JUP Staking Event + Coinbase Listing Anticipation, Will There Be an Opportunity to Profit from HumidiFi's Public Sale Tonight?

By: blockbeats|2025/12/03 15:30:01

Original Article Title: "Coinbase Pre-listing, Dark Pool HumidiFi Public Sale Tonight, Is There Money to Be Made This Time?"

Original Article Author: Azuma, Odaily Planet Daily

Tonight, the Solana ecosystem dark pool DEX project HumidiFi will officially launch its public sale on the newly introduced launchpad on Jupiter. The public sale will be conducted in three rounds: the first two rounds are exclusive to HumidiFi community whitelist addresses and JUP staking addresses, with a Fully Diluted Valuation (FDV) of $50 million; the final round is open to the public with an FDV of $69 million.

HumidiFi Positioning

HumidiFi's self-positioning is as a liquidity engine in the Internet Capital Market (i.e., Solana's self-positioning).

Distinct from traditional automated market makers (AMMs), HumidiFi is a "professional market maker AMM" (prop AMM) that combines on-chain execution with institutional-grade market-making logic to achieve narrower spreads, deeper liquidity, and execution quality surpassing DEX and CEX competitors.

Specifically, HumidiFi addresses several issues persistently plaguing the traditional AMM model by introducing an active liquidity framework:

· Predictive Pricing: Quotes are generated based on real-time market data and internal risk metrics, rather than solely relying on formulaic curves;

· Dynamic Inventory Management: Continuously adjust risk exposure to mitigate stale quote and mispricing risks, maximizing capital efficiency;

· On-chain Settlement, Off-chain Intelligence: Complex computations are performed off-chain, while asset custody, settlement, and accounting are entirely retained on the Solana blockchain;

· Retail/User-First: Distinguishing retail users from arbitrage or information advantage bots to provide the former with better spreads and lower slippage.

Currently, HumidiFi has become the largest decentralized exchange (DEX) by actual trading volume on Solana's blockchain, processing daily transaction volumes exceeding $1 billion—representing approximately 35% of all Solana on-chain spot DEX trading activity, with about 4% of Solana's daily revenue stemming from these transactions.

JUP Staking Event + Coinbase Listing Anticipation, Will There Be an Opportunity to Profit from HumidiFi's Public Sale Tonight?

Blockworks data analyst Sharples gave an even more exaggerated figure—HumidiFi settles around 30-40% of the global SOL-USD spot trading volume, with recent SOL-USD weekly spot trading volume exceeding that of Binance. Currently, around 95% of HumidiFi's spot trading volume comes from SOL-USD, but it has recently begun expanding to BTC, ETH, and ZEC.

Tokenomics

Yesterday, HumidiFi officially unveiled the tokenomics of its WET token. The total WET token supply is 1 billion, distributed as follows:

· 10% allocated to a presale event on the Jupiter DFT platform, with no lockup restriction;

· 40% allocated to the foundation, with 8% unlocked at TGE and the remaining portion unlocked in stages over 24 months, unlocking every 6 months;

· 25% allocated to the ecosystem, with 5% unlocked at TGE and the rest unlocked in stages over 24 months, unlocking every 6 months;

· 25% allocated to the team (Labs), with no token unlock at TGE and subsequently unlocked in stages over 24 months, unlocking every 6 months.

Within the most notable 10% presale allocation, 6% will be allocated to the whitelist targeting the HumidiFi ecosystem (including HumidiFi users, active and contributing HumidiFi participants, and HumidiFi Discord community members), 2% will be allocated to JUP stakers, 2% will be allocated to public sale.

Initial Listing Rules and Benefit Assessment

As early as the end of October, Jupiter had already confirmed that the first project on its new launchpad DTF would be HumidiFi. From a data perspective, HumidiFi is deeply intertwined with Jupiter—over 90% of HumidiFi's order flow comes from Jupiter, making the former the primary order execution path for the latter.

This morning, Jupiter has opened the exclusive interface for this public sale. As shown in the image below, the public sale will be conducted in three rounds, and users can connect their wallet address to check if they qualify for each round.

· Whitelist Round (opens tonight at 11:00 PM UTC): FDV valued at $50 million (1 WET = 0.05 USDC), aiming to raise $3 million with an first-come, first-served allocation.

· JUP Staking User Round (opens tomorrow morning at 11:00 AM UTC): FDV valued at $50 million (1 WET = 0.05 USDC), aiming to raise $1 million with a first-come, first-served allocation.

· Public Round (opens tomorrow night at 11:00 PM UTC): FDV valued at $69 million (1 WET = 0.069 USDC), aiming to raise $1.4 million with a first-come, first-served allocation.

This morning, Coinbase announced the addition of Humidifi (WET) to its listing roadmap, which may benefit the price trend after WET is listed.

Overall, compared to the project's current data performance and community discussion, the valuation of Humidifi in this public sale is not considered high, and there should be room for appreciation. Additionally, this public sale does not impose lock-up restrictions, so there is no issue of fund immobilization, making it relatively more favorable to participate. However, the overall allocation of this public sale is not considered high, and due to the first-come, first-served mechanism, there is expected to be significant competition—rather than whether it's worth participating, the real question might be whether you can secure an allocation.

Original Article Link

-- Price

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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