Elate Holdings (00076) announced an update on the settlement relating to previously sold graphite ores. The agreement involved enforcing a collateral from purchaser AGL, leading to Elate Holdings ultimately receiving a total of 98.99 million Multiple Up Point (MUP) tokens. The company stated that MUP is a cryptocurrency pegged to Bitcoin and gold through a “Dual Gold Standard” mechanism.

According to Elate Holdings, the average closing price of MUP at the time of enforcement was 3.59 USDT, translating to a total value of 355.66 million USDT. The unaudited gain on fair value of MUP reached approximately US$62.23 million when compared to the accounts receivable tied to the graphite ore sale. As of 26 February 2026, the average closing price cited was about 3.64 USDT, placing the fair value at nearly 360.32 million USDT. The company reclassified MUP as an inventory item after major graphite suppliers confirmed their willingness to accept it as a mode of settlement.

Elate Holdings plans to use around 30-40% of the MUP holding for purchasing graphite products, including under a Minimum Price Mechanism with AGL, and 60-70% for acquisition initiatives. One potential acquisition target under due diligence is a Macau-based lifestyle service platform. The settlement in cryptocurrency is supported by internal controls and monitoring systems aimed at overseeing digital asset transactions, wallet security, and overall risk management.