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CRYPTOCURRENCIES (Q2) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2023 | Dec. 31, 2022
CRYPTOCURRENCIES. |  |
CRYPTOCURRENCIES |
9. | CRYPTOCURRENCIES
As of December 31, 2022 and June 30, 2023, the Group’s cryptocurrencies consist of the following:
In thousands of USD | ​ | ​ | At December 31, 2022 | ​ | ​ | At June 30, 2023
Cryptocurrencies other than USDC | ​ | ​ | 2,086 | ​ | ​ | 10,186
USDC | ​ | ​ | 89 | ​ | ​ | 150
Total cryptocurrencies | ​ | ​ | 2,175 | ​ | ​ | 10,336
The details of cryptocurrencies are as follows:
| ​ | ​ | Periods ended June 30,
In thousands of USD | ​ | ​ | 2022 | ​ | ​ | 2023
Cost: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 6,697 | ​ | ​ | 2,179
Additions | ​ | ​ | 554,586 | ​ | ​ | 133,520
Purchase of cryptocurrency-denoted wealth management product from a related party(1) | ​ | ​ | (149,972) | ​ | ​ | —
Loan to a related party(2) | ​ | ​ | (50,025) | ​ | ​ | —
Disposals | ​ | ​ | (357,113) | ​ | ​ | (125,360)
Ending balances | ​ | ​ | 4,173 | ​ | ​ | 10,339
Impairment: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | (510) | ​ | ​ | (4)
Additions | ​ | ​ | (561) | ​ | ​ | —
Disposals | ​ | ​ | — | ​ | ​ | 1
Ending balances | ​ | ​ | (1,071) | ​ | ​ | (3)
Net book value: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 6,187 | ​ | ​ | 2,175
Ending balances | ​ | ​ | 3,102 | ​ | ​ | 10,336
The supplemental information of cryptocurrencies other than USDC is as follows:
| ​ | ​ | Periods ended June 30,
In thousands of USD | ​ | ​ | 2022 | ​ | ​ | 2023
Cost: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 6,598 | ​ | ​ | 2,090
Additions | ​ | ​ | 481,077 | ​ | ​ | 127,589
Purchase of cryptocurrency-denoted wealth management product from a related party(1) | ​ | ​ | (149,972) | ​ | ​ | —
Loan to a related party(2) | ​ | ​ | (15,004) | ​ | ​ | —
Disposals | ​ | ​ | (318,622) | ​ | ​ | (119,490)
Ending balances | ​ | ​ | 4,077 | ​ | ​ | 10,189
Impairment: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | (510) | ​ | ​ | (4)
Additions | ​ | ​ | (561) | ​ | ​ | —
Disposals | ​ | ​ | — | ​ | ​ | 1
Ending balances | ​ | ​ | (1,071) | ​ | ​ | (3)
Net book value: | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 6,088 | ​ | ​ | 2,086
Ending balances | ​ | ​ | 3,006 | ​ | ​ | 10,186
(1) | Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of June 30, 2022 and the redemptions are included in the additions of cryptocurrencies above. Also see Note 22.
(2) | Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of June 30, 2022 and the collections are included in the additions of cryptocurrencies above. Also see Note 22.
The management’s estimates of impairment provision of cryptocurrencies other than USDC are made based on the current market prices of cryptocurrencies as of each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date are not considered in determining the provision for impairment of cryptocurrencies other than USDC. |
7. | CRYPTOCURRENCIES
As of December 31, 2021 and 2022, the Group’s cryptocurrencies consist of the following:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2021 | ​ | ​ | 2022
Cryptocurrencies other than USDC | ​ | ​ | 6,088 | ​ | ​ | 2,086
USDC | ​ | ​ | 99 | ​ | ​ | 89
Total cryptocurrencies | ​ | ​ | 6,187 | ​ | ​ | 2,175
The details of cryptocurrencies are as follows:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2022
Cost: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 1,194 | ​ | ​ | 9,656 | ​ | ​ | 6,697
Additions | ​ | ​ | 172,530 | ​ | ​ | 655,028 | ​ | ​ | 865,333
Cryptocurrencies received on behalf of related parties(1) | ​ | ​ | 6,312 | ​ | ​ | — | ​ | ​ | —
Cryptocurrencies paid on behalf of related parties(1) | ​ | ​ | — | ​ | ​ | (24,852) | ​ | ​ | —
Disposals | ​ | ​ | (170,380) | ​ | ​ | (562,894) | ​ | ​ | (569,854)
Loan to a third party(2) | ​ | ​ | — | ​ | ​ | (10,222) | ​ | ​ | —
Purchase of cryptocurrency-denoted wealth management product from a related party(4) | ​ | ​ | — | ​ | ​ | (30,004) | ​ | ​ | (149,972)
Loan to a related party(3) | ​ | ​ | — | ​ | ​ | (30,015) | ​ | ​ | (150,025)
Ending balances | ​ | ​ | 9,656 | ​ | ​ | 6,697 | ​ | ​ | 2,179
Impairment: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | (107) | ​ | ​ | (74) | ​ | ​ | (510)
Additions | ​ | ​ | — | ​ | ​ | (436) | ​ | ​ | —
Disposals | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | 506
Ending balances | ​ | ​ | (74) | ​ | ​ | (510) | ​ | ​ | (4)
Net book value: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 1,087 | ​ | ​ | 9,582 | ​ | ​ | 6,187
Ending balances | ​ | ​ | 9,582 | ​ | ​ | 6,187 | ​ | ​ | 2,175
The supplemental information of cryptocurrencies other than USDC is as follows:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2022
Cost: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 1,194 | ​ | ​ | 9,601 | ​ | ​ | 6,598
Additions | ​ | ​ | 172,475 | ​ | ​ | 575,730 | ​ | ​ | 586,117
Cryptocurrencies other than USDC received on behalf of related parties(1) | ​ | ​ | 6,312 | ​ | ​ | — | ​ | ​ | —
Cryptocurrencies other than USDC paid on behalf of related parties(1) | ​ | ​ | — | ​ | ​ | (24,852) | ​ | ​ | —
Disposals | ​ | ​ | (170,380) | ​ | ​ | (513,655) | ​ | ​ | (425,649)
Loan to a third party(2) | ​ | ​ | — | ​ | ​ | (10,222) | ​ | ​ | —
Purchase of cryptocurrency-denoted wealth management product from a related party(4) | ​ | ​ | — | ​ | ​ | (30,004) | ​ | ​ | (149,972)
Loan to a related party(3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,004)
Ending balances | ​ | ​ | 9,601 | ​ | ​ | 6,598 | ​ | ​ | 2,090
Impairment: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | (107) | ​ | ​ | (74) | ​ | ​ | (510)
Additions | ​ | ​ | — | ​ | ​ | (436) | ​ | ​ | —
Disposals | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | 506
Ending balances | ​ | ​ | (74) | ​ | ​ | (510) | ​ | ​ | (4)
Net book value: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Beginning balances | ​ | ​ | 1,087 | ​ | ​ | 9,527 | ​ | ​ | 6,088
Ending balances | ​ | ​ | 9,527 | ​ | ​ | 6,088 | ​ | ​ | 2,086
(1) | Cryptocurrencies or cryptocurrencies other than USDC received and paid on behalf of related parties represent the net effect of cryptocurrency or cryptocurrencies other than USDC transferred through the wallets held by the Group relating to transactions arising from Bitmain and BTC’s businesses during the Carve-out Period.
(2) | Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrencies lent for the year ended December 31, 2021.
(3) | Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2021 and 2022 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.
(4) | Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2021 and 2022 and the redemptions are included in the additions of cryptocurrencies above. Also see Note 20.
The management’s estimates of impairment provision of cryptocurrencies other than USDC are made based on the current market prices of cryptocurrencies as of each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date are not considered in determining the provision for impairment of cryptocurrencies other than USDC.

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