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The Possibility of a Fed Chair Bringing a Wild Bull Run
In the prediction market Polymarket, the probability of Hassett being elected as the new Federal Reserve Chair has risen to 86%, far ahead of other possible candidates for the position.
As expected, Kevin Hassett will most likely be the next Federal Reserve Chair, Trump's favorite.
The actions of the Federal Reserve have always been a key factor impacting the cryptocurrency market. So, if Hassett eventually becomes the new Federal Reserve Chair as expected by the market, what kind of impact can be expected on the market?
Accelerated Interest Rate Cuts
In late November, Hassett mentioned that pausing interest rate cuts at that time would be "a very bad time" because the government shutdown had already dragged down fourth-quarter economic growth. He projected that the government shutdown would cause a 1.5 percentage point decline in fourth-quarter Gross Domestic Product (GDP). Additionally, he noted that the September Consumer Price Index (CPI) showed better-than-expected inflation performance.
Earlier on November 13, Hassett stated that he expected a 1.5% GDP decline in the fourth quarter due to the government shutdown. He couldn't see many reasons not to cut interest rates.
Therefore, if Hassett becomes the new Federal Reserve Chair, it is expected that he will advocate for faster rate cuts, potentially lowering the federal funds rate to below 3%, even approaching 1%, to stimulate economic growth and employment.
This is also what Trump wants to see.
Resuming QE (Quantitative Easing)
On December 1, the Federal Reserve officially ended its Quantitative Tightening (QT) policy, marking the end of the balance sheet reduction process that began in 2022. Although some believe that the effects may not be seen until early next year, the expectation of loose liquidity is gradually materializing.
Hassett may be more tolerant of inflation, seeing the 2% inflation target as a flexible upper limit rather than a strict anchor. The focus would be on employment and GDP growth, reducing the "gradual" decision-making based on data and shifting to a more proactive pro-growth intervention.
In September of this year, during an interview with Fox Business, Hassett stated that the U.S. is experiencing a supply-side boom, in an economy without real inflation, the current rates are hindering economic growth and job creation. He also mentioned that the U.S. is expected to achieve 4% GDP growth.
The viewpoint prioritizing economic growth over inflation control, making it expected for the Federal Reserve under Powell's leadership to restart QE.
Impact on Bitcoin
Every Federal Reserve Chair candidate, whether they directly address the crypto topic or not, will have a structural impact on the cryptocurrency industry. Powell has more than just a passing association with the industry – openly holding Coinbase stock worth millions and serving on Coinbase's advisory board.
Moreover, he participated in an internal White House working group on digital asset policy, pushing for regulatory frameworks that leave room for innovation and seeing crypto tech as a significant variable shaping future economic structures. He once stated that Bitcoin would "rewrite financial rules."
Powell's crypto background could reduce regulatory uncertainty, drive institutional adoption, and lead the Fed to explore crypto integration. This could enhance Bitcoin's legitimacy and liquidity, potentially propelling prices to new highs.
Many traders are bullish on the market post-Powell's appointment, believing that the bull market will start then, expecting this to happen by mid-next year, making the latter half of '26 a focal point for the crypto industry.
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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.
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