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WEEX Labs: Is the Super Bull Market Cycle Coming?
Source: WEEK
In the current bearish market sentiment, Prediction Markets have become a "safe haven for information" — traders are tired of the volatility brought on by selling pressure and are more eager to bet on event-driven certainty. Prediction Markets are taking over from Memes as a hot area for monetizing attention economics.
Prediction Markets: A Storm of Attention in a Downturn Market
The crypto market is currently in a downturn, and Prediction Markets, along with ZK and Perp DEX, are the few bright spots, with their common characteristic being a bet on the future narrative of crypto.
In particular, Prediction Markets are fueling a trillion-dollar narrative: in the past week, the total market nominal trading volume surged to $3.5 billion, weekly active users exceeded 290,000, and the open interest even approached the peak of $900 million from last year's bet on the U.S. election.
Figure 1 Source: https://dune.com/datadashboards/prediction-markets
This is no coincidence.
During the 2024 U.S. election, Polymarket's prediction accuracy far outperformed polls, with transaction volume skyrocketing from $62 million in May of that year to $2.1 billion in October — a growth of over 32 times. Even after the election, the momentum did not wane: on the Nobel Peace Prize announcement day, a single market traded over $21.40 million.
Compliance + Capital Driving Narrative Upgrade
The resurgence of Prediction Markets is once again driven by an influx of capital under relaxed regulations, propelling a narrative upgrade.
• Relaxed Regulations: Against the backdrop of the Trump administration's crypto-friendly policies, negative regulation is shifting towards cautious openness. The CFTC dropped its appeal against the prediction platform Kalshi's political event contracts, Polymarket was approved to operate as an intermediary market, and Kalshi claimed "legal betting in 50 states" under CFTC regulation.
• Capital Influx: ICE invested $2 billion in Polymarket, setting a record for the largest amount in crypto financing history, pushing the valuation to $9 billion; Kalshi recently raised $1 billion at an $11 billion valuation; Solana, BNB Chain, and others have also started supporting prediction products on their respective blockchains.
• Narrative Escalation: Predicting the market's narrative shift, which has brought more user engagement and dissemination. As Multicoin Capital's investment partner Eli Qiang mentioned, in addition to cash flow assets (such as stocks, bonds) and supply-demand assets (such as commodities, forex), the crypto prediction market has spawned "assets measured by attention," rather than binary options or gambling.
Figure 2 Source: https://news.kalshi.com/p/nationwide-poll-shows-broad-support-for-prediction-markets
Key Players to Watch
The landscape has begun to take shape, and due to space constraints, WEEX Labs will discuss several key platforms here.
Figure 3 Source: https://x.com/dylangbane/status/1969129269940142528
• @Polymarket—Polymarket is a veteran-level prediction platform founded in 2020, with total funding exceeding $2.2 billion, leading political and economic event markets. Polymarket supports USDC settlement and operates on the Polygon chain, with over 1.5 million users.
• @Kalshi—Kalshi emphasizes KYC and institutional-grade liquidity as a US-compliant prediction market founded in 2018, focusing on sports and macro events, integrated with Robinhood. If Polymarket is seen as similar to Tether, then Kalshi is more like Circle, but Kalshi's market share has begun to exceed Polymarket.
• @opinionlabsxyz—Opinion is an emerging prediction platform supported by YZi Labs, focusing on Eastern narratives such as celebrity trends, with current market share hovering in the top three.
• @trylimitless——Limitless is a high-frequency short-cycle forecasting platform, founded in 2023, with a total financing of $18M, operating on the Base and Arbitrum chains.
• @MyriadMarkets——Myriad is a social embedded platform based on Abstract L2, positioned as a low-threshold social prediction tool covering a diverse range of event topics.
• @soraoracle——In contrast to the user-facing prediction protocols mentioned above, Sora focuses on a developer-oriented oracle service, being the first multimodal AI agent oracle project for prediction markets on the BNB Chain. The protocol's governance token $SORA is also listed on the WEEX trading platform.
Summary
Prediction markets are not about gambling luck or trading memes, but about the collective intelligence's judgment and game theory on event pricing.
With Polymarket hinting at the launch of a token next year, the prediction market may usher in a wave of wealth creation through information asymmetry and insight monetization. We await eagerly.
This article is a contribution and does not represent the views of BlockBeats.
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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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