Buy Crypto- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Babylon has partnered with Aave Labs to introduce native Bitcoin support on Aave V4 lending services.
Article Source: Babylon
The leading Bitcoin infrastructure protocol Babylon's team, Babylon Labs, today announced a strategic partnership with Aave Labs to build a Spoke supported by native Bitcoin on Aave V4, the next-generation lending architecture developed by Aave Labs. The architecture follows a Hub and Spoke model designed to support markets built for specific use cases.
This integration will allow native Bitcoin, through the Babylon Bitcoin Treasury, to be directly used as collateral at scale in the Aave lending market, marking a significant milestone in the assetization of Bitcoin in the global on-chain financial market. Babylon's Bitcoin Treasury can securely lock native Bitcoin in the Bitcoin network, enabling it to be used as collateral in Aave V4 without relying on centralized custody or wrapped tokens.
Bitcoin-based lending has evolved into a market worth billions of dollars. Just this year, major platforms have issued over $1 billion in Bitcoin-backed loans, with industry forecasts predicting that as institutional participation increases, the total size of the Bitcoin lending market will expand to hundreds of billions of dollars. Despite rapid growth, most Bitcoin lending currently relies on centralized custody institutions and wrapped assets. Native, trustless Bitcoin collateral has long been challenging to achieve—until today. Wrapped Bitcoin and centralized custody introduce additional counterparty risk and operational complexity, limiting Bitcoin's participation in non-custodial DeFi lending markets.
Through this collaboration, Babylon will develop a dedicated Bitcoin-supported Spoke for Aave V4, providing a trustless lending path for Bitcoin holders while maintaining Bitcoin's native security model. Aave Labs will offer architecture guidance, risk assessment, and access process design collaboration during the development process.
The two parties plan to launch the product together in April 2026, with the exact timing subject to community governance approval and final deployment progress. Testing of the integration is expected to start in the first quarter of 2026, with relevant technical details gradually being disclosed to the community as the project progresses.
"A trustless Bitcoin Treasury enables native Bitcoin to participate directly in the DeFi ecosystem while maintaining its fundamental security guarantees," said David Tse, Co-founder of Babylon. "The integration with Aave V4 provides an immediate and impactful use case for this technology, bringing native Bitcoin liquidity into one of the most mature lending markets in the ecosystem. This collaboration reflects the shared belief of both parties that Bitcoin can play a more significant role in DeFi through secure and scalable infrastructure. This advancement positions Bitcoin not only as a store of value but also as a productive part of the global settlement system, taking a key step forward."
「Built by Babylon, the Bitcoin-based Aave V4 market will allow Bitcoin to enter DeFi as native collateral, showcasing how through Aave V4's Hub and Spoke model, new markets can be easily launched,」 said Aave Labs Founder and CEO Stani Kulechov. 「By enabling native Bitcoin to be used directly as collateral on Aave—without wrapping or central custody—this collaboration has unlocked a significant new liquidity source for global DeFi borrowing and on-chain financial activities.」
This move further consolidates Babylon's mission—to make Bitcoin a usable and productive asset in the global market. Trustless Bitcoin collateralization has attracted over $60 billion worth of native Bitcoin participation, demonstrating a strong market demand for secure, yield-generating infrastructure. Now, trustless Bitcoin custody extends this capability to a $1.7 trillion market, providing a clear path for institutional capital, including lending institutions and asset management firms, to use native Bitcoin as high-quality collateral. These products collectively enhance Bitcoin's role as active liquidity in the decentralized economy.
About Babylon
Babylon Labs is committed to enabling Bitcoin as a trustless productive asset, with the vision of building a decentralized world secured by Bitcoin. Its latest technological achievement is the trustless Bitcoin vault, which allows native Bitcoin to be used in the DeFi ecosystem without relying on custodians, cross-chain bridges, or wrapped assets. Babylon has also launched a self-custody Bitcoin staking protocol, currently securing over $10 billion worth of native Bitcoin to protect PoS chains, Layer 2 solutions, data availability layers, and other decentralized systems. This enables Bitcoin holders to earn staking rewards while maintaining full control.
About Aave Labs
Aave Labs is shaping the next generation of the global on-chain financial system. The team builds products trusted by individuals, businesses, and institutions, securely processing billions of dollars in daily transactions and providing 24/7 uninterrupted service. Led by Stani Kulechov, the founder of ETHLend (founded in 2017) and the Aave protocol (launched in 2020), Aave Labs continues to drive significant upgrades to the Aave protocol, including the upcoming V4 release. Aave Labs is renowned for its multiple innovations, such as Aave's overcollateralized stablecoin GHO, the rapidly growing institutional platform Horizon, and the recently launched Aave Savings application aimed at consumers. Aave Labs is dedicated to creating a more open, transparent, and accessible global financial system for individuals and institutions.
About the Aave Protocol
Aave is the world's largest and most trusted decentralized finance (DeFi) network, with $600 billion in net deposits and $290 billion in active loans. It operates as a global lending and savings network, where users can deposit cryptocurrency or stablecoins to earn interest, and also borrow against their assets instantly. Aave is powered by transparent blockchain smart contracts—no banks involved, no paper forms needed, 24/7 continuous service—providing a borderless, open-source financial experience to users worldwide.
This article is contributed content and does not represent the views of BlockBeats.
You may also like
Dragonfly Partners: Most agents will not engage in autonomous trading, how can crypto payments prevail?
US AI Startup Goes All In on Chinese Mega-Model | Rewire News Morning Brief
Trump Lies Again: A "Five-Day Pause" Psyop, How Wall Street, Bitcoin, and Polymarket Insiders Synced Uposciogen
When a Token Becomes Labor, People Become the Interface
Ceasefire News Leaked Ahead of Time? Large Polymarket Bets on Outcome Before Trump's Tweet
BlackRock CEO's Annual Shareholder Letter: How is Wall Street Using AI to Keep Profiting from National Pension Funds?
Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
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.
• 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."
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.
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
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.
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.
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
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.
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.
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.
The US AI Startup Is Loving China's Open Source Model
Three Weeks of the US-Iran War: Who's Making Money, Who's Paying the Bill?
Interpreting Polymarket's Major Update Last Night: Fee Expansion, Self-Regulation, and New Incentives
From Human Application to Intelligent Collaboration: How GOAT Network Builds the Next Generation Digital Economy
CZ Washington Dialogue: Crypto Entrepreneurs are Accelerating Their Return to the United States
Morning Report | Strategy increased its holdings by 1,031 bitcoins last week; Katana Blockchain acquires IDEX; NYSE completes rule change to eliminate trading limits on crypto ETF options
Electric Capital: Tracking 501 types of yield-generating RWA assets, we discovered these patterns
Those who are cut off by AI will not disappear; they will become the creators of the next round of the economy
Stablecoins reshaping cross-border payments in Asia? Strategic panorama and investment opportunity analysis
Zuckerberg is building an AI agent to help him as CEO
App