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Digital Assets
 3 Months Ended
Mar. 31, 2024
Digital Assets [Abstract]  
DIGITAL ASSETS

6. DIGITAL ASSETS

 

Digital asset holdings were comprised of the following:

 

   March 31,
2024		   December 31,
2023		 
ETH  $1,458,800   $7,123,300 
USDT   6,392,300    573,400 
   $7,851,100   $7,696,700 

 

As of March 31, 2024, the Company held 399.89 ETH, with fair value price of $3,648 per unit. As of December 31, 2023, the Company held 3,122.48 ETH, with fair value price of $2,281.32 per unit.

 

For the three months ended March 31, 2024, the Company recognized an increase in fair value of ETH of $2,540,700 and an investment income of $6,300 from sales of ETH. For the three months ended March 31, 2023, the Company recognized an increase in fair value of ETH of $215,400.

 

As of March 31, 2024 and December 31, 2023, the Company held 6,392,300 and 573,400 USDT, respectively. The fair value of USDT were kept at $1.00 because one USDT is pegged to one U.S. dollar.

 

Additional information about digital assets

 

The following table presents additional information about ETH for the three months ended March 31, 2024 and 2023:

 

   For the Three Months Ended
March 31,		 
   2024   2023 
       (revised) 
Opening balance  $7,123,300   $369,200 
Cumulative-effect adjustment of opening balance due to adoption of fair value measurement   
-
    30,600 
Addition of ETH staking reward and other services   14,300    6,000 
Purchases of ETH from exchange of USDT   1,636,500    
-
 
Purchases of ETH from exchange of USDC   
-
    285,700 
Exchange of ETH into USDT   (7,470,600)   
-
 
Exchange of ETH into USDC   (2,391,700)   
-
 
Return of ETH to a third party   
-
    (48,500)
Payment of ETH for other expenses   
-
    (100)
Investment income from sales of ETH   6,300    
-
 
Changes in fair value of ETH   2,540,700    215,400 
   $1,458,800   $858,300 

 

The following table presents additional information about USDT for the three months ended March 31, 2024 and 2023:

 

   For the Three Months Ended
March 31,		 
   2024   2023 
Opening balance  $573,400   $90,100 
Purchases of USDT from exchange of digital assets   7,989,200    
-
 
Purchases of USDT from exchange of USDC   100,000    
-
 
Collection of USDT from subscription advance from investors   75,000    
-
 
Exchange of USDT into ETH   (1,636,500)   
-
 
Exchange of USDT into USD   (701,000)   
-
 
Payment of service fees   (7,800)   (87,800)
   $6,392,300   $2,300