Gate Chief Business Officer Kevin Lee responded to rumors in an official AMA: Reserve funds have exceeded 10 billion, ranking fourth in the industry, and called for healthy development

By: blockbeats|2024/12/13 21:00:03

On December 13, Kevin Lee, Chief Business Officer of Gate.io, responded positively to recent false statements about the platform in a special AMA live broadcast, and fully disclosed the latest data for the first time, showing Gate.io's strong strength and firm commitment to global users. This live broadcast not only eliminated the negative impact of rumors on the market, but also highlighted Gate.io's leading position and responsibility in the industry.

Gate Chief Business Officer Kevin Lee responded to rumors in an official AMA: Reserve funds have exceeded 10 billion, ranking fourth in the industry, and called for healthy development

Reserves exceed 10 billion, stable operation reaffirms strength

Kevin Lee emphasized in the live broadcast that Gate.io always adheres to the core of user asset security and adheres to the principle of transparent management. As of now, the platform's reserve fund has exceeded 10 billion US dollars, ranking fourth in the industry worldwide. This data far exceeds the industry benchmark and provides users with unprecedented asset protection.

At the same time, the platform's deposit, withdrawal and trading functions are all normal, and there are no false problems reported by the outside world. Kevin Lee called on all participants in the industry to promote the healthy development of the crypto market with a constructive attitude and put an end to malicious competition and the spread of false information.

Recently, some lawless elements have attempted to discredit the platform's reputation and create user panic by forging screenshots and fabricating false information. These behaviors include using forged addresses to create incorrect transaction information, and confusing the public by intercepting the withdrawal failure page, concealing the specific reasons for failure provided by the platform, and maliciously spreading false rumors such as "unable to withdraw cash".

In response, Kevin Lee made it clear in the AMA that Gate.io severely condemned these malicious behaviors and promised to further strengthen user education and risk warnings. At the same time, it reminds users to remain highly vigilant, carefully verify the source of information, and avoid being misled by false screenshots and other means. Gate.io will continue to optimize the platform's security mechanism to provide users with a more transparent and secure trading environment.

Breakthrough in all data, leading the industry

During the live broadcast, Kevin Lee shared Gate.io's recent outstanding performance in multiple dimensions, using facts to counter rumors and enhance market trust.

Gate.io is currently ranked among the top five in the global crypto industry in terms of website traffic, attracting the continued attention of a large number of users. In terms of trading depth, Gate.io's spot and contract markets both rank first in the industry worldwide, providing users with a highly competitive trading experience.

At the same time, the number and speed of currencies launched on the platform remain the first in the world, especially in the spot and small currency contract markets. Gate.io covers the diversified needs of global users with faster response capabilities and richer choices.

It is worth mentioning that the platform's spot trading growth rate has exceeded 290%, which is much higher than the industry average. At present, Gate.io's 100% reserve fund has exceeded the industry benchmark by 20%. Combined with the steadily growing reserve fund scale, Gate.io is committed to creating a stable, secure and diversified asset management platform for users.

Kevin Lee also pointed out that Gate.io has also made remarkable achievements in the field of innovation. As of now, the total amount of Startup airdrops has exceeded 120 million US dollars, providing a win-win innovation ecosystem for new projects and users. In other aspects, grid trading has exceeded 300,000 users, total transactions have exceeded 20 billion US dollars, and the scale of Yubibao is nearly 2 billion US dollars.

In addition, the platform currency GT has steadily risen, setting a record high of $13.890. The long-term deflation mechanism has destroyed a cumulative value of more than $180 million, continuing to create higher value for users.

Build trust with security and transparency, and work together to promote the healthy development of the industry

Gate.io's AMA is a powerful "end" to a rumor, and it also sends a clear signal to users: No matter how the market changes, Gate.io will firmly protect user assets based on security, transparency and stable operations. At the same time, Kevin Lee once again called on industry participants to promote the healthy development of the encryption industry with a win-win attitude and build a healthy and sustainable encryption ecosystem.

In the future, Gate.io will continue to deepen user services and technological innovation to provide global users with a trustworthy crypto asset trading experience. This is not only a strong support for the healthy development of the industry, but also the best feedback for the trust of every user.

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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