Do the 2026 IFRS study's hard-to-value shares match US company tables?

"The Group holds certain financial instruments classified as Level 3 under IFRS 13 Fair Value Measurement , for which fair value is estimated by management based on availabl"

"The following table presents the Group's assets and liabilities measured at fair value as of June 30, 2026 and December 31, 2025 (in thousands):"

"Investments in financial assets $ 217,172 $ 12,587 $ 36,881 $ 266,640"

"There have been no changes to the Group's fair value measurement methodologies during the six months ended June 30, 2026."

"Fair value measurement using the IFRS 13 Level 3 hierarchy also increases discretion (β = 0.219, p < 0.001)"

"The results show that tokenization significantly increases accounting discretion in fair value measurement (β = 0.284, p < 0.001, R² = 0.694), contradicting expectations that blockchain reduces discretion."

"Given that observable market prices are often unavailable, entities rely on Level 3 internal valuation models, which reduces comparability between companies."

"Under this framework, the Company’s ST22 Security Tokens are backed 1:1 by Series “M” Preferred Shares held in perpetual custody by Empire Stock Transfer, Inc., an SEC-registered transfer agent, with the issuer directly authorizing all tokenization activity and the on-chain record constituting part of the official master securityholder file."

"Because no observable market price exists for Series “M” Preferred Shares, and because the shares are irrevocably committed to token backing and cannot be redeemed, sold, or transferred by the Company for any purpose other than in connection with token redemption thr...ough the OTCM Protocol, fair value is determined at par value - the most objectively determinable measure of value for these instr"

"These shares are received as consideration for tokenization and minting services rendered by the Company, and are accounted for as non-current custodial backing assets recorded at the fair value of the services rendered under ASC 845 (Nonmonetary Transactions) and ASC 606 (Revenue from Contracts with Customers)."

"The Company holds two categories of crypto assets in treasury: CLA tokens acquired under a services-for-tokens arrangement with the CLA issuer, and Candela tokens issued by the Candela Coin tokenized loyalty platform."

"Management has assessed that, as of September 30, 2025, observable market activity for the CLA and Candela tokens does not yet provide a reliable fair-value estimate consistent with the Level 1 or Level 2 hierarchy under ASC 820, and the tokens therefore continue to be carried at cost pending either (i) the establishment of a principal market with sufficient trading depth to support a Level 2 fair"

"The Company’s Level 3 assets include solar project assets, intangible assets, and digital assets without active markets."

"Effective October 1, 2024 (start of fiscal 2025), the Company adopted ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60). Under ASU 2023-08, crypto assets that meet the scope criteria are measured at fair value with changes in fair value recognized in net income."