Crazy or Romantic: The Rise of the Orange Dynasty

By: blockbeats|2024/12/17 15:00:02

Original author: Sign community enthusiast

Crazy or Romantic: The Rise of the Orange Dynasty

In today's world where cryptocurrency projects are emerging in endlessly, a project that has been deeply cultivated for four years and is about to usher in an important milestone is setting off an unprecedented orange wave with its unique "love" community culture. Recently, an investment declaration that shocked the Web3 circle has attracted widespread attention. "This is not an ordinary cryptocurrency project, this is a love affair with 17,000 people." An investor not only promised to invest millions in this highly anticipated Chinese light project Sign, but also determined to introduce this "community full of true love" to the Chinese-speaking world. Who is behind such a rare belief?

In the steel jungle of the crypto world, Sign has set off a community culture revolution with its unique "orange empire". Abandoning the high-cold attitude of traditional official accounts, it creates a new paradigm of warm interaction with the posture of a "cute girl". Here, KOLs with tens of millions of followers and newcomers to the cryptocurrency circle can all receive equal care. There is no cumbersome task or cold data pressure, but a real warm family built by 17,000 members. From Texas Hold'em to online karaoke, from traffic mutual assistance to resource sharing, every community activity is interpreting the core concept of "people-oriented".

From online to offline, Sign's appeal is spreading like a virus: Korean superstar Jay Park airborne the event site, and the surrounding products spontaneously designed by community members are endless, original theme songs, entertainment websites, 5 booming periodic Spaces, offline sunglasses promotion waves... Every detail is witnessing the strong vitality of this community. It can be seen that Sign has surpassed the project itself and evolved into a cultural phenomenon sweeping Web3.

Behind the sincere and warm community is a top-level strength map that attracts the attention of the industry: Sequoia Capital's strategic lead investment demonstrates the high recognition of the capital market, setting product data that ranks first in many industries, and elite teams from top universities around the world such as Harvard, Cornell, USC, and Berkeley have built a strong technical barrier. In addition, there is strong support from authoritative bigwigs in the TON ecosystem. Sign's king status in the Web3 field is self-evident.

As the crypto market is changing, Sign, which has been accumulating for four years, has already stood at a new historical node. From the initial simple prototype of a hackathon product to the current prosperous ecosystem with multiple business lines, revenue and financing exceeding 10 million, Sign has created an impressive legend. Along the way, it has not only gathered the favor of top capital and the blessing of a first-class team, but also gained the sincere trust of 17,000 loyal community members. This hard-won accumulation has allowed Sign to always maintain a unique competitive advantage in the fiercely competitive track. Now, when each sector has formed a perfect closed loop, the development of Sign is ushering in a critical node that is a natural outcome.

As the millionaire investor said, Sign is not only a project, but also a collective romance that spans virtual and reality. In this crypto world full of opportunities and challenges, Sign has built an ideal city across cold codes in four years. When all the puzzle pieces are in place, a new chapter that is exciting to look forward to is ready to go.

As the Sign ecosystem matures, this project, which has been polished with ingenuity for four years, is standing at an epoch-making turning point. Madness or true love? As the Orange Dynasty is about to open a new chapter, are you ready to become a member of the community and witness this historic moment with Sign?

This article comes from a contribution and does not represent the views of BlockBeats

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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