Magic Eden launch is imminent, with the market already anticipating 40U?

By: blockbeats|2024/12/10 16:45:01

At 10 PM Beijing time tonight, Magic Eden's Token $ME will be available for airdrop claim. Currently, driven by the news of being listed on Binance, the price of $ME in OKX pre-market trading has surpassed $6, corresponding to a market capitalization exceeding $750 million.

The pre-market price can essentially reflect the opening price of $ME tonight on CEX. However, for a period after the opening, how $ME's price will develop, players have written three completely different scripts from three different perspectives.

Perspective 1 - Solana's Second NFT Marketplace (Benchmarked against $TNSR)

This perspective is now mostly abandoned because the pre-market price's corresponding market capitalization of $ME is already higher than $TNSR's FDV, even about 7 times higher than $TNSR's market capitalization.

So why was $TNSR used as a benchmark before? Players who used $TNSR as a benchmark for $ME were probably more focused on the Solana NFT ecosystem. In the Solana NFT ecosystem, Magic Eden indeed relinquished its position as Solana's first NFT marketplace to Tensor.

Magic Eden launch is imminent, with the market already anticipating 40U?

However, from the statistical data on user count and trading revenue, Tensor has not overwhelmingly outperformed Magic Eden. In terms of 30-day trading revenue, the two only differ by $15,000, sharing the spotlight. Moreover, in terms of 1-year trading revenue, Magic Eden even leads Tensor by $3.6 million.

Perspective 2 - Bitcoin's Premier DEX

Those standing at this perspective are primarily players in the Bitcoin ecosystem. Although in everyone's impression, the Bitcoin ecosystem is just average, with only one of the top 10 projects by total market value being Bitcoin Puppets, precisely ranked 10th, and all the projects ahead are ETH NFT projects.

However, in the long period before the recent resurgence of ETH NFTs, Bitcoin NFTs might have been the most active NFT ecosystem. Magic Eden holds a dominant position in this ecosystem. Within the past year, of Magic Eden's 1.5 million users, only 26% are from the Bitcoin network, but these users have generated over $40 million in revenue for Magic Eden, accounting for 69% of the total revenue in the past year.

In the past year, Magic Eden's revenue was $60 million, and this does not even account for Magic Eden's other monopolistic business on Bitcoin — the Rune Runes token.

The Rune Runes protocol is a new Bitcoin FT protocol that launched after Bitcoin's halving in April of this year. Magic Eden charges a 1% buyer fee on Runes transactions, and the total trading volume of the top 10 Runes tokens on Magic Eden is approximately $6 billion. Just the trading volume of the top 10 Runes tokens has brought Magic Eden $6 million in revenue in about six months.

So from the perspective of Bitcoin players, Magic Eden is a giant on Bitcoin, and the Bitcoin ecosystem is highly scalable. In their eyes, the expectation for $ME is basically no less than 6U.

Angle 3 - The Second Hyperliquid

This is the most optimistic perspective, that is, "in a bull market, FDV is just a meme, only circulating market cap matters."

The initial circulating supply of $ME is even smaller than that of $HYPE ($ME has only a 12.5% initial circulation, which is 125 million tokens), the chip allocation is also well done, and it is also a project with strong profitability and growth potential. Based on these three points, the most optimistic group of players believe that $ME should become the second $HYPE and run to 40U.

$ME's profitability in the NFT market is leading by a large margin, and it has a DEX positioning on Bitcoin. In the past year, ME's revenue, without considering Runes, is already 20 times that of Blur, and Blur's current circulating market cap is approximately $760 million. In their respective races, both $ME and $HYPE are expected to lead through profitability + expectations.

There is also a flaw in this perspective because $HYPE is "self-reliant," pulling itself up in its own territory without appearing on any Tier 1 CEX. While $ME has already confirmed listing on Binance and only Coinbase and Upbit are left among the major CEXs. Therefore, the objective environment of these two coins is still very different, and it is not possible to simply compare whether $ME will rise all the way like $HYPE just by looking at the circulating market cap.

Conclusion

The above views are just observations made by the author and do not constitute any investment advice. In fact, everyone is just looking for a reason to sell or hold, but whether we can reach the other shore often depends on a blurry hindsight.

Hopefully, the above information can provide some help in finding a $ME strategy that suits your own situation.

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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