In the first half of 2026, Intchains expects to continue to generate revenues from the sale of its existing mining machine series launched in 2025, including ALEO, Dogecoin, XTM, and other altcoin-focused products. During 2025, Intchains incurred approximately RMB77.3 million in research and development expenses, primarily related to the development of new mining machine series and the upgrade of existing models. Building on this investment and additional ones planed for the first half of 2026, the Company plans to introduce new altcoin mining products in the second half of 2026, with additional details to be announced in due course.
In 2026, the Company will focus on margin improvement through cost optimization efforts. Following the disposal of certain assets related to a non-core chip related business and associated assets in January 2026, the Company has implemented several cost-management initiatives to enhance overall operating efficiency, optimize headcount and create a leaner corporate structure. These measures are designed to focus resources on core R&D efforts and drive further margin expansion.
In 2026, Intchains intends to continue a prudent ETH accumulation strategy to pursue selective, value-driven purchases when market conditions are favorable, gradually increasing its ETH treasury holding over time. As of December 31, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB187.6 million (US$26.8 million), which includes approximately 8,826 ETH-based cryptocurrencies, valued at RMB186.7 million. In 2026, Intchains continued to accumulate ETH and as of February 23, 2026, total ETH held reached 9,070 units.
Completed acquisition of Proof-of-Stake (“PoS”) platform and launched Goldshell staking business. In December 2025, Intchains acquired a Proof-of-Stake (“PoS”) technology platform for $1.3 million and officially launched the commercial operation of its independent PoS platform, Goldshell Stake. Operating as a core business segment under the Goldshell brand, Goldshell Stake provides cryptocurrency staking services for both individual and institutional crypto investors, covering four prominent blockchains: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX).
The launch of Goldshell Stake represents Intchains’ expansion into the blockchain infrastructure service sector, positioning the company for growth in decentralized finance. Leveraging IntChains’ global customer base, Goldshell Stake plans to gradually expand into international markets. With the launch of our staking platform, we have successfully established a closed-loop ecosystem integrating hardware infrastructure (wallets), assets, and software services.
This evolution creates a secondary growth engine beyond mining hardware and builds a solid foundation for long-term recurring revenue. In 2026, Intchains expects to accelerate ETH staking activities, through gradually staking the bulk of its ETH treasury holdings on FalconX and Goldshell Stake, to generate incremental returns from idle assets. More specifically: Partnering with FalconX, to generate yield by staking ETH holdings on the FalconX platform, producing interest income through a combination of lending and derivatives-based strategies.
Staking on Goldshell Stake platform, supplementing Intchains’ ETH staking activities with Intchains’ own proprietary PoS platform, further diversifying ETH holdings to maximize dual-platform staking returns. As of February 23, 2026, the Company’s total units of ETH used in staking were 2,600. Among the total units of ETH used in staking, 1,000 is staked on the FalconX platform, and 1,600 is staked on its proprietary Goldshell Stake. Furthermore, a total of 1,359 units of ETH were staked on its proprietary Goldshell Stake by third parties. IntChains Group Limited focuses on the development of altcoin mining products, the strategic acquisition, holding, and staking of Ethereum-based cryptocurrencies, and the delivery of Web3 infrastructure services through the operation of a Proof-of-Stake cryptocurrency staking platform.
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