0001104659-25-088887 | 6-K | XBRL Viewer | Amber International Holding LTD

Financial assets at fair value through profits or loss - Changes in financial assets measured at fair value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Financial assets at fair value through profits or loss
Balance at the beginning of period	$ 264	$ 248
Business combination - merger transaction	7,599
Fair value changes (Note 17)	911	16
Balance at the end of period	$ 8,774	$ 264

Material accounting policy information - Revenue (Details)	6 Months Ended
	Jun. 30, 2025
Revenue
Deposit return maturity period	3 days
Number of days past due	60 days
Minimum
Revenue
Term of the crypto-currency lending arrangement	30 days
Term of product cycle	7 days
Contracts with customers term	1 month
Maximum
Revenue
Term of the crypto-currency lending arrangement	250 days
Term of product cycle	365 days
Contracts with customers term	24 months

Intangible assets (Tables)

6 Months Ended

Jun. 30, 2025

Intangible assets

Schedule of intangible assets


	Computer		Brand	Customer
	software	Trademark	name	relationship	Total
Cost:
Balance at July 1, 2024	3,645	1	—	—	3,646
Additions	76	—	—	—	76
Balance at December 31, 2024	3,721	1	—	—	3,722
Business combination – merger transaction	147	—	2,060	1,100	3,307
Additions	92	—	—	—	92
Balance at June 30, 2025	3,960	1	2,060	1,100	7,121

Accumulated amortization and impairment
Balance at July 1, 2024	3,397	1	—	—	3,398
Amortization	164	—	—	—	164
Balance at December 31, 2024	3,561	1	—	—	3,562
Business combination – merger transaction	59	—	—	—	59
Amortization	105	—	150	65	320
Balance at June 30, 2025	3,725	1	150	65	3,941

Carrying amount
Balance at December 31, 2024	160	—	—	—	160
Balance at June 30, 2025	235	—	1,910	1,035	3,180

Revenue

6 Months Ended

Jun. 30, 2025

Revenue

Revenue

15.Revenue


	For the six-month ended
	June 30,
	2024	2025
Digital Assets Services and Solution (Note)
Wealth management solutions	1,197	21,462
Execution solutions	53	4,684
Payment solutions	628	1,655
	1,878	27,801
Online Advertising and SaaS Solutions
Sales agent	—	372
Cost-plus	—	543
Specified actions	—	4,908
SaaS products and services	—	2,279
	—	8,102

Total revenues	1,878	35,903

Note:

In connection with the consummation of merger, we entered into intercompany services agreements with certain wholly owned subsidiaries of our parent, Amber Group Limited. These agreements would afford us with substantially the same economic benefits as the transactions contemplated under the merger agreement signed in connection with the Merger, pending certain regulatory approvals for DWM Asset Restructuring contemplated under the merger agreement. This includes our entitlement to 100% of the consolidated net income generated from certain contracts associated with WhaleFin Technologies Limited (the “WFTL Assigned Contracts”) effective from January 1, 2025. Therefore, our results for the first half of 2025 have included the net income from WFTL Assigned Contracts, which was not reflected in our results for the first half of 2024.

The following table breaks down revenue by geographic location of the Group’s revenue. The geographical location is based on the geographical location where customers are located.


	For the six-month ended
	June 30,
	2024	2025
Asia	587	9,163
North America	852	12,065
Africa	357	14,639
Europe	82	27
Others	—	9
	1,878	35,903

Subsequent events	6 Months Ended
Jun. 30, 2025
Subsequent events
Subsequent events	18.Subsequent events Subsequent to the financial period end the Company entered into a successful private placement totaling US$25.5 million, for the expansion of its key institutional crypto services across the U.S. and Southeast Asia. Excepted disclosed above, the Company evaluated subsequent events from June 30, 2025 through the date when the unaudited condensed consolidated financial statements were issued, and concluded that no other subsequent events have occurred that would require recognition or disclose in the unaudited condensed consolidated financial statements.

Subsequent events

6 Months Ended

Jun. 30, 2025

Subsequent events

Subsequent events

18.Subsequent events

Subsequent to the financial period end the Company entered into a successful private placement totaling US$25.5 million, for the expansion of its key institutional crypto services across the U.S. and Southeast Asia.

Excepted disclosed above, the Company evaluated subsequent events from June 30, 2025 through the date when the unaudited condensed consolidated financial statements were issued, and concluded that no other subsequent events have occurred that would require recognition or disclose in the unaudited condensed consolidated financial statements.

Financial assets at fair value through profits or loss (Tables)

6 Months Ended

Jun. 30, 2025

Financial assets at fair value through profits or loss

Summary of financial asset at fair value through profits or loss


	As of	As of
	December 31,	June 30,
	2024	2025
Non-current assets
Available-for-sale debt investments	—	—
Unlisted equity investments	—	1,000
	—	1,000
Current assets
Fund investments	264	5,873
Hong Kong listed equity securities	—	269
US listed equity securities	—	1,632
	264	7,774

	264	8,774

The following table presents the changes in financial assets measured at fair value for each of the reporting period:


	As of	As of
	December 31,	June 30,
	2024	2025
Balance at the beginning of period	248	264
Business combination – merger transaction	—	7,599
Fair value changes (Note 17)	16	911
Balance at the end of period	264	8,774

Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of revenue
Total revenues	$ 35,903	$ 1,878
Percentage of consolidated net income	100.00%
Digital Assets Services and Solutions
Disaggregation of revenue
Total revenues	$ 27,801	1,878
Online Advertising and SaaS Solutions
Disaggregation of revenue
Total revenues	8,102
Wealth management solutions \| Digital Assets Services and Solutions
Disaggregation of revenue
Total revenues	21,462	1,197
Execution solutions \| Digital Assets Services and Solutions
Disaggregation of revenue
Total revenues	4,684	53
Payment solutions \| Digital Assets Services and Solutions
Disaggregation of revenue
Total revenues	1,655	$ 628
Sales agent \| Online Advertising and SaaS Solutions
Disaggregation of revenue
Total revenues	372
Cost-plus \| Online Advertising and SaaS Solutions
Disaggregation of revenue
Total revenues	543
Specified actions \| Online Advertising and SaaS Solutions
Disaggregation of revenue
Total revenues	4,908
SaaS products and services \| Online Advertising and SaaS Solutions
Disaggregation of revenue
Total revenues	$ 2,279

Trade and other receivables (Tables)

6 Months Ended

Jun. 30, 2025

Trade and other receivables

Summary of trade and other receivables


	As of	As of
	December 31,	June 30,
	2024	2025
Trade receivables, gross	12	10,549
Less: allowance for credit losses	—	(3,515)
Trade receivables, net	12	7,034

Prepaid media costs	—	5,260
Rebate receivables	—	510
Deposits	196	1,212
Prepayments	137	3,208
Loans receivable	—	4,830
Interest receivables	11	15
VAT recoverable	—	821
Others	—	202
	356	23,092

Less: non-current rental deposits	—	(501)
	356	22,591

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
(Loss)/profit before tax	$ 1,648	$ (10,341)
Adjustments for:
Depreciation of property, plant and equipment	2	1
Amortization of intangible assets	319	195
Amortization of right-of-use assets	300
Allowance for credit losses on accounts receivable	162
Share-based compensation expenses	805
Fair value changes on financial asset at fair value through profits or loss	(911)	9
Share of losses from an equity investee	24
Realized fair value changes on digital assets		(935)
Realized fair value changes on amount due to related parties denominated in digital assets	(98)	285
Fair value changes on derivative contract	(1,250)	26
Unrealized fair value changes on digital assets		8,399
Unrealized fair value changes on amount due to related parties denominated in digital assets	1,498	193
Interest expense	61	22
Interest income	(99)	(74)
Net income received or settled in digital assets	(2,086)	1,553
Operating cash flows before working capital changes	375	(667)
Changes in working capital:
Trade and other receivables	276	(70)
Trade and other payables	(4,588)	311
Contract liabilities	878
Balances with related parties	(1,047)
Cash generated from operating activities	(4,106)	(426)
Income tax refunded	9
Net cash used in operating activities	(4,097)	(426)
Cash flows from investing activities
Advance to related parties	(1,337)	(4,054)
Purchase of intangible assets	(92)
Purchase of financial assets at fair value through profits or loss	(1,086)
Disposal of crypto assets held	2,086
Interest received	99	74
Change in time deposits		(3,000)
Net cash used in investing activities	(330)	(6,980)
Cash flows from financing activities
Repayment of bank borrowings	(1,969)
Proceeds from bank borrowings	2,672
Repayment from related parties, net	2,471	7,379
Payment for principal and interest of lease liabilities	(383)
Issuance of preference shares		3,000
Net cash generated from financing activities	2,791	10,379
Net increase/(decrease) in cash and bank balances	(1,636)	2,973
Reconciliation of cash and bank balances within the unaudited condensed consolidated statements of financial position to the amounts shown in the unaudited condensed consolidated statements of cash flows above:
Cash and cash equivalents	22,716	3,766
Restricted cash, current	3,111
Reconciliation of cash and bank balances	$ 25,827	$ 3,766

Contract liabilities (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Contract liabilities
Contract liabilities, current	$ 8,797

Digital assets

6 Months Ended

Jun. 30, 2025

Digital assets

Digital assets

3.Digital assets


	As of	As of
	December 31,	June 30,
	2024	2025
Digital assets held on exchange institution	4,832	9,428

The following table sets forth the fair values of digital assets held by the Group as the end of the reporting periods:


	As of	As of
	December 31,	June 30,
	2024	2025
Bitcoin (“BTC”)	2,064	6,315
Ethereum (“ETH”)	743	2,534
USD Tether (“USDT”)	10	15
USDC	1,827	273
Others (Note)	188	291
	4,832	9,428

Note:

Others mainly consist of “XRP”, “ADA”, “BCH”, “ADA”, “DOT”, “BNB”, “TRX” and “SOL”, no other crypto asset individually representing not more than 5% of the total digital assets.

Trade and other receivables - Narrative (Details)	6 Months Ended	12 Months Ended
Trade and other receivables - Narrative (Details)	Jun. 30, 2025	Dec. 31, 2024
Trade and other receivables
Credit term for trade receivables		30 days
Minimum
Trade and other receivables
Credit term for trade receivables	30 days
Maximum
Trade and other receivables
Credit term for trade receivables	90 days

Collateral receivables and collateral payables - Collateral payables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Collateral receivables and collateral payables
Collateral payables	$ 20,902	$ 14,414
BTC
Collateral receivables and collateral payables
Collateral payables	7,044	2,289
USDC
Collateral receivables and collateral payables
Collateral payables	13,313	$ 12,125
USDT
Collateral receivables and collateral payables
Collateral payables	$ 545

Digital assets (Tables)

6 Months Ended

Jun. 30, 2025

Digital assets

Summary of digital assets


	As of	As of
	December 31,	June 30,
	2024	2025
Digital assets held on exchange institution	4,832	9,428


	As of	As of
	December 31,	June 30,
	2024	2025
Bitcoin (“BTC”)	2,064	6,315
Ethereum (“ETH”)	743	2,534
USD Tether (“USDT”)	10	15
USDC	1,827	273
Others (Note)	188	291
	4,832	9,428

Note:

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net (loss)/income	$ 1,644	$ (10,341)
Other comprehensive (loss)/income:
Foreign currency translation adjustment	(115)
Comprehensive (loss)/income	1,529	(10,341)
Comprehensive loss attributable to non-controlling interest	(24)
Comprehensive (loss)/income attributable to Amber International Holding Limited's ordinary shareholders	$ 1,505	$ (10,341)
Net (loss)/profit per ADS attributable to Amber International Holding Limited
Basic (in dollars per share)	$ 0.02	$ (0.17)
Diluted (in dollars per share)	$ 0.02	$ (0.17)
Weighted average number of ADS used in per ADS calculation:
Basic (in shares)	79,493,454	61,966,949
Diluted (in shares)	79,496,261	61,966,949

Liabilities due to customers (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Liabilities due to customers
Structured products	$ 74,850	$ 71,370
Accrued interest	533	153
Liabilities due to customers	$ 75,383	$ 71,523

Cash and cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Cash and cash equivalents and restricted cash
Cash and cash equivalents	$ 22,716	$ 6,277	$ 3,766
Restricted cash	3,111	3,049
Total	$ 25,827	$ 9,326	$ 3,766

Bank borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Bank borrowings

Schedule of bank borrowings


	As of	As of
	December 31,	June 30,
	2024	2025
1-year term loan denominated in RMB at an interest rates of 2.80% to 2.85% per annum	—	1,266
1-year revolving loan denominated in RMB at an interest rates of 2.50% to 3.05% per annum	—	1,406
Revolving service trade loans denominated in HK$at an interest rate of 4.98%	—	1
	—	2,673

Significant related parties transactions and balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Whalefin Technologies Ltd
Significant related parties transactions and balances
Revenue	$ 15,074	$ 344
Cost of revenue	(3,278)	(6)
Lead Accelerating Limited
Significant related parties transactions and balances
Revenue	7,295	$ 838
Proton Fund SPC
Significant related parties transactions and balances
Revenue	3,162
Axiom AI Limited
Significant related parties transactions and balances
Revenue	$ 757

Other gains, net (Details) - USD ($) $ in Thousands	6 Months Ended
Other gains, net (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Other gains, net
Foreign currency exchange difference, net	$ 250
Government grants	182	$ 8
Service income	74	36
Fair value changes on FVPL (Note 6)	911	(9)
Dividend income	329
Others	9	3
Other gains, net	$ 1,755	$ 38

Intangible assets

6 Months Ended

Jun. 30, 2025

Intangible assets

Intangible assets

9.Intangible assets


	Computer		Brand	Customer
	software	Trademark	name	relationship	Total
Cost:
Balance at July 1, 2024	3,645	1	—	—	3,646
Additions	76	—	—	—	76
Balance at December 31, 2024	3,721	1	—	—	3,722
Business combination – merger transaction	147	—	2,060	1,100	3,307
Additions	92	—	—	—	92
Balance at June 30, 2025	3,960	1	2,060	1,100	7,121

Accumulated amortization and impairment
Balance at July 1, 2024	3,397	1	—	—	3,398
Amortization	164	—	—	—	164
Balance at December 31, 2024	3,561	1	—	—	3,562
Business combination – merger transaction	59	—	—	—	59
Amortization	105	—	150	65	320
Balance at June 30, 2025	3,725	1	150	65	3,941

Carrying amount
Balance at December 31, 2024	160	—	—	—	160
Balance at June 30, 2025	235	—	1,910	1,035	3,180

Significant related parties transactions and balances (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of transactions and balances with related party


	For the six-month ended
	June 30,
	2024	2025
WhaleFin Technologies Limited
Revenue	344	15,074
Cost of revenue	(6)	(3,278)

Lead Accelerating Limited
Revenue	838	7,295

Proton Fund SPC
Revenue	—	3,162

Axiom AI Limited
Revenue	—	757


	As of	As of
	December 31,	June 30,
	2024	2025
Trade
Lead Accelerating Ltd	4,108	2,577

Non-trade
Amber AI Ltd	124	—
WhaleFin Technologies Ltd	1,657	9,377
WhaleFin Markets Ltd	5,501	5,545
Amber Custodian Services Ltd	15	141
Amber Global Ltd	—	350
Axiom AI Ltd	—	482


	As of	As of
	December 31,	June 30,
	2024	2025
Trade
Lead Accelerating Ltd	1,723	1,305
WhaleFin Technologies Ltd	8,245	5,004
Proton Fund SPC	—	4,403

Non-trade
Amber AI Ltd	5	3,633
Amber Technologies North America Ltd	7	901
Amber AI Service Ltd	—	713
Amber ALIR Holding Ltd	—	294
Amber Services NA	—	345

Significant related parties transactions and balances

6 Months Ended

Jun. 30, 2025

14.Significant related parties transactions and balances

The following significant transactions with related parties took place at terms agreed between the parties during the financial period:


	For the six-month ended
	June 30,
	2024	2025
WhaleFin Technologies Limited
Revenue	344	15,074
Cost of revenue	(6)	(3,278)

Lead Accelerating Limited
Revenue	838	7,295

Proton Fund SPC
Revenue	—	3,162

Axiom AI Limited
Revenue	—	757

14.Significant related parties transactions and balances (Continued)

Amounts due from related parties


	As of	As of
	December 31,	June 30,
	2024	2025
Trade
Lead Accelerating Ltd	4,108	2,577

Non-trade
Amber AI Ltd	124	—
WhaleFin Technologies Ltd	1,657	9,377
WhaleFin Markets Ltd	5,501	5,545
Amber Custodian Services Ltd	15	141
Amber Global Ltd	—	350
Axiom AI Ltd	—	482

Amounts due to related parties


	As of	As of
	December 31,	June 30,
	2024	2025
Trade
Lead Accelerating Ltd	1,723	1,305
WhaleFin Technologies Ltd	8,245	5,004
Proton Fund SPC	—	4,403

Non-trade
Amber AI Ltd	5	3,633
Amber Technologies North America Ltd	7	901
Amber AI Service Ltd	—	713
Amber ALIR Holding Ltd	—	294
Amber Services NA	—	345

Significant related parties transactions and balances - Due from related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Lead Accelerating Ltd
Significant related parties transactions and balances
Trade receivables	$ 2,577	$ 4,108
Amber AI Ltd
Significant related parties transactions and balances
Non-trade receivables		124
Whalefin Technologies Ltd
Significant related parties transactions and balances
Non-trade receivables	9,377	1,657
WhaleFin Markets Ltd
Significant related parties transactions and balances
Non-trade receivables	5,545	5,501
Amber Custodian Services Ltd
Significant related parties transactions and balances
Non-trade receivables	141	$ 15
Amber Global Ltd
Significant related parties transactions and balances
Non-trade receivables	350
Axiom AI Limited
Significant related parties transactions and balances
Non-trade receivables	$ 482

Trade and other payables

6 Months Ended

Jun. 30, 2025

Trade and other payables.

Trade and other payables

11.Trade and other payables


	As of	As of
	December 31,	June 30,
	2024	2025
Current
Trade payables	763	5,887
Other payables	75	1,082
VAT and other taxes payables	—	698
Security deposit received from customers	—	460
Accrued employee benefits	—	5,572
Accrued professional fees	—	10,109
Accrued interests	—	1,925
Accrued expenses	1,003	235
	1,841	25,968

Non-current
Severance liabilities	—	40

Derivative financial instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative financial instruments

Schedule of derivative financial instruments


	Notional	Notional
	amount	amount	Assets	Liabilities
	Buy	Sell
Derivatives carried at fair value:
Crypto structured products

December 31, 2024
To customers
Call option	7	34,141	1,554	2
Put option	—	3,873	—	20

To related party
Call option	7	34,141	2	1,554
Put option	—	3,873	20	—
	14	76,028	1,576	1,576

June 30, 2025
To customers
Call option	35	15,014	4	1,592
Put option	10	4,852	1	—

To related party
Call option	35	15,014	1,592	4
Put option	10	4,852	—	1
	90	39,732	1,597	1,597

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 22,716	$ 6,277
Restricted cash	3,111	3,049
Digital assets	9,155	3,005
USDC	273	1,827
Trade and other receivables	22,591	356
Collateral receivables	20,902	14,414
Amount due from an equity investee	6
Amounts due from related parties	18,519	11,533
Financial assets at fair value through profits or loss	7,774	264
Derivative contracts	68,770	69,934
Derivative financial instruments	1,597	1,576
Total current assets	175,414	112,235
Non-current assets
Plant and equipment	15
Intangible assets	3,180	160
Goodwill	65,922	16,735
Right-of-use assets	2,017	704
Investment accounted for using equity method	117
Financial assets at fair value through profits or loss	1,000
Other receivables	501
Total non-current assets	72,752	17,599
Total assets	248,166	129,834
Current liabilities
Trade and other payables	25,968	1,841
Collateral payables	20,902	14,414
Contract liabilities	8,797
Liabilities due to customers	75,383	71,523
Amounts due to related parties	16,701	9,980
Derivative financial instruments	1,597	1,576
Lease liabilities	969	230
Bank borrowings	2,673
Income tax payable	1,587
Total current liabilities	154,577	99,564
Non-current liabilities
Lease liabilities	1,204	485
Deferred tax liabilities	1,050
Accrued liabilities	40
Total non-current liabilities	2,294	485
Total liabilities	156,871	100,049
Equity
Share capital	73,431	13,500
Reserve	53,086	53,175
Accumulated losses	(35,218)	(36,890)
Total Amber International Holding Limited shareholders' equity	91,299	29,785
Non-controlling interests	(4)
Total equity	91,295	29,785
Total equity and liabilities	$ 248,166	$ 129,834

Trade and other payables (Tables)

6 Months Ended

Jun. 30, 2025

Trade and other payables.

Schedule of trade and other payables


	As of	As of
	December 31,	June 30,
	2024	2025
Current
Trade payables	763	5,887
Other payables	75	1,082
VAT and other taxes payables	—	698
Security deposit received from customers	—	460
Accrued employee benefits	—	5,572
Accrued professional fees	—	10,109
Accrued interests	—	1,925
Accrued expenses	1,003	235
	1,841	25,968

Non-current
Severance liabilities	—	40

Significant related parties transactions and balances - Due to related parties (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Lead Accelerating Ltd
Significant related parties transactions and balances
Trade payables	$ 1,305	$ 1,723
Whalefin Technologies Ltd
Significant related parties transactions and balances
Trade payables	5,004	8,245
Proton Fund SPC
Significant related parties transactions and balances
Trade payables	4,403
Amber AI Ltd
Significant related parties transactions and balances
Non-trade payables	3,633	5
Amber Technologies North America Ltd
Significant related parties transactions and balances
Non-trade payables	901	$ 7
Amber AI Service Ltd
Significant related parties transactions and balances
Non-trade payables	713
Amber ALIR Holding Ltd
Significant related parties transactions and balances
Non-trade payables	294
Amber Services NA
Significant related parties transactions and balances
Non-trade payables	$ 345

Derivative financial instruments

6 Months Ended

Jun. 30, 2025

Derivative financial instruments

Derivative financial instruments

7.Derivative financial instruments


	Notional	Notional
	amount	amount	Assets	Liabilities
	Buy	Sell
Derivatives carried at fair value:
Crypto structured products

December 31, 2024
To customers
Call option	7	34,141	1,554	2
Put option	—	3,873	—	20

To related party
Call option	7	34,141	2	1,554
Put option	—	3,873	20	—
	14	76,028	1,576	1,576

June 30, 2025
To customers
Call option	35	15,014	4	1,592
Put option	10	4,852	1	—

To related party
Call option	35	15,014	1,592	4
Put option	10	4,852	—	1
	90	39,732	1,597	1,597

The Group entered into BTC and ETH options with its customers, and as part of the Group’s risk management strategy, the Group also entered into bought identical similar back-to-back put and call BTC and ETH options with its related parties. Management has no intention to hold these derivatives for more than one year and option varies from 4 – 88 days (December 31, 2024: 3 – 178 days) till maturity.

Collateral receivables and collateral payables - Collateral receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Collateral receivables and collateral payables
Collateral receivables	$ 20,902	$ 14,414
BTC
Collateral receivables and collateral payables
Collateral receivables	7,044	2,289
USDC
Collateral receivables and collateral payables
Collateral receivables	13,313	$ 12,125
USDT
Collateral receivables and collateral payables
Collateral receivables	$ 545

Material accounting policy information - Intangible assets (Details)	6 Months Ended
	Jun. 30, 2025
Computer software and systems \| Minimum
Intangible assets, net
Estimated useful lives	2 years
Computer software and systems \| Maximum
Intangible assets, net
Estimated useful lives	5 years
Customer relationship \| Minimum
Intangible assets, net
Estimated useful lives	4 years
Customer relationship \| Maximum
Intangible assets, net
Estimated useful lives	5 years
Brand name
Intangible assets, net
Estimated useful lives	4 years
Trademark
Intangible assets, net
Estimated useful lives	10 years

Plant and equipment (Details) - USD ($) $ in Thousands	6 Months Ended
Plant and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Plant and equipment
Depreciation	$ 2	$ 1
Ending balance	$ 15

Material accounting policy information (Tables)

6 Months Ended

Jun. 30, 2025

Material accounting policy information

Schedule of the estimated useful lives of property, plant and equipment


Computer equipment		3 years
Furniture and fittings		3 years
Office equipment		3 years

Schedule of estimated useful lives of finite lived intangible assets


Computer software and systems		2 – 5 years
Customer relationship		4 – 5 years
Brand name		4 years
Trademark		10 years

Intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
Intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Intangible assets
Beginning balance	$ 160
Amortization	319		$ 195
Ending balance	3,180	$ 160
Cost
Intangible assets
Beginning balance	3,722	3,646
Additions	92	76
Business combination - merger transaction	3,307
Ending balance	7,121	3,722	3,646
Accumulated depreciation
Intangible assets
Beginning balance	(3,562)	(3,398)
Business combination - merger transaction	59
Amortization	320	164
Ending balance	(3,941)	(3,562)	(3,398)
Computer software
Intangible assets
Beginning balance	160
Ending balance	235	160
Computer software \| Cost
Intangible assets
Beginning balance	3,721	3,645
Additions	92	76
Business combination - merger transaction	147
Ending balance	3,960	3,721	3,645
Computer software \| Accumulated depreciation
Intangible assets
Beginning balance	(3,561)	(3,397)
Business combination - merger transaction	59
Amortization	105	164
Ending balance	(3,725)	(3,561)	(3,397)
Trademark \| Cost
Intangible assets
Beginning balance	1	1
Ending balance	1	1	1
Trademark \| Accumulated depreciation
Intangible assets
Beginning balance	(1)	(1)
Ending balance	(1)	$ (1)	$ (1)
Brand name
Intangible assets
Ending balance	1,910
Brand name \| Cost
Intangible assets
Business combination - merger transaction	2,060
Ending balance	2,060
Brand name \| Accumulated depreciation
Intangible assets
Amortization	150
Ending balance	(150)
Customer relationship
Intangible assets
Ending balance	1,035
Customer relationship \| Cost
Intangible assets
Business combination - merger transaction	1,100
Ending balance	1,100
Customer relationship \| Accumulated depreciation
Intangible assets
Amortization	65
Ending balance	$ (65)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Revenue	$ 35,903	$ 1,878
Cost of revenue	(9,942)	(1,128)
Gross profit	25,961	750
Operating expenses
Research and development expenses	(8,014)	(158)
Sales and marketing expenses	(3,616)	(5)
General and administrative expenses	(14,302)	(3,050)
Total operating expenses	(25,932)	(3,213)
Operating (loss)/income	29	(2,463)
Finance income, net	38	52
Other gains, net	1,755	38
Realized fair value changes of digital assets	98	(285)
Realized fair value changes of digital assets on loan from related parties denominated in digital assets		935
Fair value change on derivative contracts	1,250	(26)
Unrealized fair value changes of digital assets	(1,498)	(193)
Unrealized fair value changes of digital assets on loan from related parties denominated in digital assets		(8,399)
(Loss)/profit before share of loss from an equity investee and income tax expense	1,672	(10,341)
Share of losses from an equity investee	(24)
Income tax expense	(4)
Net (loss)/income	1,644	(10,341)
Net loss attributable to non-controlling interests	28
Net (loss)/income attributable to Amber International Holding Limited's ordinary shareholders	$ 1,672	$ (10,341)

Derivative financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Derivative financial instruments
Derivative financial instruments, Assets	$ 1,597	$ 1,576
Derivative financial instruments, Liabilities	1,597	1,576
Buy
Derivative financial instruments
Notional Amount	90	14
Sell
Derivative financial instruments
Notional Amount	39,732	76,028
Customers \| Call option
Derivative financial instruments
Derivative financial instruments, Assets	4	1,554
Derivative financial instruments, Liabilities	1,592	2
Customers \| Call option \| Buy
Derivative financial instruments
Notional Amount	35	7
Customers \| Call option \| Sell
Derivative financial instruments
Notional Amount	15,014	34,141
Customers \| Put option
Derivative financial instruments
Derivative financial instruments, Assets	1
Derivative financial instruments, Liabilities		20
Customers \| Put option \| Buy
Derivative financial instruments
Notional Amount	10
Customers \| Put option \| Sell
Derivative financial instruments
Notional Amount	4,852	3,873
Related parties \| Call option
Derivative financial instruments
Derivative financial instruments, Assets	1,592	2
Derivative financial instruments, Liabilities	4	1,554
Related parties \| Call option \| Buy
Derivative financial instruments
Notional Amount	35	7
Related parties \| Call option \| Sell
Derivative financial instruments
Notional Amount	15,014	34,141
Related parties \| Put option
Derivative financial instruments
Derivative financial instruments, Assets		20
Derivative financial instruments, Liabilities	1
Related parties \| Put option \| Buy
Derivative financial instruments
Notional Amount	10
Related parties \| Put option \| Sell
Derivative financial instruments
Notional Amount	$ 4,852	$ 3,873

Financial assets at fair value through profits or loss

6 Months Ended

Jun. 30, 2025

Financial assets at fair value through profits or loss

Financial assets at fair value through profits or loss

6.Financial assets at fair value through profits or loss


	As of	As of
	December 31,	June 30,
	2024	2025
Non-current assets
Available-for-sale debt investments	—	—
Unlisted equity investments	—	1,000
	—	1,000
Current assets
Fund investments	264	5,873
Hong Kong listed equity securities	—	269
US listed equity securities	—	1,632
	264	7,774

	264	8,774

The following table presents the changes in financial assets measured at fair value for each of the reporting period:


	As of	As of
	December 31,	June 30,
	2024	2025
Balance at the beginning of period	248	264
Business combination – merger transaction	—	7,599
Fair value changes (Note 17)	16	911
Balance at the end of period	264	8,774

Trade and other payables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current
Trade payables	$ 5,887	$ 763
Other payables	1,082	75
VAT and other taxes payables	698
Security deposit received from customers	460
Accrued employee benefits	5,572
Accrued professional fees	10,109
Accrued interests	1,925
Accrued expenses	235	1,003
Total	25,968	$ 1,841
Non-current
Severance liabilities	$ 40

Collateral receivables and collateral payables (Tables)

6 Months Ended

Jun. 30, 2025

Collateral receivables and collateral payables

Summary of collateral receivables and collateral payables

Collateral receivables


	As of	As of
	December 31,	June 30,
	2024	2025
	US$	US$
BTC	2,289	7,044
USDC	12,125	13,313
USDT	—	545
	14,414	20,902

Collateral payables


	As of	As of
	December 31,	June 30,
	2024	2025
	US$	US$
BTC	2,289	7,044
USDC	12,125	13,313
USDT	—	545
	14,414	20,902

Liabilities due to customers (Tables)

6 Months Ended

Jun. 30, 2025

Liabilities due to customers

Schedule of liabilities due to customers


	As of	As of
	December 31,	June 30,
	2024	2025
Structured products	71,370	74,850
Accrued interest	153	533
	71,523	75,383

Derivative contracts

6 Months Ended

Jun. 30, 2025

Derivative contracts

Derivative contracts

8.Derivative contracts

As of December 31, 2024

As of June 30, 2025

Initial net

Fair value

Carrying

Initial net

Fair value

Carrying

investment

changes

amount

investment

changes

amount

Financial structured product denominated in digital assets

70,029

(95)

69,934

67,520

1,250

68,770

The following table sets forth the fair values of derivative contracts by the Group as the end of the reporting period:


	As of	As of
	December 31,	June 30,
	2024	2025
BTC	43,618	23,404
ETH	3,099	5,352
USDS (Note)	7,533	10,553
USDC	182	537
USDT	15,502	28,924
	69,934	68,770

Note:

USDS is a cryptographic blockchain-based digital information unit token issued by the Group and only used in Group’s platform. Each USDS is equivalent to US$1.

Derivative contracts - Fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Derivative contracts
Derivative contracts	$ 68,770	$ 69,934
BTC
Derivative contracts
Derivative contracts	23,404	43,618
ETH
Derivative contracts
Derivative contracts	5,352	3,099
USDS
Derivative contracts
Derivative contracts	10,553	7,533
Currency equivalent for each unit of the crypto token	1	1
USDC
Derivative contracts
Derivative contracts	537	182
USDT
Derivative contracts
Derivative contracts	$ 28,924	$ 15,502

Other gains, net (Tables)

6 Months Ended

Jun. 30, 2025

Other gains, net

Schedule of other gains, net


	For the six-month ended
	June 30,
	2024	2025
Foreign currency exchange difference, net	—	250
Government grants	8	182
Service income	36	74
Fair value changes on FVPL (Note 6)	(9)	911
Dividend income	—	329
Others	3	9
	38	1,755

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total Amber International Holding shareholders' equity	Share Capital	Reserves	Accumulated losses	Non-controlling interests	Total
Balance at the beginning of the period at Dec. 31, 2023	$ (4,548)	$ 3,000	$ 6,069	$ (13,617)		$ (4,548)
Waiver of related parties balances	5		5			5
Issuance of preference shares	10,500	10,500				10,500
Net (loss) income for the period	(10,341)			(10,341)		(10,341)
Balance at the end at Jun. 30, 2024	(4,384)	13,500	6,074	(23,958)		(4,384)
Balance at the beginning of the period at Dec. 31, 2024	29,785	13,500	53,175	(36,890)		29,785
Waiver of related parties balances	50		50			50
Net (loss) income for the period	1,672			1,672	$ (28)	1,644
Recapitalization upon consummation of merger, net of issuance cost	59,931	59,931				59,931
Foreign currency translation	(139)		(139)		24	(115)
Balance at the end at Jun. 30, 2025	$ 91,299	$ 73,431	$ 53,086	$ (35,218)	$ (4)	$ 91,295

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 32
-Subparagraph a
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_b&doctype=Standard
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2024-01-01
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23&doctype=Standard
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and bank balances at the beginning of period	$ 9,326	$ 793
Cash and bank balances from the merged business	18,249	0
Effect on exchange rate changes on cash and cash equivalents and restricted cash	(112)
Cash and bank balances at the end of period	$ 25,827	$ 3,766

Other gains, net

6 Months Ended

Jun. 30, 2025

Other gains, net

Other gains, net

17.Other gains, net


	For the six-month ended
	June 30,
	2024	2025
Foreign currency exchange difference, net	—	250
Government grants	8	182
Service income	36	74
Fair value changes on FVPL (Note 6)	(9)	911
Dividend income	—	329
Others	3	9
	38	1,755

Financial assets at fair value through profits or loss (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-current assets
Financial assets at fair value through profits or loss	$ 1,000
Current assets
Financial assets at fair value through profits or loss	7,774	$ 264
Total financial assets at fair value through profits or loss	8,774	264	$ 248
Unlisted equity investments
Non-current assets
Financial assets at fair value through profits or loss	1,000
Fund investments
Current assets
Financial assets at fair value through profits or loss	5,873	$ 264
Hong Kong listed equity securities
Current assets
Financial assets at fair value through profits or loss	269
US listed equity securities
Current assets
Financial assets at fair value through profits or loss	$ 1,632

Revenue - Geographic location (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Revenue by geographic location
Revenue	$ 35,903	$ 1,878
Asia
Revenue by geographic location
Revenue	9,163	587
North America
Revenue by geographic location
Revenue	12,065	852
Africa
Revenue by geographic location
Revenue	14,639	357
Europe
Revenue by geographic location
Revenue	27	$ 82
Others
Revenue by geographic location
Revenue	$ 9

Cash and cash equivalents and restricted cash

6 Months Ended

Jun. 30, 2025

Cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash

2.Cash and cash equivalents and restricted cash


	As of	As of
	December 31,	June 30,
	2024	2025
Cash and cash equivalents	6,277	22,716
Restricted cash	3,049	3,111
	9,326	25,827

The currency profile of the Group’s cash and bank balances at the end of the reporting date are as follows:


	As of	As of
	December 31,	June 30,
	2024	2025
US$	9,047	14,248
Renminbi (“RMB”)	—	7,203
Singapore dollar (“SGD”)	167	687
Hong Kong dollar (“HK$”)	104	3,135
Japanese Yen	—	313
Others	8	241
	9,326	25,827

Goodwill (Details) - USD ($) $ in Thousands		6 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Mar. 12, 2025	Jun. 30, 2025
Disclosure of reconciliation of changes in goodwill [line items]
Opening balance		$ 16,735
Business combination - merger transaction		49,187
Closing balance		$ 65,922
Amber DWM Holding Limited
Disclosure of reconciliation of changes in goodwill [line items]
Business combination - merger transaction	$ 49,187

(Loss)/profit before tax (Details) - USD ($) $ in Thousands	6 Months Ended
(Loss)/profit before tax (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
(Loss)/profit before tax
Staff costs	$ 11,585	$ 2,162
Technology expenses	7,577	158
Legal and professional fees	4,310	613
Business development expenses	397	5
Depreciation of plant and equipment	2	1
Amortization of intangible assets	319	$ 195
Depreciation of right-of-use assets	300
Advertising expenses	541
Short-term rental expense	$ 171

Trade and other receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Trade and other receivables
Trade receivables, gross	$ 10,549	$ 12
Less: allowance for credit losses	(3,515)
Trade receivables, net	7,034	12
Prepaid media costs	5,260
Rebate receivables	510
Deposits	1,212	196
Prepayments	3,208	137
Loans receivable	4,830
Interest receivables	15	11
VAT recoverable	821
Others	202
Trade and other receivables	23,092	356
Less: non-current rental deposits	(501)
Trade and other current receivables	$ 22,591	$ 356

Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue

Schedule of disaggregation of revenue


	For the six-month ended
	June 30,
	2024	2025
Digital Assets Services and Solution (Note)
Wealth management solutions	1,197	21,462
Execution solutions	53	4,684
Payment solutions	628	1,655
	1,878	27,801
Online Advertising and SaaS Solutions
Sales agent	—	372
Cost-plus	—	543
Specified actions	—	4,908
SaaS products and services	—	2,279
	—	8,102

Total revenues	1,878	35,903

Note:

Schedule of revenue by geographic location


	For the six-month ended
	June 30,
	2024	2025
Asia	587	9,163
North America	852	12,065
Africa	357	14,639
Europe	82	27
Others	—	9
	1,878	35,903

Derivative contracts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Derivative contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Derivative contracts
Carrying amount	$ 68,770	$ 69,934
Digital assets deployed as earn
Derivative contracts
Initial net investment	67,520	70,029
Fair value changes on derivative contract	1,250	(95)
Carrying amount	$ 68,770	$ 69,934

Cash and cash equivalents and restricted cash - Currency profiles of group's cash and bank balances (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	$ 25,827	$ 9,326	$ 3,766
US$
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	14,248	9,047
Renminbi ("RMB")
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	7,203
Singapore dollar ("SGD")
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	687	167
Hong Kong dollar ("HK$")
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	3,135	104
Japanese Yen
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	313
Others
Cash and cash equivalents and restricted cash
Reconciliation of cash and bank balances	$ 241	$ 8

Trade and other receivables

6 Months Ended

Jun. 30, 2025

Trade and other receivables

Trade and other receivables

4.Trade and other receivables


	As of	As of
	December 31,	June 30,
	2024	2025
Trade receivables, gross	12	10,549
Less: allowance for credit losses	—	(3,515)
Trade receivables, net	12	7,034

Prepaid media costs	—	5,260
Rebate receivables	—	510
Deposits	196	1,212
Prepayments	137	3,208
Loans receivable	—	4,830
Interest receivables	11	15
VAT recoverable	—	821
Others	—	202
	356	23,092

Less: non-current rental deposits	—	(501)
	356	22,591

Trade receivables are non-interest bearing and are generally on 30-90 days (December 31, 2024:30 days) credit terms.

Bank borrowings (Details) - USD ($)	6 Months Ended
Bank borrowings (Details) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Bank borrowings
Bank borrowings	$ 2,673,000
Amount pledged to secure obligations	1,000	$ 0
Borrowings available	7,672,000
Amount utilized	2,673,000
Undrawn facilities available for draw-down net of bank deposits pledged as restricted	$ 0	0
Weighted average
Bank borrowings
Interest rate, percentage	2.80%
Term loan
Bank borrowings
Bank borrowings	$ 1,266,000
Loans payable term	1 year
Undrawn loan facilities	$ 0	0
Term loan \| Minimum
Bank borrowings
Interest rate, percentage	2.80%
Term loan \| Maximum
Bank borrowings
Interest rate, percentage	2.85%
Revolving loan
Bank borrowings
Bank borrowings	$ 1,406,000
Loans payable term	1 year
Undrawn loan facilities	$ 500,000	0
Revolving loan \| Minimum
Bank borrowings
Interest rate, percentage	2.50%
Revolving loan \| Maximum
Bank borrowings
Interest rate, percentage	3.05%
Revolving service trade loans
Bank borrowings
Bank borrowings	$ 1,000
Interest rate, percentage	4.98%
Undrawn loan facilities	$ 4,499,000	$ 0

Derivative contracts (Tables)

6 Months Ended

Jun. 30, 2025

Derivative contracts

Summary of derivative contracts

As of December 31, 2024

As of June 30, 2025

Initial net

Fair value

Carrying

Initial net

Fair value

Carrying

investment

changes

amount

investment

changes

amount

Financial structured product denominated in digital assets

70,029

(95)

69,934

67,520

1,250

68,770

The following table sets forth the fair values of derivative contracts by the Group as the end of the reporting period:


	As of	As of
	December 31,	June 30,
	2024	2025
BTC	43,618	23,404
ETH	3,099	5,352
USDS (Note)	7,533	10,553
USDC	182	537
USDT	15,502	28,924
	69,934	68,770

Note:

USDS is a cryptographic blockchain-based digital information unit token issued by the Group and only used in Group’s platform. Each USDS is equivalent to US$1.

Material accounting policy information

6 Months Ended

Jun. 30, 2025

Material accounting policy information

Material accounting policy information

1.Material accounting policy information

1.1Basis of preparation

The unaudited condensed consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) under the historical cost convention.

In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited condensed consolidated statements of financial position as of June 30, 2025, its unaudited condensed consolidated statement of profit or loss and comprehensive income, changes in shareholders’ equity and cash flows for the six months ended June 30, 2025 and 2024, as applicable, have been made. The unaudited results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.

1.2Basis of consolidation

Consolidation

The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIE’s subsidiaries.

Subsidiaries are all entities (including VIEs and VIE’s subsidiaries) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of financial position, statement of comprehensive income and statement of changes in shareholders’ equity, respectively.

Equity method

Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

The Group determines at each reporting date whether there is any objective evidence that investments accounted for using the equity method, including investments in associates and joint ventures, are impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying amount and recognizes the amount in “other gains, net”.

1.Material accounting policy information (Continued)

1.3Foreign currency translation

The reporting currency of Amber International is the United States dollars (“US$”). Amber International is a holding company engaged in capital raising and financing activities denominated in US$. As such, Amber International’s functional currency has been determined to be the US$. The functional currency of Amber International’s subsidiaries is the local currency of the country in which they are domiciled.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange existing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing at the transaction date. Transaction gains and losses are recognized in “other gains, net”. Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive loss in the unaudited condensed consolidated statements of comprehensive loss.

1.4Segment reporting

Operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (“CODM”), who is responsible for allocating resources and assessing performance of the operating segments. The CODM is comprised of certain members of Amber International’s management team, including the board of directors and chief executive officer.

The Group’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but are not limited to, customer base, homogeneity of products and technology. The CODM who allocates resources to and assesses the performance of each operating segment using information about the operating segment’s revenue and income/(loss) from operations. The CODM does not evaluate operating segments using asset or liability information.

1.Material accounting policy information (Continued)

1.5Plant and equipment

All items of plant and equipment are initially recorded at cost. Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the plant and equipment.

The projected cost of dismantlement, removal or restoration is also recognized as part of the cost of plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a consequence of either acquiring the asset or using the asset for purpose other than to produce inventories.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:


Computer equipment		3 years
Furniture and fittings		3 years
Office equipment		3 years

Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use.

The residual values, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

An item of plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in unaudited condensed consolidated statements of profit or loss.

1.6Intangible assets

Intangible assets mainly consist of computer software and systems, customer relationship, brand name, trademark acquired through the acquisitions of subsidiaries and contract backlog. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Amortization of finite lived intangible assets is computed using the straight-line method over the following estimated useful lives, which are as follows:


Computer software and systems		2 – 5 years
Customer relationship		4 – 5 years
Brand name		4 years
Trademark		10 years

1.Material accounting policy information (Continued)

1.7Goodwill

Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to each of the cash-generating units (“CGU”s) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, below the operating segment.

1.8Impairment of non-financial assets

Intangible assets and goodwill that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

1.9Financial instruments

Financial assets

(a)Initial recognition and measurement

Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

(b)Subsequent measurement

Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortized cost, fair value through other comprehensive income (“FVOCI”) and FVPL.

1.Material accounting policy information (Continued)

1.9Financial instruments (Continued)

Financial assets (Continued)

(b)Subsequent measurement (Continued)

At amortized cost

Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through the amortization process.

At fair value through other comprehensive income

Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognized in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognized in profit or loss. The cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognized.

At fair value through profit or loss

Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt instrument that is subsequently measured at FVPL and is not part of a hedging relationship is recognized in profit or loss in the period in which it arises.

(c)Impairment

The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors’ ability to pay.

1.Material accounting policy information (Continued)

1.9Financial instruments (Continued)

Financial assets (Continued)

(c)Impairment (Continued)

The Group considers a financial asset in default when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

(d)Derecognition

A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss.

(e)Derivatives

A derivative financial instrument is initially recognized at its fair value on the date the contract is entered into and is subsequently carried at its fair value. Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognized in profit or loss when the changes arise.

Financial liabilities

(a)Initial recognition and measurement

Financial liabilities are recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at FVPL, net of directly attributable transaction costs.

(b)Subsequent measurement

After initial recognition, financial liabilities that are not carried at FVPL are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

(c)Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss.

(d)Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount reported in the statements of financial position when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

1.Material accounting policy information (Continued)

1.10Collateral receivables and collateral payables

The Group enters into structured product arrangements with customers that require the customers to pledge crypto assets as collateral. Collateral received from customers are held either in the third-party trust accounts or third-party custodian platforms, which are recorded under “collateral receivables” in the unaudited condensed consolidated statements of financial position. Crypto assets pledged as collateral are initially measured at fair value on the date of receipt and subsequently re-measured at each reporting date, with changes in fair value recognized in the financial statements. The Group maintains operational control over these assets, including private key access for third-party trust account collateral and monitoring rights for third-party custodian platforms collateral. Under the contract terms, customers retain legal ownership of the collateral, and the Group is obligated to return the same type and quantity of crypto assets upon contract settlement, assuming no default.

Crypto assets received from customers is the Group’s obligation to return, such obligations are recorded under “collateral payables” at fair value. Changes in the fair value of this liability are recognized in net income. The Group offsets these fair value adjustments against corresponding changes in “collateral receivables” where applicable, given the back-to-back nature of customer contracts and hedging arrangements.

1.11Digital assets

The Group’s digital asset portfolio mainly comprises cryptocurrencies and since the Group actively trades cryptocurrencies, acquiring them with a view to their resale in the near future for the ordinary course of business. The Group applies the guidance in IAS 2 Inventories for commodity broker-traders and measures the digital assets at fair value less costs to sell. The Group considers there are no significant “costs to sell” digital assets and hence measurement of digital assets is based on their fair values with changes in fair values recognized in profit or loss in the period of the changes.

Digital assets held for customers or placed with counterparties

Digital assets are recognized as the Group’s assets when the Group has present rights to the digital assets and the right to an economic benefit and control others’ access to the benefit. If it is determined that the Group has the control over the digital asset, the Group recognizes digital assets held for customers as its asset and recognizes a corresponding liability due to its customer for the digital assets in its financial statements.

USD Coin (“USDC”)

USDC is a type of cryptocurrency that is backed by reserve assets in the traditional financial system, such as cash and cash equivalents, or securities. USDC is a stable coin redeemable on a one-to-one basis for United States dollars. Thus, it is accounted as a financial instrument amortized at cost recorded in unaudited condensed consolidated statements of financial position of the Group.

1.12Derivative contracts

The Group enters into arrangements that result in obtaining the right to receive or obligation to deliver a fixed amount of crypto assets in the future. These are hybrid instruments, consisting of a receivable or debt host contract that is initially measured at the fair value of the underlying crypto assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying crypto asset.

These derivative contracts mainly derive their value from underlying asset prices. Derivative contracts are recognized as assets in the unaudited condensed consolidated statements of financial position at fair value, with the corresponding liabilities recognized in “liabilities due to customers”. To manage the risk exposure from fluctuations arising from fair value of crypto assets, the Group enters into similar contracts with both customers and a related company, such that the exposure to volatility in crypto assets can be mitigated.

1.Material accounting policy information (Continued)

1.13Leases

When the Group is the lessee

At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.

Right-of-use assets

The Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentives received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.

These right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

Lease liabilities

The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the interest rate implicit in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate.

Lease payments include the following:

●

Fixed payments (including in-substance fixed payments), less any lease incentives receivable;

●

Variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date;

●

Amounts expected to be payable under residual value guarantees;

●

The exercise price of a purchase option if the Group is reasonably certain to exercise the option; and

●

Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

For a contract that contains both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative stand-alone prices of the lease and non-lease components. The Group has elected to not separate lease and non-lease components for property leases and account these as one single lease component.

Lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities shall be remeasured when:

●

There is a change in future lease payments arising from changes in an index or rate;

●

There is a change in the Group’s assessment of whether it will exercise an extension option; or

●

There is a modification in the scope or the consideration of the lease that was not part of the original term.

Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

1.Material accounting policy information (Continued)

1.13Leases (Continued)

Short-term and low-value leases

The Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases, except for sublease arrangements. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

1.14Trade receivables

Trade receivables represent the amounts that the Group has an unconditional right to consideration from customers.

Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognized at fair value, and subsequently measured at amortized cost using effective interest rate method, less allowance for impairment that is subject to expected credit losses (“ECL”) model.

1.15Cash and cash equivalents and restricted cash

Cash and cash equivalents in the unaudited condensed consolidated statements of financial position comprise cash on hand and cash in bank, which have original maturities of three months or less and are readily convertible to known amounts of cash.

Restricted cash represented bank deposits in accounts that are restricted as to withdrawal for use or pledged as. For restriction which is expected to be released within one year of the balance sheet date, the respective restricted cash balance is classified as current.

1.16Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

1.17Trade payables

Trade payables are obligations to pay for services or goods that have been acquired in the ordinary course of business from suppliers. Trade payables are presented as current liabilities unless payment is not due within 12 months after the end of the reporting period.

Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

1.Material accounting policy information (Continued)

1.18Current and deferred income tax

Current income tax

Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax

Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised.

Deferred income tax is measured:

(i)

at the tax rates that are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and

(ii)

based on the tax consequence that will follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amounts of its assets and liabilities.

Current and deferred income taxes are recognised as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

The Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits where a deferred tax asset is recognised for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilised.

Offsetting

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current income tax assets against current income tax liabilities and where the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

1.Material accounting policy information (Continued)

1.19Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.

The Group recognizes the estimated costs of dismantlement, removal or restoration of items of plant and equipment arising from the acquisition or use of assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value of money.

1.20Share-based compensation

The Group grants stock-based awards, including share options and restricted share units (“RSU”s) of Amber International, to eligible employees, officers, directors, and non-employee consultants. The fair value of the services received in exchange for the grant of the equity instruments is recognized as share-based compensation with a corresponding increase in equity.

Under the fair value recognition provisions, share-based compensation costs are measured at the grant date. The share-based compensation expenses have been categorized as either general and administrative expenses, sales and marketing expenses or research and development expenses, depending on the job functions of the grantees. For the options and RSUs granted to employees, the compensation expense is recognized using the graded-vesting attribution approach over the requisite service period, which is generally the vesting period.

Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of Amber International’s share options, the binomial option pricing model has been applied. The fair value of RSUs is determined with reference to the fair value of the underlying shares.

A change in any of the terms or conditions of equity based awards shall be accounted for as a modification of the award. The effect of modification is recognized for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employees and non-employees, as measured at the date of modification. Modifications of an equity-settled share-based award in a manner that is not beneficial to employees or non-employees are not taken into account when determining the expenses to be recognized.

1.Material accounting policy information (Continued)

1.21Revenue

Revenue is recognized when performance obligation is satisfied by transferring a promised service to a customer.

The Group considers the following when determining if a contract exists under which the performance obligations have been satisfied: (i) contract approval by all parties, (ii) identification of each party’s rights regarding the goods or services to be transferred, (iii) specified payment terms, (iv) commercial substance of the contract, and (v) collectability of substantially all of the consideration is probable. Collectability is assessed based on a number of factors, including the creditworthiness of a customer, the size and nature of a customer’s business and transaction history. The Group recognizes revenue when a performance obligation is satisfied, i.e., when “control” of the goods underlying the particular performance obligations is transferred to customers.

Depending on the terms of the contract and the laws that are applied to the contract, control of the services and goods may be transferred over time or at a point in time.

Wealth management solutions

Finance income

The Group enters into arrangements with related parties to purchase cryptocurrency-denoted products which represent fixed interest cryptocurrency deposit at related parties. The deposit is not protected by any insurance and is non-secured, hence the Group may lose some or all of the amount deposited with related parties in extreme market conditions. Upon maturity, the Group receives the same type of cryptocurrency in the same quantity, in principal plus additional interest returns in cryptocurrency. The deposit can be withdrawn on demand and is generally delivered to the Group within 3 working days upon maturity. The nature of the product in essence, is a cryptocurrency lending arrangement. Financing income derived from cryptocurrency lending arrangement is denominated in units of the specific cryptocurrency to related parties and is recognized based on the gross carrying amount over the term of the cryptocurrency lending arrangement using effective interest rate. The term of the cryptocurrency lending arrangement varies from 30 days to 250 days.

Earn spread

The Group operates as a platform agent, facilitating partnerships with various product providers to offer customers the opportunity to participate in an “earn product”. Earn product providers include both related parties and external providers. The Group recognizes spread, generated from the “earn product” arrangement is denominated in units of the specific cryptocurrency, based on net basis by assessing the interest income earned throughout the product cycle. The duration of the product cycle typically ranges from 7 days to 365 days. Product providers have rights to use customers’ principal amounts to engage in certain transactions with the intention to generate yield, and it is agreed with the client to third party credit risks, market risks, legal and regulatory risks, the group does not undertake any compensatory risks in this arrangement.

Premium – structured cryptocurrency products

The Group generates premium through structured cryptocurrency products offered to clients, including options, dual currency and “accumulator” / “decumulator” contracts. Revenue arises from premiums received from counterparties and realized gains/losses upon contract exercise or settlement. Under IFRS 15, the Group recognizes premium income at the inception of the contract when the performance obligation is created, as the premiums represent consideration for making the derivative instruments available to clients. Gains or losses arising from contract exercise or settlement are recognized at the point of settlement, measured as the difference between the contractual strike price and the prevailing market price of the underlying cryptocurrency. Revenue is presented gross, reflecting the Group’s role as principal in these transactions.

1.Material accounting policy information (Continued)

1.21Revenue (Continued)

Wealth management solutions (Continued)

Agency fee

Agency fee is recognized at a point in time for consultancy service rendered and accepted by customers.

Execution solutions

The Group earns a transaction fee when customers convert between different class of digital assets, according to the customers’ requirements.

The Group will charge the customer a predetermined conversion fee, which is based on a fixed percentage of the contract price for each transaction. The conversion fee is a fixed price contract, and the conversion fee is indicated on the contract with customers. Management determined there is only one performance obligation related to conversion fee and revenue is recognized at a point in time upon conversion service is rendered and (1) accepted and acknowledgement by customers indicating acceptance of service or (2) objective evidence of transfer of cryptocurrency into designated wallet specified by the customer or counterparty. Customers typically make payments together with the transaction price i.e. conversion fee will be charged together or deducted from the transaction price. The Group is an agent as the Group provides facilitation services for the transaction entered by the customers.

Payment solutions

The Group earns a fee when customers transfer or withdraw funds from its proprietary platform, and conversion between fiat currencies and digital assets, according to the customers’ requirements.

The Group will charge the customer a predetermined conversion fee, which is based on a fixed percentage of the contract price for each transaction. The conversion fee is a fixed price contract, and the conversion fee is indicated on the contract with customers. Management determined there is only one performance obligation related to conversion fee and revenue is recognized at a point in time upon conversion service is rendered and (1) accepted and acknowledgement by customers indicating acceptance of service or (2) objective evidence of transfer of cryptocurrency into designated wallet specified by the customer or counterparty. Customers typically make payments together with the transaction price i.e. conversion fee will be charged together or deducted from the transaction price. The Group is an agent to as the Group provides facilitation services for the transaction entered by the customers.

Sales agent

In the arrangement with a particular publisher, the Group acts as a sales agent for this publisher in selling marketing spaces to marketing clients. In return, the Group earns incentives from this publisher based on contractually stipulated amounts when certain spending thresholds are achieved. The Group considers this particular publisher as a customer and record such incentives as net revenues. Incentives from this publisher are calculated on both a quarterly and an annual basis in accordance with the terms as set out in the arrangement.

Revenue under this arrangement is recognized over time given the Group considers this particular publisher simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs. In other words, when the Group purchases marketing spaces on behalf of the marketing clients throughout the marketing campaigns as requested by them, this particular publisher simultaneously receives and consumes the benefit of the marketing spaces being purchased and therefore the Group is entitled to incentive payment from this publisher.

The Group grants rebates to marketing clients under the sales agent arrangement. The majority of marketing clients under this arrangement are not customers under either the cost-plus arrangement or specified actions arrangement. The Group records rebates granted to such marketing clients as reduction of revenue.

1.Material accounting policy information (Continued)

1.21Revenue (Continued)

Cost-plus

For cost-plus advertisement campaigns, sales are recognized at the fair value of the amount received. Discounts granted to marketing clients under cost-plus marketing campaigns are recorded as a reduction of revenue. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Group is acting as the principal or an agent in the transactions. In the normal course of business, the Group acts as an intermediary in executing transactions between website publishers and marketing clients. The specified service in the cost-plus arrangement is the provision of marketing space, which is controlled by the website publishers, rather than the Group. The Group assists the marketing clients to place orders with specific website publishers based on specification set out the marketing clients. The Group does not have the ability to direct the use of marketing space and does not have any inventory risk. Pricing is generally based on the actual advertising spending incurred by the marketing clients plus a margin. Accordingly, the Group concludes that it is not the principal in these arrangements and reports revenue earned and costs incurred related to these transactions on a net basis.

Revenue under this arrangement is recognized over time as the Group considers its customers simultaneously receive and consume the benefits provided by the Group’s performance. At the time the Group purchases marketing spaces during the contract term for its customers, the customers’ advertisements could be placed throughout the marketing campaign. Revenue recognition under this arrangement is not based on an occurrence of significant act or milestone method.

Throughout the various services delivered to clients under the cost-plus arrangements, the Group earns rebates from publishers and grant rebates to marketing clients. The rebates that the Group grants to marketing clients under cost-plus arrangement are recorded as reduction of revenue, based on the spending amount the marketing clients would actually incur to earn the corresponding level of rebates. The rebates that the Group receives from publishers under the cost-plus arrangements are recorded as revenue. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred.

Specified actions

The Group also generates revenue from performing specified actions (e.g a CPM and CPC basis). Revenue is recognized on a CPM or CPC basis as impressions or clicks are delivered while revenue is recognized once agreed actions are performed. For the specified actions advertisement campaigns, the Group is the principal as it has the obligation to deliver successful actions requested by marketing clients. Also, the Group will only be paid if successful actions can be delivered and is exposed to risk of loss. In terms of pricing, the Group has complete latitude in establishing the selling prices of each of the CPM and CPC pricing model. The Group’s margin may vary as the costs incurred to deliver successful actions may vary and is therefore exposed to risk of loss whereby validating its degree of responsibility to its customers. Although the inventory risk under specified actions arrangement is considered to be low, the Group concludes that it is the principal in such arrangement as it is the principal ultimately responsible for delivering successful actions and in charge of establishing the price per action. Accordingly, the Group reports revenue earned and costs incurred related to these transactions on a gross basis.

Revenues under this arrangement is recognized at point-in-time when the Group is able to deliver the specified actions as requested by the customers. Upon the occurrence of the specified actions, the customers take control of the specified actions and this is when the Group recognizes the corresponding revenue. Unlike the cost-plus arrangement, when the Group purchases marketing spaces in order to deliver the specified actions, the customers do not receive and consume the benefit as the benefit to be received by the customers is the occurrence of the specified actions. Also, the Group does not create or enhance an asset that the customers control as the marketing spaces ultimately belong to the publishers. The Group does not have any right to payment for simply purchasing the marketing spaces and would only be compensated upon delivery of the specified actions.

1.Material accounting policy information (Continued)

1.21Revenue (Continued)

Specified actions (Continued)

The Group also grants rebates to marketing clients under the specified actions arrangement. Same as the treatment under cost-plus arrangement, the rebates that the Group grants to marketing clients under cost-plus arrangement are recorded as reduction of revenue and are recorded based on the amount the marketing clients would actually incur to earn the corresponding level of rebates. The rebates that the Group receives from publishers under the specified actions arrangement are recorded as a reduction of cost of revenues. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred.

Cost of revenues consists of the costs to purchase space for the online advertising operations, amortization expenses related to the Group’s computer software and systems, salaries and benefits of relevant operations and support personnel and depreciation of relevant property and equipment and impairment on relevant intangible assets. The Group becomes obligated to make payments related to website publishers in the period the marketing impressions and click-through occur. Such expenses are classified as cost of revenues in the unaudited condensed consolidated statements of comprehensive loss as incurred. Cost of revenues also includes rebates received from website publishers which are recorded as a reduction of cost of revenues when the Group is acting as a principal in a transaction.

SaaS products and services

Under this arrangement, the Group offers SaaS products and services through provision of software and data analytical tool licenses, customer relationship management (“CRM”) solutions and digitalized operational solutions services. Revenues under this arrangement primarily consist of fees for (i) promotion of products or services by key opinion leaders (“KOL”) on online media platform; (ii) provision of digital marketing, social media and smart content generation; (iii) licensing to provide customers with access to one or more of the existing cloud applications for e-commerce, marketing and customer management, (iv) the development of new cloud applications customized for individual customer. Each of these performance obligations are considered as distinct and are charged with standalone pricing. Contracts with customers under this arrangement are generally with a term of 1 to 24 months.

Revenue from promotion of products or services of marketing clients by KOL on online media platform is generally recognized over time over the service period beginning on the date that the promotion content is made available on the online media platform. The Group does not have other right to consideration in exchange for goods or service that the Group has transferred to a customer when that right is conditional on something other than the passage of time.

Revenue from provision of digital marketing, social media and smart content generation are recognized over time over the contract period as the Group considers its customers simultaneously receive and consume the benefits provided by the Group’s performance.

Revenues from licensing of existing cloud applications are generally recognized ratably over time over the contract term beginning on the date that the licensing service is made available to the customer, whereby the Group considers that its customers simultaneously receive and consume the benefits provided by the use of existing cloud applications. The Group does not have other right to consideration in exchange for goods or service that the Group has transferred to a customer when that right is conditional on something other than the passage of time.

1.Material accounting policy information (Continued)

1.21Revenue (Continued)

SaaS products and services (Continued)

Revenues from developing new cloud applications exclusively customized for customers and licenses for on-premises software is recognized at point-in-time when the Group is able to deliver the cloud applications to customers or when the Group provides customers with right to use the on-premises software. The Group considers the transfer of control of new cloud applications/software to customer, which represents a distinct performance obligation, to be completed when such cloud applications/software are on-premise and fully functional such that the customer can use and benefit from the cloud applications/software on its own.

Besides, the Group also provides certain additional services along with the above arrangements of cloud application development and software licensing, such as technical support, bug fixes, CMR solutions and digitalized operational solutions. These additional services are considered to be a series of distinct services that are substantially the same and have the same duration and measure of progress; therefore, the Group concludes that they represent a separate combined performance obligation. Revenues from such additional services are recognized ratably over-time over the contract period.

The respective stand-alone selling prices of each of these performance obligations are determined based upon observable prices in stand-alone transactions and contractually stated price whereby no allocation of selling prices among individual performance obligations are required.

Cost of revenues for SaaS products and services primarily comprises amortization expenses related to the Group’s computer software and systems, salaries and benefits of relevant operations and support personnel, depreciation of relevant property and equipment and other direct service costs.

1.22Government grants

Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions.

Government grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to compensate for, on a systematic basis. Government grants relating to expenses are shown separately as “other gains/(losses), net”.

1.23Research and development expenses

Research and development expenses consist primarily of technology expenses. Costs incurred during the research stage are expensed as incurred.

1.24Sales and marketing expenses

Sales and marketing expenses consist primarily of (i) advertising and marketing expenses, and (ii) salary and welfare for sales and marketing personnel.

1.Material accounting policy information (Continued)

1.25General and administrative expenses

General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, and (ii) professional service fees.

1.26Employee benefits

Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Central Provident Fund in Singapore on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

1.24Earnings per share

The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to owners of the Company by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held, if any.

Diluted earnings per share is determined by adjusting the profit or loss attributable to the owner of the Company and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares.

1.25Related party

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2025
Document and Entity Information
Document Type	6-K
Document Period End Date	Jun. 30, 2025
Entity Registrant Name	Amber International Holding Limited
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001697818
Amendment Flag	false

Collateral receivables and collateral payables

6 Months Ended

Jun. 30, 2025

Collateral receivables and collateral payables

Collateral receivables and collateral payables

5.Collateral receivables and collateral payables

The Group offers cryptocurrency accumulator and deccumulator structured product arrangements with customers, which are structured derivatives that allow customers to systematically accumulate or reduce positions specific cryptocurrency at predetermined prices. These structured products involve bilateral collateral arrangements: client-posted collateral is recorded as collateral receivables, while obligations to return collateral are recognized as collateral payables. Both balances receivables and payables are measured at fair value. The Group maintains operational control over custodial assets but does not assume ownership.

The following table sets forth the fair values of collateral receivables and payables as the end of the financial periods:

Collateral receivables


	As of	As of
	December 31,	June 30,
	2024	2025
	US$	US$
BTC	2,289	7,044
USDC	12,125	13,313
USDT	—	545
	14,414	20,902

5.Collateral receivables and collateral payables (Continued)

Collateral payables


	As of	As of
	December 31,	June 30,
	2024	2025
	US$	US$
BTC	2,289	7,044
USDC	12,125	13,313
USDT	—	545
	14,414	20,902

Cash and cash equivalents and restricted cash (Tables)

6 Months Ended

Jun. 30, 2025

Cash and cash equivalents and restricted cash

Schedule of cash and cash equivalents and restricted cash


	As of	As of
	December 31,	June 30,
	2024	2025
Cash and cash equivalents	6,277	22,716
Restricted cash	3,049	3,111
	9,326	25,827

Schedule of currency profile of the Group's cash and bank balances at the end of the reporting date


	As of	As of
	December 31,	June 30,
	2024	2025
US$	9,047	14,248
Renminbi (“RMB”)	—	7,203
Singapore dollar (“SGD”)	167	687
Hong Kong dollar (“HK$”)	104	3,135
Japanese Yen	—	313
Others	8	241
	9,326	25,827

Goodwill (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill.

Schedule of goodwill


	As of	As of
	December 31,	June 30,
	2024	2025
Opening balance	16,735	16,735
Business combination – merger transaction	—	49,187
Closing balance	16,735	65,922

(Loss)/profit before tax (Tables)

6 Months Ended

Jun. 30, 2025

(Loss)/profit before tax

Schedule of (Loss)/profit before tax


	For the six-month ended
	June 30,
	2024	2025
Staff costs	2,162	11,585
Technology expenses	158	7,577
Legal and professional fees	613	4,310
Business development expenses	5	397
Depreciation of plant and equipment	1	2
Amortization of intangible assets	195	319
Depreciation of right-of-use assets	—	300
Advertising expenses	—	541
Short-term rental expense	—	171

Bank borrowings

6 Months Ended

Jun. 30, 2025

Bank borrowings

Bank borrowings

13.Bank borrowings


	As of	As of
	December 31,	June 30,
	2024	2025
1-year term loan denominated in RMB at an interest rates of 2.80% to 2.85% per annum	—	1,266
1-year revolving loan denominated in RMB at an interest rates of 2.50% to 3.05% per annum	—	1,406
Revolving service trade loans denominated in HK$at an interest rate of 4.98%	—	1
	—	2,673

Note:

(i)

Corporate guarantee by Amber International and accounts receivable of the Company of US$1 (2024: US$Nil) are provided as pledge to secure the obligations under the facilities from certain banks.

(ii)

Out of the total banking facilities of US$7,672 available to the Company as of June 30, 2025, US$2,673 have been utilized by the Company as of June 30, 2025. As of June 30, 2025, total undrawn revolving, service trade and term loan facilities amounted to US$500, US$4,499 and US$Nil (2024: US$Nil, US$Nil and US$Nil), respectively. Total undrawn facilities available for draw-down as of June 30, 2025, net of bank deposits that would need to be pledged as restricted cash upon utilization of the facilities, amounted to US$Nil (2024: US$Nil).

(iii)

As of June 30, 2025 and December 31, 2024, no financial covenants as set out in these loan agreements were breached.

The weighted average interest rate for bank borrowings outstanding as of June 30, 2025 was 2.80% per annum. Other than those shown above, Amber International did not have any significant capital and other commitments, long-term obligations, or guarantees as of June 30, 2025 and December 31, 2024.

Subsequent events (Details) $ in Millions	Jul. 01, 2025 USD ($)
Private placement
Subsequent events
Private placement value	$ 25.5

Material accounting policy information - Property, plant and equipment (Details)	6 Months Ended
	Jun. 30, 2025
Computer equipment
Property, plant and equipment
Estimated useful lives	3 years
Furniture and fitting
Property, plant and equipment
Estimated useful lives	3 years
Office equipment
Property, plant and equipment
Estimated useful lives	3 years

Digital assets - Fair values of digital assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Digital assets
Total	$ 9,428	$ 4,832
Maximum percentage of other crypto assets	5.00%
Bitcoin ("BTC")
Digital assets
Total	$ 6,315	2,064
Ethereum ("ETH")
Digital assets
Total	2,534	743
USD Tether ("USDT")
Digital assets
Total	15	10
USDC
Digital assets
Total	273	1,827
Others (Note)
Digital assets
Total	$ 291	$ 188

Goodwill

6 Months Ended

Jun. 30, 2025

Goodwill.

Goodwill

10.Goodwill


	As of	As of
	December 31,	June 30,
	2024	2025
Opening balance	16,735	16,735
Business combination – merger transaction	—	49,187
Closing balance	16,735	65,922

On March 12, 2025, the successful completion of the merger with Amber DWM Holding Limited accounted for as a business combination, resulting in the recognition of US$49,187 in goodwill.

Material accounting policy information (Policies)

6 Months Ended

Jun. 30, 2025

Material accounting policy information

Basis of preparation

1.1Basis of preparation

Basis of consolidation

1.2Basis of consolidation

Consolidation

The unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIE’s subsidiaries.

Equity method

Foreign currency translation

1.3Foreign currency translation

Segment reporting

1.4Segment reporting

Plant and equipment

1.5Plant and equipment

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:


Computer equipment		3 years
Furniture and fittings		3 years
Office equipment		3 years

Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use.

The residual values, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

Intangible assets

1.6Intangible assets


Computer software and systems		2 – 5 years
Customer relationship		4 – 5 years
Brand name		4 years
Trademark		10 years

Goodwill

1.7Goodwill

Impairment of non-financial assets

1.8Impairment of non-financial assets

Financial instruments

1.9Financial instruments

Financial assets

(a)Initial recognition and measurement

Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments.

(b)Subsequent measurement

Debt instruments

At amortized cost

At fair value through other comprehensive income

At fair value through profit or loss

(c)Impairment

(c)Impairment (Continued)

(d)Derecognition

(e)Derivatives

Financial liabilities

(a)Initial recognition and measurement

All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at FVPL, net of directly attributable transaction costs.

(b)Subsequent measurement

(c)Derecognition

(d)Offsetting of financial instruments

Collateral receivables and collateral payables

1.10Collateral receivables and collateral payables

Digital assets

1.11Digital assets

Digital assets held for customers or placed with counterparties

USD Coin (“USDC”)

Derivative contracts

1.12Derivative contracts

Leases

1.13Leases

When the Group is the lessee

Right-of-use assets

Lease liabilities

Lease payments include the following:

●

Fixed payments (including in-substance fixed payments), less any lease incentives receivable;

●

Variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date;

●

Amounts expected to be payable under residual value guarantees;

●

The exercise price of a purchase option if the Group is reasonably certain to exercise the option; and

●

Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities shall be remeasured when:

●

There is a change in future lease payments arising from changes in an index or rate;

●

There is a change in the Group’s assessment of whether it will exercise an extension option; or

●

There is a modification in the scope or the consideration of the lease that was not part of the original term.

Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term and low-value leases

Trade receivables

1.14Trade receivables

Trade receivables represent the amounts that the Group has an unconditional right to consideration from customers.

Cash and cash equivalents and restricted cash

1.15Cash and cash equivalents and restricted cash

Share capital

1.16Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

Trade payables

1.17Trade payables

Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Current and deferred income tax

1.18Current and deferred income tax

Current income tax

Deferred income tax

Deferred income tax is measured:

(i)

(ii)

based on the tax consequence that will follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amounts of its assets and liabilities.

Offsetting

Provisions

1.19Provisions

Share-based compensation

1.20Share-based compensation

Revenue

1.21Revenue

Revenue is recognized when performance obligation is satisfied by transferring a promised service to a customer.

Depending on the terms of the contract and the laws that are applied to the contract, control of the services and goods may be transferred over time or at a point in time.

Wealth management solutions

Finance income

Earn spread

Premium – structured cryptocurrency products

Agency fee

Agency fee is recognized at a point in time for consultancy service rendered and accepted by customers.

Execution solutions

The Group earns a transaction fee when customers convert between different class of digital assets, according to the customers’ requirements.

Payment solutions

The Group earns a fee when customers transfer or withdraw funds from its proprietary platform, and conversion between fiat currencies and digital assets, according to the customers’ requirements.

The Group will charge the customer a predetermined conversion fee, which is based on a fixed percentage of the contract price for each transaction. The conversion fee is a fixed price contract, and the conversion fee is indicated on the contract with customers. Management determined there is only one performance obligation related to conversion fee and revenue is recognized at a point in time upon conversion service is rendered and (1) accepted and acknowledgement by customers indicating acceptance of service or (2) objective evidence of transfer of cryptocurrency into designated wallet specified by the customer or counterparty. Customers typically make payments together with the transaction price i.e. conversion fee will be charged together or deducted from the transaction price. The Group is an agent to as the Group provides facilitation services for the transaction entered by the customers.

Sales agent

Cost-plus

Specified actions

Specified actions (Continued)

SaaS products and services

SaaS products and services (Continued)

Government grants

1.22Government grants

Research and development expenses

1.23Research and development expenses

Research and development expenses consist primarily of technology expenses. Costs incurred during the research stage are expensed as incurred.

Sales and marketing expenses

1.24Sales and marketing expenses

Sales and marketing expenses consist primarily of (i) advertising and marketing expenses, and (ii) salary and welfare for sales and marketing personnel.

General and administrative expenses

1.25General and administrative expenses

General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, and (ii) professional service fees.

Employee benefits

1.26Employee benefits

Defined contribution plans

Short-term employee benefits

Earnings per share

1.24Earnings per share

Related party

1.25Related party

Digital assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Digital assets
Digital assets held on exchange institution	$ 9,428	$ 4,832

(Loss)/profit before tax

6 Months Ended

Jun. 30, 2025

(Loss)/profit before tax

(Loss)/profit before tax

16.(Loss)/profit before tax


	For the six-month ended
	June 30,
	2024	2025
Staff costs	2,162	11,585
Technology expenses	158	7,577
Legal and professional fees	613	4,310
Business development expenses	5	397
Depreciation of plant and equipment	1	2
Amortization of intangible assets	195	319
Depreciation of right-of-use assets	—	300
Advertising expenses	—	541
Short-term rental expense	—	171

Liabilities due to customers

6 Months Ended

Jun. 30, 2025

Liabilities due to customers

Liabilities due to customers

12.Liabilities due to customers


	As of	As of
	December 31,	June 30,
	2024	2025
Structured products	71,370	74,850
Accrued interest	153	533
	71,523	75,383

Liabilities due to customers mainly related to proceeds received from customers who purchased cryptocurrency-denoted products, which represent fixed/variable interest cryptocurrency deposited in “Sparrow” platform operated by the Group.

These deposits are not protected by any insurance and unsecured. Upon maturity of the cryptocurrency-denoted products, the customers receive the same type of cryptocurrency in the same quantity plus additional interest returns. The deposit and interest will be deposited to customers’ accounts on the same date upon maturity of cryptocurrency-denoted products, and customers will be able to withdraw on demand.