Pantera founder: Bitcoin will soon challenge the next order of magnitude

By: blockbeats|2024/12/18 19:15:01

Original title: Escape Velocity

Original author: Dan Morehead, founder of Pantera

Original translation: 0xjs, Golden Finance

When the Pantera Bitcoin Fund returns 1,000 times, CNBC Squawk Box interviewed me on November 26, 2024.

Joe: "Our next guest has seen the cryptocurrency rally firsthand. We welcome Dan Morehead, founder and managing partner of Pantera Capital. The firm had some news this morning on the rally in Bitcoin. The Pantera Bitcoin Fund recently hit a milestone of 1,000x since its inception."

"You were kind enough to send us the original memo you wrote in 2013, where you basically said, 'Okay, now's the time - Bitcoin has corrected, time to buy.' It corrected from $130 to $65, and that's when the fund was 'launched.' You said, 'I'm personally going to buy 30,000 Bitcoins.' This was the launch of the first institutional investment vehicle for Bitcoin..."

"Now, this is a 1,000x gain and then a 1,000x gain." 30%. "

Dan: "It's early days, though. I think the median institutional ownership of blockchain is zero. Most institutions have zero investment in blockchain, and even the ones that are really progressive and really committed to blockchain only allocate 1% or 2% of their funds to blockchain. I think we still have decades to go..."

"I wouldn't bet my life savings that Bitcoin will go up, but for eleven years, the price of Bitcoin has almost doubled every year on average. What if it goes up for another year?"

Joe: "Would you bet it wouldn't go to zero?"

Dan: "To be conservative, I used to tell people it would definitely go to zero. But, I don't think that's possible now. 50 million people in the United States hold it. 3 million people worldwide hold it. 100 million people hold it. BlackRock and Fidelity are selling Bitcoin to retail investors. It really has reached escape velocity."

Joe: "But your forecast was $740,000... I heard from Michael Saylor the other day it was $13 million."

Dan: “Bitcoin has grown three orders of magnitude in market cap since we launched the Pantera Bitcoin Fund. I think it could grow another order of magnitude. That would mean a $15 trillion market cap, which is still relatively small compared to $500 trillion in financial assets. It’s doable.”

Election Results

News Flash, Crypto Holders Voted

Most Americans are under 40.

They love blockchain.

And then they vote.

For months, I’ve been writing about how politicians ignore blockchain enthusiasts at their peril. It really happened.

Young people who are passionate about blockchain decided this election.

Pantera founder: Bitcoin will soon challenge the next order of magnitude

Women under 30 are up 14 points in favor of President Trump since the last election. President Trump hasn’t done much to support women or the Constitution since November 2020, so you have to conclude this is driven by his strongly pro-blockchain policy changes.

Men under 30 are up 29 points! That’s crazy.

They voted for Donald Trump for President by 14 points. I haven’t heard the term “young Republicans” since the 80s.

This graph is clear — young people changed the election. The majority of Americans are under 40. And they voted for crypto.

The End of Anti-Crypto Lawmakers

As I’ve written in the past, I’ve never understood who in Congress would oppose cryptocurrencies. Who is the imaginary anti-crypto Congressman? Who would support an anti-crypto representative in Congress? It just doesn’t make sense.

While new technology should not be partisan in the first place, if it is politicized, it should be Democrats promoting Bitcoin. That’s the progressive dream.

While the Republican sweep is widely known, less is known about the significant changes that are taking place beneath the surface. Congress will be radically altered as anti-crypto senators are successfully targeted and removed from office. Just like Senator Sherrod Brown was ousted by an unknown pro-Bitcoin car dealer — who was backed by a $40 million Bitcoin PAC.

Of the 58 general election candidates supported by crypto super PACs, the blockchain industry won 54 to 4.

The upcoming 119th Congress is:

· House: 274 pro-crypto, 122 anti-crypto

· Senate: 20 pro-crypto, 12 anti-crypto

I think the anti-crypto rhetoric of members of Congress is over. In four years, when we recount, I will be surprised to find that any of the 122 anti-crypto members of Congress are still around. They will either "switch" and support blockchain or lose the next election.

This will allow the talented people in the blockchain industry to refocus all their energy on creative progress.

Original link

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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