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OKX Makes Web3 Debut at "2025 Hong Kong Web3 Carnival" to Explore the On-chain Future with Thousands of Users
Source: OKX
Once again, it is the April season, reuniting in Hong Kong, reconnecting at the Web3 Carnival.
The "2025 Hong Kong Web3 Carnival" attracted over 50,000 offline attendees, gathered over 400 speakers, showcased over 200 exhibition projects, and hosted over 200 peripheral events.
At the summit venue, passing through the crowded entrance, the OKX Web3 booth was the first to catch the eye, with a black color scheme complemented by neon lights, outlining a strong atmosphere of future technology. The reception area was bustling, with items such as bags, T-shirts, hats, water bottles, notebooks neatly displayed. Everyone enthusiastically participated in the interaction, vying to win prizes. The interactive area had a long line in the front row, where exhibition attendees experienced wallet functions while exchanging insights with staff, with each click and signature feeling like touching the real boundary of Web3. Especially the "Snap a Selfie" game area, which almost became the most active check-in point at the event.
As the title sponsor of this summit and the exclusive partner for NFT ticket issuance, the presentation of OKX Web3 is not just about the booth but also about the contemplation and expression of the industry's future.
On the first day of the summit, OKX President Hong was invited to the main venue to deliver the keynote speech "Learning to Lead Responsibly in Innovation," sharing how OKX Web3 leads innovation responsibly. She emphasized that OKX Web3 does not seek to be number one this year, does not seek to be ranked first in a specific market, and does not seek to make money in a particular month or year. What OKX Web3 wants is to engage in the industry in the long term, build a sustainable and constructive infrastructure, contribute positively, and bring value to participants.
OKX Chief Global Officer Lennix was invited to participate in the roundtable forums on "Crypto Infrastructure: Present and Future" and "Bitcoin as the Next Global Reserve Asset," discussing topics such as L1 ecosystem expansion and reshaping the Bitcoin narrative, addressing industry expectations and proposing far-reaching ideas.
Lennix stated in the discussion, "The product development of the OKX Web3 Wallet is based on two core principles: first, we believe that true self-custody will become mainstream in the future, and second, we are deeply embedded in a multi-chain ecosystem. In fact, we have been very successful in terms of product because we have invested hundreds of engineers focusing on product refinement and technological innovation." Furthermore, Lennix pointed out that the OKX Web3 Wallet's product positioning differs from other wallets, as it always adheres to true decentralized infrastructure on one hand and also highly respects and responds to global regulatory expectations and requirements on the other hand. This is the unique challenge that the OKX Web3 Wallet faces, and it is also our strength.
On the first day of the summit, the "OKX Web3 Night" event was successfully held with a lively atmosphere, gathering over a thousand industry elites and KOLs. This event was co-hosted by Sei Network, with strong support from partners such as Particle Network and Haedal Protocol. Even the unique skyline formed by high-rise buildings and mountains lent a different charm to this grand event. Hong Kong, a city that combines a sense of history and futurism, where financial rationality coexists with street culture's freedom, aptly demonstrates the ideal stage of Web3: inclusive of innovation while adhering to the rule of law and order, like an explorer constantly broadening perspectives.
The entire venue was filled with a strong sense of technology and the future: a dance performance by astronauts and robots together provided a powerful visual impact, while the exciting performances of two rappers and a DJ on the outdoor stage elevated the atmosphere to a climax. On this night, as everyone shared their insights and experiences, they also continued to gain new perspectives, enriching their journey through Web3.
This Hong Kong Web3 Carnival was a comprehensive, immersive brand showcase of OKX Web3. In a space full of futuristic imagination, OKX Web3 not only set up booths but also built a bridge of trust between users and the Web3 world.
OKX Web3 is not just a product presentation but a multidimensional connection between technology, viewpoints, experience, and users. Standing amidst the high-rise buildings of the city of Hong Kong, what we see is not just the present of Web3 but how it is perceived, understood, and constructed in the real world.
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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