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Intchains Group Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

1. ICG's Q4 2024 revenue reached RMB74.2 million, up 109.2% year-over-year. 2. Sales volume of ASIC chips increased by 303.1% compared to Q4 2023. 3. Net income for Q4 was RMB12.8 million, a 58.2% rise from last year. 4. ICG's ETH holdings rose by 37%, bolstering financial stability. 5. New mining products and wallet launched to expand Web3 solutions.

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Why Very Bullish?

Significant revenue and profit growth indicates solid operational performance, akin to successful peers in the tech sector.

How important is it?

The strong financial results and strategic initiatives highlight ICG's potential growth, making this news highly relevant for investors.

Why Long Term?

Increasing investments in product development and market expansion are expected to yield sustained growth over time.

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NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Operating and Financial Highlights Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to thousands of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q4 2024 was 1,705,408 units, compared to 423,040 units for the same period last year, representing an increase of 303.1%.Revenue: Our revenue for Q4 2024 reached RMB74.2 million (US$10.2 million), reflecting a significant increase of 109.2% from RMB35.5 million for the same period of 2023. For the fourth quarter of 2024, revenue derived from mainland China and overseas countries and regions accounted for 67.0% and 33.0% of our total revenue, respectively.Net Income: Our net income for Q4 2024 was RMB12.8 million (US$1.8 million), reflecting an increase of 58.2% from RMB8.1 million for the same period in 2023.Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB14.8 million (US$2.0 million), reflecting an increase of 54.2% from RMB9.6 million for the same period in 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.Cryptocurrency Assets: As of December 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB148.8 million (US$20.4 million), primarily comprised of approximately 5,702 ETH-based cryptocurrencies, valued at RMB141.2 million (US$19.3 million). Full Year 2024 Operating and Financial Highlights Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Our sales volume of ASIC chips achieved 2,681,500 units for the year ended December 31, 2024, representing a year-over-year increase of 84.0% from 1,457,373 units for 2023.Revenue: Our revenue was RMB281.8 million (US$38.6 million) for the year ended December 31, 2024, representing a year-over-year increase of 242.7% from RMB82.2 million for 2023. For the year ended December 31, 2024, revenue derived from mainland China and overseas countries and regions accounted for 45.5% and 54.5% of our total revenue, respectively.Net Income: Our net income was RMB51.5 million (US$7.1 million) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for 2023.Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income for the year ended December 31, 2024 was RMB60.5 million (US$8.3 million), compared to a net loss of RMB23.3 million for 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release. Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025. Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company also delivered satisfactory operational results in Q4 2024. The growth rate of net profit in Q4 was slower than that of revenue, primarily due to the Company's research and development expenses for the launch of new projects in 2025. the Company expects that the increased investment in research and development will better drive the Company's operational performance in 2025. Throughout this quarter, the Company continued its Ethereum treasury strategy, increasing its ETH holdings by 37% compared to Q3 2024 in terms of units of ETH held at the end of the quarter, The combination of rising Ethereum prices and an expanded ETH portfolio had a positive impact on net profit, further strengthening the company's financial position. Looking ahead to 2025, the Company remains committed to expanding its presence in altcoin development. In February 2025, the Company introduced the AE BOX series of mining products, positioning itself as an early mover in Aleo mining. The Company will also continue upgrading its Dogecoin mining machines, reinforcing its industry leadership. Additionally, it will maintain its Ethereum treasury strategy throughout the year. On the application front, the Company took a significant step in Web3 payments with the launch of Goldshell Wallet in February 2025. This expansion reflects the Company’s commitment to broadening its Web3 ecosystem." Fourth Quarter 2024 Financial Results Revenue Revenue was RMB74.2 million (US$10.2 million) for the fourth quarter of 2024, representing an increase of 109.2% from RMB35.5 million for the same period in 2023. The substantial growth was primarily driven by a significant increase in demand for our altcoin mining products, fueled by improved cryptocurrency market performance. Cost of Revenue Cost of revenue was RMB54.8 million (US$7.5 million) for the fourth quarter of 2024, representing an increase of 287.4% from RMB14.1 million for the same period of 2023. The percentage increase in cost of revenue was higher than the percentage increase in our revenue, which was primarily due to the lower gross margins for the series of mining products we primarily sold in the fourth quarter of 2024, compared to the same period last year. Operating Expenses Total operating expenses were RMB56.0million (US$7.7 million) for the fourth quarter of 2024, representing an increase of 145.8% from RMB22.8 million for the same period of 2023. The increase was primarily due to an increase in research and development expenses. Research and development expenses increased by 228.7% to RMB45.9 million (US$6.3 million) for the fourth quarter of 2024 from RMB14.0 million for the same period of 2023. The increase was primarily due to higher expenses related to preliminary research costs conducted for new projects, as well as increased personnel-related expenses.Sales and marketing expenses increased by 62.1% to RMB2.9 million (US$0.4 million) for the fourth quarter of 2024 from RMB1.8 million for the same period of 2023, mainly driven by increased personnel-related expenses.General and administrative expenses remained relatively steady at RMB7.0 million and RMB7.2 million (US$1.0 million), respectively, for the fourth quarter of 2023 and 2024. Interest Income Interest income decreased by 11.1% to RMB3.8 million (US$0.5 million) for the fourth quarter of 2024 from RMB4.2 million for the same period of 2023, mainly due to a reduced cash balance resulting from our strategy of using part of our operating cash flow to acquire and hold ETH-based cryptocurrencies. Gain on fair value of cryptocurrency, net Gain on fair value of cryptocurrency, net, for the fourth quarter of 2024 was RMB29.2 million (US$4.0 million), compared to nil in the same period of 2023. The gain was primarily due to an approximately 31.5% increase in the price of ETH and an approximately 37.4% increase in the number of ETH-based cryptocurrency units held from the end of the third quarter of 2024 to the end of the fourth quarter of 2024. Other Income, Net Other income, net, decreased by 29.8% to RMB5.2 million (US$0.7 million) for the fourth quarter of 2024 from RMB7.5 million for the same period of 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations. Net Income As a result of the foregoing, our net income increased by 58.2% to RMB12.8 million (US$1.8 million) for the fourth quarter of 2024 from RMB8.1 million for the same period of 2023. Non-GAAP Adjusted Net Income Non-GAAP adjusted net income increased by 54.2% to RMB14.8 million (US$2.0 million) for the fourth quarter of 2024 from RMB9.6 million for the same period of 2023. Basic and Diluted Net Earnings Per Ordinary Share Basic and diluted net earnings per ordinary share both increased by 57.1% to RMB0.11 (US$0.01) for the fourth quarter of 2024 from RMB0.07 for the same period of 2023. Non-GAAP Basic and Diluted Net Earnings Per Ordinary Share Non-GAAP adjusted basic and diluted net earnings per ordinary share increased by 50.2% to RMB0.12 (US$0.02) for the fourth quarter of 2024 from RMB0.08 for the same period of 2023. Each ADS represents two of the Company’s Class A ordinary shares. Full Year 2024 Financial Results Revenue Revenue was RMB281.8 million (US$38.6 million) in 2024, representing an increase of 242.7% from RMB82.2 million in 2023. The substantial growth was primarily driven by a significant increase in the average selling price of our new products launched in March 2024, compared to older products, as well as improved cryptocurrency market performance, which led to higher demand for our products. Cost of Revenue Cost of revenue was RMB130.5 million (US$17.9 million) for the year ended December 31, 2024, representing an increase of 78.3% from RMB73.1 million for 2023. The percentage increase in cost of revenue was substantially lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for our new products launched in March 2024 compared to the older products. Operating Expenses Total operating expenses were RMB148.2 million (US$20.3 million) for 2024, representing an increase of 100.1% from RMB74.0 million for 2023. The increase was primarily due to an increase in research and development expenses. Research and development expenses increased by 158.7% to RMB109.4 million (US$15.0 million) for 2024 from RMB42.3 million for 2023. The increase was primarily due to more products launched in 2024, as well as increased personnel-related expenses.Sales and marketing expenses increased by 29.6% to RMB8.5 million (US$1.2 million) for 2024 from RMB6.5 million for 2023, mainly driven by increased personnel-related expenses.General and administrative expenses increased by 20.0% to RMB30.2 million (US$4.1 million) for 2024 from RMB25.2 million for 2023, primarily due to increased personnel-related expenses and increased amortization expenses of trademarks. Interest Income Interest income remained relatively steady at RMB16.8 million and RMB16.2 million (US$2.2 million), respectively, for the year ended December 31, 2023 and 2024. Gain on fair value of cryptocurrency, net Gain on fair value of cryptocurrency, net, for 2024 was RMB21.3 million (US$2.9 million), compared to nil for 2023. The gain was primarily due to ETH closing price rising approximately 48.6% from the end of 2023 to the end of 2024, as well as units of ETH-based cryptocurrencies held increased from approximately 60 from the end of 2023 to 5,702 from the end of 2024. Other Income, Net Other income, net, decreased by 38.7% to RMB8.1 million (US$1.1 million) for 2024 from RMB13.2 million for 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations. Net Income/(loss) As a result of the foregoing, we recorded a net income of RMB51.5 million (US$7.1 million) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for the year ended December 31, 2023. Basic and Diluted Net Earnings/(Losses) Per Ordinary Share Basic and diluted net earnings per ordinary share were both RMB0.43 (US$0.06) for the year ended December 31, 2024, compared to basic and diluted net loss per ordinary share of RMB0.22 for the year ended December 31, 2023. Non-GAAP Basic and Diluted Net Earnings/(Losses) Per Ordinary Share Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.50 (US$0.07) for the year ended December 31, 2024, compared to Non-GAAP adjusted basic and diluted net loss per ordinary share of RMB0.20 for the year ended December 31, 2023. Each ADS represents two of the Company’s Class A ordinary shares. Recent Development Aleo Mining: On February 7, 2025, the Company launched AE BOX series of cutting-edge mining products for Aleo, establishing itself as a pioneer in Aleo mining solutions. This marks the Company’s first venture into the zero-knowledge proof sector, further reinforcing its deep expertise and innovation in the altcoin space. Goldshell Wallet: On February 26, 2025, the Company introduced the Goldshell Wallet, an air-gapped, triple-secured wallet designed for maximum security and seamless user experience. Currently in their trial stage, Goldshell Wallet is not expected to contribute materially to our profits during this phase. However, we believe they represent an important step toward becoming a company with a stable application development pipeline and the ability to navigate across the crypto cycle. Conference Call Information The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on February 27, 2025 (9:00 AM Beijing Time on February 28, 2025). Details for the conference call are as follows: All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call. Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/. About Intchains Group Limited Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/. Exchange Rate Information The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2993 on the last trading day of the fourth quarter of 2024 (December 31, 2024). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Use of Non-GAAP Financial Measures In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For investor and media inquiries, please contact: Intchains Group Limited Investor relationsEmail: ir@intchains.com Redhill Belinda Chan Tel: +852-9379-3045Email: belinda.chan@creativegp.com  INTCHAINS GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share and per share data, or as otherwise noted)   As of December 31,  2023 2024  RMB RMB US$ ASSETS      Current Assets：      Cash and cash equivalents 694,750  322,252  44,148 USDC —  1,690  232 Cryptocurrency-current —  30,079  4,121 Inventories, net 41,767  98,614  13,510 Prepayments and other current assets, net 47,403  69,703  9,549 Short-term investments 13,596  198,562  27,203 Total current assets 797,516  720,900  98,763 Non-current Assets:      Cryptocurrency-non-current 645  148,790  20,384 Long-term investments —  20,569  2,818 Property, equipment, and software, net 49,184  157,065  21,518 Intangible assets, net 3,425  3,552  487 Right-of-use assets 1,735  272  37 Deferred tax assets 12,899  28,942  3,965 Prepayments on long-term assets 113,425  —  — Other non-current assets 421  9,419  1,290 Total non-current assets 181,734  368,609  50,499 Total assets 979,250  1,089,509  149,262 LIABILITIES, AND SHAREHOLDERS’ EQUITY      Current Liabilities:      Accounts payable 195  14,847  2,034 Contract liabilities 9,828  37,447  5,129 Income tax payable 1,634  2,023  277 Lease liabilities 1,103  272  37 Provision for warranty 40  161  22 Accrued liabilities and other current liabilities 15,364  21,692  2,971 Total current liabilities 28,164  76,442  10,470 Non-current Liabilities:      Deferred tax liabilities —  —  — Lease liabilities 761  —  — Total non-current liabilities 761  —  — Total liabilities 28,925  76,442  10,470 Shareholders' Equity:      Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 119,876,032 and 120,081,456 shares issued, 119,876,032 and 119,962,962 shares outstanding as of December 31, 2023 and December 31, 2024, respectively) 1  1  — Subscriptions receivable from shareholders (1) (1) — Additional paid-in capital 186,262  195,236  26,747 Statutory reserve 48,265  51,762  7,091 Accumulated other comprehensive income 1,838  3,777  518 Retained earnings 713,960  762,292  104,436 Total equity 950,325  1,013,067  138,792 Total liabilities and shareholders’ equity 979,250  1,089,509  149,262  INTCHAINS GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)(All amounts in thousands, except share and per share data, or as otherwise noted)   For the Three Months ended December 31,  2023 2024  RMB RMB US$Products revenue 35,454  74,177  10,162 Cost of revenue (14,132) (54,752) (7,501)Gross profit 21,322  19,425  2,661 Operating expenses:     Research and development expenses (13,962) (45,887) (6,286)Sales and marketing expenses (1,787) (2,897) (397)General and administrative expenses (7,040) (7,237) (991)Total operating expenses (22,789) (56,021) (7,674)Loss from operations (1,467) (36,596) (5,013)Interest income 4,248  3,778  518 Foreign exchange gains/(losses), net (971) 2,264  310 Gain on fair value of cryptocurrency, net —  29,228  4,004 Other income, net 7,458  5,237  717 Income before income tax expenses 9,268  3,911  536 Income tax (expense)/benefit (1,190) 8,870  1,215 Net Income 8,078  12,781  1,751 Foreign currency translation adjustment, net of nil tax (826) 4,127  565 Total comprehensive income 7,252  16,908  2,316       Weighted average number of shares used in per share calculation     — Basic 119,876,032  119,962,962  119,962,962 — Diluted 119,921,358  119,980,895  119,980,895 Net earnings per share     — Basic 0.07  0.11  0.01 — Diluted 0.07  0.11  0.01  INTCHAINS GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)(All amounts in thousands, except share and per share data, or as otherwise noted)   For the Year ended December 31,  2023 2024  RMB RMB US$Products revenue 82,225  281,767  38,602 Cost of revenue (73,147) (130,452) (17,872)Gross profit 9,078  151,315  20,730 Operating expenses:     Research and development expenses (42,304) (109,443) (14,994)Sales and marketing expenses (6,532) (8,468) (1,160)General and administrative expenses (25,210) (30,248) (4,144)Total operating expenses (74,046) (148,159) (20,298)Income/(loss) from operations (64,968) 3,156  432 Interest income 16,750  16,235  2,224 Foreign exchange gains/(losses), net (524) 1,382  189 Gain on fair value of cryptocurrency, net —  21,322  2,921 Other income, net 13,191  8,082  1,107 Income/(loss) before income tax expenses (35,551) 50,177  6,873 Income tax benefit 8,756  1,320  181 Net Income/(loss) (26,795) 51,497  7,054 Foreign currency translation adjustment, net of nil tax 1,838  1,939  266 Total comprehensive income/(loss) (24,957) 53,436  7,320       Weighted average number of shares used in per share calculation     — Basic 119,387,937  119,932,051  119,932,051 — Diluted 119,387,937  120,011,806  120,011,806 Net earnings/(losses) per share     — Basic (0.22) 0.43  0.06 — Diluted (0.22) 0.43  0.06  INTCHAINS GROUP LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except per share data)   For the Three Months ended December 31,  2023 2024  RMB RMB US$Loss from operations (1,467) (36,596) (5,013)Add:     Share-based compensation expense 1,501  1,992  273 Non-GAAP adjusted operating income/(loss) 34  (34,604) (4,740)Net income 8,078  12,781  1,751 Add:     Share-based compensation expense 1,501  1,992  273 Non-GAAP adjusted net income 9,579  14,773  2,024       Non-GAAP adjusted net earnings per share     — Basic 0.08  0.12  0.02 — Diluted 0.08  0.12  0.02  INTCHAINS GROUP LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except per share data)   For the Year ended December 31,  2023 2024  RMB RMB US$Income/(loss) from operations (64,968) 3,156  432 Add:        Share-based compensation expense 3,474  8,973  1,229 Non-GAAP adjusted operating income/(loss) (61,494) 12,129  1,661 Net income/(loss) (26,795) 51,497  7,054 Add:        Share-based compensation expense 3,474  8,973  1,229 Non-GAAP adjusted net income/(loss) (23,321) 60,470  8,283          Non-GAAP adjusted net earnings/(losses) per share        — Basic (0.20) 0.50  0.07 — Diluted (0.20) 0.50  0.07  INTCHAINS GROUP LIMITEDUNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION As of Quarter Ended Cryptocurrency Approximate Number of Cryptocurrency Held at End of Quarter Original Cost Basis Approximate Average Cost Price Per Unit of Cryptocurrency Lowest Market Price Per Unit of Cryptocurrency During Quarter (a) Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price (b) Highest Market Price Per Unit of Cryptocurrency During Quarter (c) Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price (d) Market Price Per Unit of Cryptocurrency at End of Quarter (e) Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price (f)    Unit USD USD USD USD USD USD USD USDDecember 31, 2024 ETH 5,075 15,102,524 2,976 2,309 11,718,175 4,109 20,853,175 3,414 17,326,050 ETH-Coinbase Staked 627 1,800,713 2,872 2,487 1,559,349 4,450 2,790,150 3,701 2,320,527 Bitcoin 10.29 720,567 70,026 58,864 605,711 108,389 1,115,323 95,285 980,483 USDT&USDC 4,425,484 4,428,159 1 1 4,384,335 1 4,469,357 1 4,419,574 Others Multiple * 78,298 Multiple * Multiple * 30,694 Multiple * 101,589 Multiple * 69,389  Total   22,130,261     18,298,264   29,329,594   25,116,023                     September 30, 2024 ETH 3,522 10,115,116 2,872 2,116 7,452,552 3,563 12,548,886 2,596 9,143,112 ETH-Coinbase Staked 627 1,800,713 2,872 2,290 1,435,830 3,926 2,461,602 2,807 1,759,989 Bitcoin 8.47 549,364 64,860 49,050 415,454 70,000 592,900 63,552 538,285 USDT&USDC 9,847,687 9,849,266 1 1 9,814,682 1 9,857,395 1 9,845,929 Others Multiple * 105,405 Multiple * Multiple * 36,415 Multiple * 72,441 Multiple * 53,661  Total   22,419,864     19,154,933   25,533,224   21,340,976                     June 30, 2024 ETH 1,937 6,179,744 3,190 2,814 5,450,718 3,974 7,697,638 3,394 6,574,178 ETH-Coinbase Staked 480 1,301,108 2,711 2,954 1,417,920 4,243 2,036,640 3,645 1,749,600 Bitcoin 3.95 265,883 67,312 56,500 223,175 72,777 287,469 61,613 243,371 USDT&USDC 10,422,648 10,423,276 1 1 10,386,315 1 10,458,980 1 10,404,063 Others Multiple * 107,484 Multiple * Multiple * 54,226 Multiple * 122,435 Multiple * 64,202 Total   18,277,495     17,532,354   20,603,162   19,035,414                     March 31, 2024 ETH 346 999,180 2,888 2,100 726,600 4,094 1,416,524 3,618 1,251,828 ETH-Coinbase Staked 479 1,297,687 2,709 2,236 1,071,044 4,341 2,079,339 3,842 1,840,318 Bitcoin 0.67 44,995 67,157 38,501 25,796 73,836 49,470 70,407 47,173 USDT&USDC 99,583 99,583 1 1 99,583 1 99,583 1 99,583 Others Multiple * 81,571 Multiple * Multiple * 67,814 Multiple * 124,481 Multiple * 91,346 Total   2,523,016     1,990,837   3,769,397   3,330,248 * The 'Others' category encompasses various cryptocurrencies that are not reported individually due to their lower significance. This category is labeled as 'Multiple' to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.(a) The "Lowest Market Price Per Unit of Cryptocurrency During Quarter" represents the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.(b) The "Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price" represents a mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.(c) The "Highest Market Price Per Unit of Cryptocurrency During Quarter" represents the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.(d) The "Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price" represents a mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.(e) The "Market Price Per Unit of Cryptocurrency at End of Quarter" represents the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with the our revenue recognition cut-off.(f) The "Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price" represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.

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