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Binance Launches New Round of Voting, Off-Exchange Vote Manipulation Reaches New Heights
Original Article Title: "Binance Launches New Coin Listing Vote, Off-Exchange Vote Manipulation on the Rise"
Original Article Author: Asher, Odaily Planet Daily
Binance Initiates Second Round of Coin Listing Vote
Listed Tokens and Market Cap Overview
According to official sources, Binance has started the second round of its coin listing vote, which will last until April 10. Users can participate in the vote at Binance Square, and the winning project will be listed for spot trading after review. The candidate tokens include: VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, PLUME, totaling 12 popular crypto projects.
Unlike the first round where most candidate tokens were meme projects and all were BNB Chain ecosystem tokens, the projects in this round cover various tracks such as AI, DeFi, infrastructure, RWA, etc. This may indicate that the coin listing vote mechanism will become a regular listing method for Binance. As of the time of writing, according to on-chain data, the second-round candidate tokens' unit price, circulating market cap, and total market cap are as shown in the table below:
Second Round Candidate Token Secondary Data Overview
It is not difficult to notice that compared to the first-round coin listing vote, the market caps of the candidate tokens in this round are generally higher. Among them, ONDO has a current circulating market cap of up to 2.4 billion USD, ranking first among all candidate tokens; even the lowest market cap token, BIGTIME, has exceeded 100 million USD. This also indirectly indicates that in this round of voting, Binance is more inclined to choose mid-sized projects with a certain market foundation and user consensus, in order to further increase the attention and competitiveness of the listing event.
How to Participate
As long as you meet the criteria of holding at least 0.01 BNB, any real user can participate. The specific process to participate in the vote is simple. First, go to the Binance "News" section and find "Square." Then, locate the Binance Square Official account and find "Vote" in the pinned content. Finally, choose your favorite project from the 12 second-round projects to vote for. The specific steps are shown in the image below.
Binance Voting Process Diagram
Binance's Inaugural Coin Listing Vote Event Review
According to the officially released information, in Binance's first round of voting, BANANAS31 (19.4%) and WHY (18.8%) ranked first and second, respectively. However, unexpectedly, WHY did not appear in the final list of projects to be listed. Instead, Binance listed four projects in one go: MUBARAK, BROCCOLI 714, TUT, and BANANAS31, which exceeded the expectations of most users.
From the perspective of price trends, constrained by the overall market downturn, lack of liquidity, and a lack of strong narrative support, the projects listed on Binance did not bring a significant "wealth effect." Among them, the Meme project MUBARAK, which was most popular during the voting stage, saw a price decline instead of a rise after listing, continuing to weaken.
So, after the conclusion of the second round of coin listing voting event on April 10, will Binance continue the practice of the first round by finally listing four projects, or will it make adjustments based on this round's situation? This remains to be seen. In addition, what will be the relationship between the listed tokens and the voting rankings? Odaily Planet Daily will continue to follow up and bring the latest reports.
Off-platform Vote Manipulation Heat Surpasses the First Round
Despite the less-than-satisfactory short-term performance of the tokens listed in the first round in the market, the listing of projects on Binance's spot trading is still widely regarded as a strong endorsement and liquidity boost. Once the market heats up, the potential for gains is considerable. It is precisely because of this that, despite the current overall cold market sentiment, the coin listing voting process still attracts a lot of attention, with continuous activities around "vote manipulation."
The heat of this round's voting even surpassed the first round. According to feedback from many off-platform trading users, the demand for voting in this round has significantly increased, and the market price for "receiving votes" has also surged—while the prices mostly stayed around $5 in the first round, they have generally risen to $7 in this round, and if votes are sold in bulk, the price can even reach $7.5 or higher.
Off-platform Vote Receiving Situation
In addition, the three projects IP, ATH, and SAFE not only received a lot of endorsements from KOLs in the community media but also saw exceptionally strong off-platform "vote-receiving" demand.
Coin Listing Voting's "Governance Experiment" Is Still in the Exploratory Stage
Finally, let us look forward to the future direction of Binance's coin listing voting mechanism, which may present three completely different scenarios.
The ideal scenario is for community members to vote based on true consensus, driving genuinely promising projects to stand out; at the same time, the platform's anti-cheating mechanism comes into play, effectively curbing fraudulent voting behavior, thus creating a governance paradigm that the industry can learn from.
However, in a more pessimistic scenario, whales manipulate the voting results, inadvertently putting low-quality projects in the spotlight on the trading platform; some speculators may even profit by shorting all candidate projects, thereby triggering a massive drop in the market capitalization of mid- and small-cap tokens, disrupting the market order.
What is more likely to occur is a complex and ambiguous middle ground: although occasionally able to select promising high-quality projects, fraudulent activities such as voting manipulation still occur from time to time, prompting Binance to continuously revise mechanisms and optimize rules to maintain the credibility and participation of the voting process.
Overall, this listing voting "self-governance experiment" is still in the exploration stage, and its success or failure will directly impact Binance's degree of openness in the listing mechanism and community participation model.
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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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