Trump's Tariff "U-turn": Nasdaq Surges Over 10%, Crypto Market Reacts Positively

By: blockbeats|2025/04/10 12:15:02

Original Article Title: "Trump Plays 'Tariff Magic,' Sending Global Markets into a Spin"

Original Article Author: Mary Liu, via BitpushNews

U.S. President Trump suddenly announced the suspension of retaliatory tariffs against non-retaliatory countries on April 9 local time, this "about-face" not only caught Wall Street analysts off guard, but also triggered a storm in the global capital markets.

Trump's Tariff

Global Market Sees Retaliatory Rebound

A policy shift stimulated a collective rebound in global risk assets. The cryptocurrency market reacted most fiercely, with the price of Bitcoin soaring 8% within an hour of the announcement, briefly surpassing the $83,000 mark. Other major coins saw even greater rebounds, with XRP and Solana both rising over 11%.

The traditional financial markets also saw a long-awaited celebration. The S&P 500 index surged 9.5% in a single day, marking its largest one-day gain since the 2008 financial crisis. The Dow Jones Industrial Average and the Nasdaq Composite Index also rose by 8.2% and 10.1%, respectively. Cryptocurrency-related stocks performed particularly well, with Coinbase's stock price soaring 17% and MicroStrategy surging 24%.

Over the past two weeks, Trump has been sticking to a hardline stance, and the rapid shift was unexpected. This indicates that Trump's policy "flexibility" far exceeds market expectations, reflecting the extreme sensitivity of global capital to Trump's trade policy changes.

Analysts Revise Reports Overnight

This dramatic change caught many Wall Street analysts off guard, forcing them to revise their research reports overnight. Goldman Sachs made an emergency adjustment to its economic forecast within just one hour, reducing the probability of a U.S. economic recession in the next 12 months from 65% to 45%, setting a record for the fastest correction on Wall Street.

Jan Hatzius, Chief Economist at Goldman Sachs, explained in the updated report: "Our previous recession forecast was based on the assumption of comprehensive tariff increases, but the policy environment has now changed." However, the bank remains cautious, forecasting that U.S. GDP growth may slow to 0.5% by 2025.

Mixed Reactions on Wall Street

Wall Street quickly formed two distinct camps in response. Bill Ackman, the head of Pershing Square Capital, issued three consecutive tweets praising this decision as a "textbook case of modern trade negotiations." This usually cautious hedge fund giant rarely shows optimism, and his funds have hurriedly increased their positions in industrial stocks by $1.2 billion.

However, "Bond King" Bill Gross holds a starkly different view, warning in an investment memo: "When market swings become a derivative of the president's mood, we are essentially trading the 'Trump put.' This is directly reflected in market data: Goldman Sachs has observed hedge funds frenetically buying volatility derivatives for hedging purposes."

Ben Kurland, CEO of the cryptocurrency research platform DYOR, analyzed: "Trump's 90-day tariff pause is a strategic breather—he has temporarily eased short-term market pressure without relinquishing any bargaining chips, clearly illustrating his transactional, not ideological, approach. This move has calmed investors' anxieties, provided a temporary sense of stability to businesses, but the time frame is not long enough to prompt a genuine supply chain shift or investment decisions."

Market analysts are reminding investors to stay vigilant. Grayscale's Head of Research, Zach Pandl, pointed out: "Short-term volatility cannot mask structural risks, fundamental issues such as a weakened dollar, high inflation, and supply chain restructuring remain unresolved."

Morgan Stanley's monitoring data shows that institutional investors are adjusting their portfolio structures, allocating more funds to safe-haven assets such as gold, U.S. Treasury bonds, indicating a defensive posture, signaling that professional investors are cautious about the future.

Original Article Link

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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