{"url_path":"/sec/ambr/10-k/2026/item-11","section_key":"item-11","section_title":"Item 11 ****QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1697818/0001104659-26-060362-index.html","accession_number":"0001104659-26-060362","cik":"0001697818","ticker":"AMBR","issuer_name":"Amber International Holding Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1697818/0001104659-26-060362-index.html","primary_entity_key":"0001697818","primary_entity_name":"Amber International Holding Ltd"},"word_count":657,"has_tables":true,"body_markdown":"**ITEM 11.****QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**\n\n**Quantitative and Qualitative Disclosures about Market Risk**\n\nOur activities expose us to a variety of financial risks from our operation. The key financial risks include credit risk, liquidity risk and market risk (including foreign currency risk, digital asset price risk, risks associated with the storage and protection of digital assets and investment risk related to trading of digital assets).\n\nForeign Currency Risk\n\nForeign currency risk arises from cash flows from transactions denominated in foreign currencies. We have transactional currency exposures arising from sales or purchases that are denominated in a currency other than the functional currency, primarily SGD and RMB. If the U.S. dollar appreciates or depreciates against the SGD by 5%, our profit or loss would be higher or lower by approximately US$18,000 in the year ended December 31, 2025. If the U.S. dollar appreciates or depreciates against the RMB by 5%, our profit or loss would be higher or lower by approximately US$146,000 in the year ended December 31, 2025. We do not have any formal policy for hedging against currency risk. The value of the SGD against the U.S. dollar, RMB against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in economic conditions in Singapore, China and U.S. and by their foreign exchange policies.\n\nTo the extent that we need to convert U.S. dollars into SGD or RMB for our operations, appreciation of SGD or RMB against the U.S. dollar would reduce the SGD or RMB amount we receive from the conversion. Conversely, if we decide to convert SGD or RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs, servicing our outstanding debts, or for other business purposes, appreciation of the U.S. dollar against the SGD or RMB would reduce the U.S. dollar amounts available to us.\n\nCertain of our operating activities are transacted in Hong Kong dollars. We consider the foreign exchange risk in relation to transactions denominated in Hong Kong dollars with respect to U.S. dollars is not significant as HK dollar is pegged to U.S. dollar.\n\n105\n\n[Table of Contents](#TOC)\n\nDigital Assets Price Risk\n\nCrypto asset risk is the risk that future profit and financial position will fluctuate because of changes in the price of crypto assets. Digital assets that we deal with in our trading activities are digital assets such as BTC and ETH which can be traded in a number of public exchanges.\n\nOur exposure to price risk arise from digital assets and digital assets payables which are both measured on a fair value basis. In particular, our operating result may depend upon the market price of BTC and ETH, as well as other digital assets. If the price of BTC and ETH rise by 30%, our profit would increase by approximately US$623,000 and US$353,000 in the year ended December 31, 2025, respectively. Digital asset prices have fluctuated significantly from time to time. There is no assurance that digital asset prices will reflect historical trends.\n\nThe price risk of digital assets arising from trading of digital assets business is partially offset by remeasurement of digital assets payables representing the obligations to deliver digital assets held by us in the customers’ accounts to the customers under the respective trading arrangements with us.\n\nRisks Associated with Storage and Protection of Digital Assets\n\nWe primarily store our digital assets with cryptocurrency custodians to facilitate customers deposits and withdrawals. Due to the lack of an insurance policy for our digital assets, any disruptions or closures of cryptocurrency custodians, as well as potential cyber-attacks or thefts, could result in substantial losses for us.\n\nInvestment Risk Related to Trading of Digital Assets\n\nWe follow a fully hedged strategy for structured products. Each user-facing structured product is quoted by a related party and a spread is added before it is quoted to clients. Therefore, there is no exposure to structured products."}