | 3.00% | 1.00% | ||
| |||||
| X | ||||||||||
- Definition Represent the percentage of revenue generated. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
- Details
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Revenue by Categories - Schedule of Revenue Recognized from Receipt of Digital Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Revenue Recognized from Receipt of Digital Assets [Line Items] | |||
| Revenue recognized from receipt of digital assets | $ 463,330 | $ 284,106 | $ 198,199 |
| Revenue recognized in digital assets payment [Member] | |||
| Schedule of Revenue Recognized from Receipt of Digital Assets [Line Items] | |||
| Revenue recognized from receipt of digital assets | 434,600 | 284,106 | 179,408 |
| Revenue recognized in U.S. dollars payment [Member] | |||
| Schedule of Revenue Recognized from Receipt of Digital Assets [Line Items] | |||
| Revenue recognized from receipt of digital assets | $ 28,730 | $ 18,791 | |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Shareholders’ Equity (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jan. 31, 2022 |
Oct. 31, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Feb. 29, 2024 |
|||
| Shareholders’ Equity [Line Items] | ||||||||
| Authorized share capital | 50,000 | |||||||
| Ordinary shares issued | [1] | 163,106,615 | 150,204,348 | |||||
| Authorized shares | [1] | 500,000,000 | 500,000,000 | |||||
| Par value (in Dollars per share) | [1] | $ 0.0001 | $ 0.0001 | |||||
| Convertible shares | 1 | |||||||
| Weighted average shares outstanding | 168,488,907 | |||||||
| Purchased shares | 128,206 | 76,142 | 204,348 | |||||
| Purchase price (in Dollars) | $ 1,250,000 | $ 750,000 | ||||||
| Treasury outstanding settled | 204,348 | |||||||
| Class A Ordinary Shares [Member] | ||||||||
| Shareholders’ Equity [Line Items] | ||||||||
| Authorized shares | 300,000,000 | |||||||
| Par value (in Dollars per share) | $ 0.0001 | |||||||
| Voting rights description | one | |||||||
| Class B Ordinary Shares [Member] | ||||||||
| Shareholders’ Equity [Line Items] | ||||||||
| Authorized shares | 200,000,000 | |||||||
| Par value (in Dollars per share) | $ 0.0001 | |||||||
| Voting rights description | five | |||||||
| Common Stock [Member] | ||||||||
| Shareholders’ Equity [Line Items] | ||||||||
| Ordinary shares issued | 500,000,000 | 150,000,000 | ||||||
| Reverse Recapitalization [Member] | ||||||||
| Shareholders’ Equity [Line Items] | ||||||||
| Weighted average shares outstanding | 160,988,011 | 150,000,000 | 149,383,562 | |||||
| ||||||||
| X | ||||||||||
- Definition Number of authorized capital units or capital shares. This element is relevant to issuers of face-amount certificates and registered investment companies. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Description of voting rights of common stock. Includes eligibility to vote and votes per share owned. Include also, if any, unusual voting rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares issued during the period as a result of the conversion of convertible securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination. No definition available.
|
| X | ||||||||||
- Definition Value of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination. No definition available.
|
| X | ||||||||||
- Definition Number of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation [Line Items] | |||
| Grants (in Shares) | 6,512,781 | ||
| Forfeited (in Shares) | 10,919 | ||
| Weighted average grant date fair value (in Dollars per share) | $ 4.24 | ||
| Unrecognized compensation expense | $ 1,500 | ||
| Fair value of shares vested | 26,100 | ||
| Income tax benefit | $ 7,668 | 2,183 | (666) |
| Restricted Shares [Member] | |||
| Share Based Compensation [Line Items] | |||
| Grant (in Shares) | 6,525,192 | ||
| Share-Based Payment Arrangement [Member] | |||
| Share Based Compensation [Line Items] | |||
| Income tax benefit | $ 1,700 | ||
| Minimum [Member] | |||
| Share Based Compensation [Line Items] | |||
| Weighted average period | 1 year | ||
| Maximum [Member] | |||
| Share Based Compensation [Line Items] | |||
| Weighted average period | 4 years | ||
| 2022 Share Incentive Plan [Member] | Class A Ordinary Shares [Member] | |||
| Share Based Compensation [Line Items] | |||
| Grant (in Shares) | 6,525,192 | ||
| 2022 Share Incentive Plan [Member] | Ordinary Shares [Member] | |||
| Share Based Compensation [Line Items] | |||
| Ordinary shares (in Shares) | 7,500,000 | ||
| X | ||||||||||
- Definition Weighted-average period over which cost not yet recognized is expected to be recognized for award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cost to be recognized for nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Net number of non-option equity instruments granted to participants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of non-vested options forfeited. No definition available.
|
| X | ||||||||||
- Definition Fair value of options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted stock. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Share-Based Compensation - Schedule of Valuing the Restricted Shares with Post-Vesting Restrictions on Grant Dates (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Schedule of Valuing the Restricted Shares with Post-Vesting Restrictions on Grant Dates [Line Items] | |
| Weighted average expected life (in years) | 1 year |
| Dividend yield | |
| Minimum [Member] | |
| Schedule of Valuing the Restricted Shares with Post-Vesting Restrictions on Grant Dates [Line Items] | |
| Expected stock price volatility | 143.42% |
| Discount for Post-Vesting Restrictions | 13.46% |
| Maximum [Member] | |
| Schedule of Valuing the Restricted Shares with Post-Vesting Restrictions on Grant Dates [Line Items] | |
| Expected stock price volatility | 150.32% |
| Discount for Post-Vesting Restrictions | 13.79% |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Restrictions on equity-based instruments during the vesting period, such as the inability to transfer unvested awards, are not taken into account in estimating the fair value of the award. However, restrictions that remain in effect after an award is vested, such as the inability to transfer or hedge vested options or a prohibition on the sale of outstanding vested shares (or other type of equity) for a period of time, affect the estimate of an award's fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Rate of weighted-average expected volatility for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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Share-Based Compensation - Schedule of Nonvested Shares (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
$ / shares
shares
| |
| Schedule of Nonvested Shares [Abstract] | |
| Balance | shares | |
| Balance | $ / shares | |
| Granted | shares | 6,512,781 |
| Granted | $ / shares | $ 4.24 |
| Vested | shares | (6,176,756) |
| Vested | $ / shares | $ 4.22 |
| Forfeited | shares | (10,919) |
| Forfeited | $ / shares | $ 5.05 |
| Non-vested | shares | 325,106 |
| Non-vested | $ / shares | $ 5.05 |
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of non-vested options outstanding. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Number of non-vested options forfeited. No definition available.
|
| X | ||||||||||
- Definition Weighted average grant-date fair value of non-vested options forfeited. No definition available.
|
| X | ||||||||||
- Definition Weighted average grant-date fair value of non-vested options outstanding. No definition available.
|
| X | ||||||||||
- Definition Number of options vested. No definition available.
|
| X | ||||||||||
- Definition Weighted average grant-date fair value of options vested. No definition available.
|
Share-Based Compensation - Schedule of Share-Based Compensation Expenses Related to Restricted Shares (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Schedule of Share-Based Compensation Expenses Related to Restricted Shares [Line Items] | |||
| Share-based compensation expenses | $ 26,065 | ||
| General and Administrative Expense [Member] | |||
| Schedule of Share-Based Compensation Expenses Related to Restricted Shares [Line Items] | |||
| Share-based compensation expenses | 17,617 | ||
| Selling and Marketing Expense [Member] | |||
| Schedule of Share-Based Compensation Expenses Related to Restricted Shares [Line Items] | |||
| Share-based compensation expenses | 4,502 | ||
| Research and Development Expense [Member] | |||
| Schedule of Share-Based Compensation Expenses Related to Restricted Shares [Line Items] | |||
| Share-based compensation expenses | $ 3,946 | ||
| X | ||||||||||
- Definition Amount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator: | |||
| Basic | $ 53,963 | $ 10,495 | $ 2,442 |
| Diluted | $ 53,963 | $ 10,495 | $ 2,442 |
| Denominator: | |||
| Basic | $ 0.34 | $ 0.07 | $ 0.02 |
| Diluted | $ 0.33 | $ 0.07 | $ 0.02 |
| Weighted-average number of shares of common stock used to compute net income per share: | |||
| Basic | 160,988,011 | 150,000,000 | 149,383,562 |
| Diluted | 165,500,289 | 150,000,000 | 149,383,562 |
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
Related Party Transactions - Schedule of Related Parties (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Bitmain Technologies Holding Company and its affiliates (“Bitmain”) [Member] | |
| Schedule of Related Parties [Line Items] | |
| Related parties | Related parties of one of the Company’s shareholders |
| Mr. Liang Lu [Member] | |
| Schedule of Related Parties [Line Items] | |
| Related parties | Ultimate voting control of the Company |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
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Related Party Transactions - Schedule of Significant Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Bitmain [Member] | |||
| Schedule of Significant Related Party Transactions [Line Items] | |||
| Services provided | $ 177,162 | $ 166,541 | $ 83,878 |
| X | ||||||||||
- Definition Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
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Related Party Transactions - Schedule of Related Party Balances (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
| Mr. Liang Lu [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Amount due from/ (due to) related parties | [1] | $ 25 | $ 38 | |||
| Bitmain [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Amount due from/ (due to) related parties | [1],[2] | 31,512 | (30,229) | |||
| Pledged Bitcoins- current | $ 12,569 | |||||
| ||||||
| X | ||||||||||
- Definition Amount due from/ (due to) related parties. No definition available.
|
| X | ||||||||||
- Definition Fair value of crypto asset classified as current. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
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Major Customers and Suppliers (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Customer Concentration Risk [Member] | Three Major Customers [Member] | Revenue Benchmark [Member] | |||
| Major Customers and Suppliers [Line Items] | |||
| Total revenue | 31.00% | 26.00% | 31.00% |
| Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Three Major Suppliers [Member] | |||
| Major Customers and Suppliers [Line Items] | |||
| Total revenue | 41.00% | 61.00% | 52.00% |
| X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Major Customers and Suppliers - Schedule of Revenue by Major Customers and Suppliers (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Customer Concentration Risk [Member] | Customer A [Member] | Revenue Benchmark [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 14.00% | 6.00% | 9.00% |
| Customer Concentration Risk [Member] | Customer B [Member] | Revenue Benchmark [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 10.00% | ||
| Customer Concentration Risk [Member] | Customer C [Member] | Revenue Benchmark [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 7.00% | 15.00% | 17.00% |
| Supplier Concentration Risk [Member] | Cost of revenue [Member] | Suplier A [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 41.00% | 61.00% | 52.00% |
| Supplier Concentration Risk [Member] | Cost of revenue [Member] | Suplier B [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 26.00% | 9.00% | |
| Supplier Concentration Risk [Member] | Cost of revenue [Member] | Suplier C [Member] | |||
| Schedule of Revenue by Major Customers and Suppliers [Line Items] | |||
| Concentration risk percentage | 14.00% | 13.00% | 32.00% |
| X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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- Details
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Fair Value Measurements (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Fair Value Measurements [Abstract] | |||
| Digital assets carrying amount | $ 50,970 | ||
| Written down value of digital assets | 43,980 | ||
| Impairment charge | 6,987 | $ 12,949 | |
| Impairment charges | $ 8,080 | $ 11,850 | |
| X | ||||||||||
- Definition The amount of digital assets carrying. No definition available.
|
| X | ||||||||||
- Definition The amount of impairment loss on digital assets. No definition available.
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| X | ||||||||||
- Definition The amount of digital assets written down. No definition available.
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- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Fair Value Measurements - Schedule of Non-Financial Assets (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
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|---|---|
| Obligation to Return Collateral Digital Assets [Member] | |
| Liabilities | |
| Liabilities | $ 21,436 |
| Fair Value, Recurring [Member] | Obligation to Return Collateral Digital Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Liabilities | |
| Liabilities | 21,436 |
| Fair Value, Recurring [Member] | Obligation to Return Collateral Digital Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |
| Liabilities | |
| Liabilities | |
| Fair Value, Recurring [Member] | Obligation to Return Collateral Digital Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |
| Liabilities | |
| Liabilities | |
| Digital Assets [Member] | |
| Assets | |
| Assets | 129,940 |
| Digital Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Assets | |
| Assets | 129,940 |
| Digital Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
| Assets | |
| Assets | |
| Digital Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
| Assets | |
| Assets | |
| Digital asset collateral receivable [Member] | |
| Assets | |
| Assets | 60,396 |
| Digital asset collateral receivable [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
| Assets | |
| Assets | 60,396 |
| Digital asset collateral receivable [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
| Assets | |
| Assets | |
| Digital asset collateral receivable [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
| Assets | |
| Assets |
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- References No definition available.
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- Definition Fair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Fair value of financial and nonfinancial obligations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Details
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- Details
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- Details
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- Details
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Subsequent Events (Details) - Subsequent Event [Member] |
Feb. 19, 2025
USD ($)
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|---|---|
| Subsequent Events [Line Items] | |
| Percentage of ownership aquired | 51.00% |
| Transaction priced | $ 400,000 |
| Payments to Acquire Businesses, Net of Cash Acquired | $ 10,400,000 |
| X | ||||||||||
- Definition Transaction priced. No definition available.
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- Definition Percentage of investment owned to net assets. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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