Babylon Genesis Officially Launched: Built on Bitcoin as the Security Foundation, Connecting the Decentralized World

By: blockbeats|2025/04/10 21:00:02

The world's first Bitcoin-backed L1 blockchain Babylon Genesis officially launched today, marking a historic milestone in Bitcoin's utility. This launch establishes the Babylon Bitcoin Staking Protocol as a core component of the Bitcoin infrastructure layer, making it not only the most revolutionary staking solution in the Web3 ecosystem but also transforming idle Bitcoin into a foundational pillar of the decentralized economy, unlocking its full potential value.

The Babylon protocol innovatively addresses the two core long-standing challenges in the decentralized ecosystem: the potential of idle Bitcoin assets and the Web3 world's need for security, liquidity, and active users. Through the groundbreaking Bitcoin staking protocol, Bitcoin holders can now securely stake their assets to provide security and liquidity support to other decentralized networks while earning rewards, all without relinquishing their self-custody of Bitcoin. This mechanism successfully channels the value and user base accumulated by Bitcoin through mainstream adoption into other decentralized systems, not only promoting deep integration in the decentralized world but also accelerating the ecosystem's path to mainstream applications.

Phase One Data: Over 57,000 BTC have participated in staking through the Babylon protocol, showcasing the strong momentum of the Bitcoin ecosystem. Leading cryptocurrency custodian BitGo (top three in the industry) recently announced its support for BTC staking and custody services for the Babylon Genesis native token BABY. Another top-tier institutional custody platform, Anchorage Digital, has also committed to providing BTC staking support through the Babylon Bitcoin staking protocol.

Furthermore, leading wallet providers such as Binance Wallet, OKX Wallet, UniSat, and Xverse will support Bitcoin staking from day one.

Babylon Genesis marks the successful completion of the second phase in the three-stage launch plan and introduces Bitcoin's security capabilities to a broader blockchain ecosystem. The blockchain will serve three core functions:

· First Bitcoin-Backed Network (BSN):

By leveraging Bitcoin staking and timestamp technology, it effectively harnesses the security of the Bitcoin network. The Bitcoin timestamp not only defends against long-range attacks but also significantly shortens the unstaking period (around 50 hours for BABY unstaking, around 7 days for Bitcoin unstaking).

· Control Plane:

Coordinates the interaction of other Bitcoin-backed networks (BSN) with the Bitcoin mainnet, enabling them to access Bitcoin's security protection system and liquidity resources at minimal integration costs.

· Liquidity Hub:

Safely custodying Bitcoin liquidity through on-chain applications.

With its outstanding interoperability, significant benefits to decentralized networks, and convenient integration features, Babylon's Bitcoin integration solution has successfully attracted many well-known networks to join the Bitcoin-protected Network (BSN) ecosystem. Protocols such as Osmosis, TAC, BOB, and Corn have all committed to deploying the BSN solution.

Babylon Genesis also supports a rich on-chain decentralized application ecosystem, including:

· Tower: A decentralized exchange (DEX) built for the BTCFi ecosystem

· Satlayer: Bitcoin re-collateralization infrastructure

· Escher: BABY Liquidity Staking Token (LST) protocol designed for DeFi

· Milkyway: A modular BABY staking portal supporting liquidity staking and re-collateralization

Babylon Genesis is driven by a sound tokenomics model. It features an 8% annual inflation rate, with half allocated to Bitcoin stakers and the other half to BABY token stakers. The token distribution focuses on long-term development. Tokens held by investors, team, and advisors have a 4-year unlocking period, with tokens not allowed to be staked in the first year.

In addition to the BSN and wallet providers that have committed to supporting Babylon Genesis and the Babylon Bitcoin Staking Protocol, the Babylon ecosystem is rolling out a strong lineup consisting of over 15 leading Liquidity Staking Tokens (LST) such as Lombard, Solv, Pump, and Bedrock, and over 250 Finality Providers (FP) such as P2P, Kiln, Chorus One, Figment, and Galaxy to help drive adoption and liquidity from inception.

Fisher Yu, co-founder of the Babylon project, stated: "Bitcoin has always been the gold standard of security, but until today, this security has been limited to Bitcoin itself. Through Babylon Genesis, we are transforming Bitcoin from idle assets to active, income-generating cornerstones of the digital economy. This is the first time Bitcoin's unparalleled security resource has been securely connected to the wider blockchain ecosystem, providing shared security, liquidity, and utility without compromising self-custody. This release marks a key moment—Bitcoin's economic influence has for the first time transcended the boundaries of its own chain."

About Babylon Labs

Babylon Labs is focused on developing a Bitcoin security sharing protocol, with a vision to build a decentralized world secured by Bitcoin. Its latest software development achievement is the world's first trustless and self-custodial Bitcoin staking protocol. This protocol enables Bitcoin holders to stake their BTC on other decentralized systems such as Proof of Stake chains, Layer 2 networks, Data Availability layers, etc., allowing stakers to earn rewards without the need for third-party custody, cross-chain bridge solutions, or wrapping services. The grander vision is to combine Bitcoin's high security and widespread adoption with the efficiency and scalability of Proof of Stake systems to enhance Bitcoin's utility.

This article is a contributed piece and does not represent the views of BlockBeats.

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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