The myth of DRUGS making people rich by 500 times has set off a new wave of daos.fun listings

By: blockbeats|2024/12/16 12:15:01

Original title: "The 500-fold magic coin DRUGS that emerged over the weekend has set off a wave of new listings on daos.fun?"

Original author: Azuma, Odaily Planet Daily

DeSci project Big Pharmai (DRUGS) continued the myth of daos.fun's wealth creation over the weekend.

GMGN market data shows that as of the time of posting, DRUGS is temporarily reported at $0.0401198, corresponding to a market value of approximately $44 million. Based on the limit of 420 SOL (approximately $92,000) in the fundraising stage (an additional 42 SOL was raised to build initial liquidity), DRUGS has risen nearly 500 times since it was sold out from the "internal market", becoming the most dazzling daos.fun token after ai16z.

The myth of DRUGS making people rich by 500 times has set off a new wave of daos.fun listings

Big Pharmai concept brief

Big Pharmai's meme narrative is about medicine and pharmaceuticals, and its vision is to subvert "Big Pharma", that is, large pharmaceutical companies with significant influence and market share worldwide. The X account of the initiator of Big Pharmai is named Anthony Fauccai (@anthonyfauccai), which is obviously also imitating Anthony Fauci, a well-known epidemiologist who became popular during the epidemic.

The reason why this project has attracted widespread attention is largely because of the explicit support of the head DeSci project Pump Science (RIF, URO), but Pump Science has also emphasized that DRUGS is not a Pump Science platform token.

On December 14, Big Pharmai released its first tweet on the official X about the launch of the token, disclosing that it will start fundraising on daos.fun, and plans to raise 420 SOL (platform rules require another 10% to start initial liquidity).

Big Pharmai's fundraising introduced a whitelist rule, and the team will selectively issue fundraising participation qualifications to users based on the content of community interaction. Below the relevant tweets, you can see that a large number of users who hope to squeeze into the fundraising stage have tried their best to attract the attention of the Big Pharmai team in order to obtain some fundraising participation quotas.

In the end, a total of 7,082 people participated in Big Pharmai's fundraising. The subsequent increase in DRUGS also proved that the efforts of these users were not in vain - once they squeezed into the fundraising stage, it meant a hundreds-fold increase.

daos.fun: a meme platform in the guise of Launchpad

At the end of October, after ai16z became popular, we wrote an analysis article about daos.fun, "Analysis of daos.fun: Can the explosion of ai16z recreate the myth of pump.fun? 》

In that article, we mentioned that daos.fun is positioned as a meme "fund" launch platform based on Solana. The "fund" launched by fundraising on this platform will operate in the form of DAO and issue corresponding DAO tokens (for example, ai16z is the DAO token of the "fund").

However, based on the actual development in the past two months, the community does not actually view daos.fun as its own platform, but still views it as a meme platform, or even completely views it as another pump.fun.

In short, the fundraising stage of daos.fun can be regarded as the internal market stage of pump.fun; the utility of the additional 10% amount raised by daos.fun is similar to the necessary liquidity accumulation during the initial issuance stage and the internal market growth stage of pump.fun; the public trading stage after the fundraising of daos.fun is equivalent to the free trading stage after pump.fun has broken out of the internal market.

From the perspective of user participation opportunities, since only the initiators who have been reviewed can initiate "funds" on daos.fun, and the fundraising amount of popular projects is relatively large, daos.fun has fewer audited samples than pump.fun, and the time window left for users is generally longer (Big Pharmai's fundraising also lasted for nearly 10 hours); however, popular projects on daos.fun often set whitelist restrictions on fundraising, which means that users must compete in other dimensions such as community interaction to grab limited fundraising quotas.

The ceiling has been opened, and the enthusiasm for new listings is expected to rise

The difference in market positioning actually opens up the imagination space for daos.fun tokens - there is always an upper limit for business, but there is no upper limit for meme. How high the price of the coin can go depends entirely on market enthusiasm.

If the previous explosion of ai16z can be regarded as an isolated case, the performance of DRUGS this time has once again solidified the new positioning of daos.fun.

The market value of ai16z has recently exceeded 1 billion US dollars, which has raised the ceiling of all daos.fun tokens; the emergence of DRUGS proves the continuity of daos.fun's wealth-making effect.

Based on this background, we have reason to expect that in the next period of time, daos.fun will attract more attention and participation from retail investors, which may promote some new opportunities for the platform.

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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