Cango shares fell from about $4.50 in October to around $0.68, declining more than 84% over six months amid losses and restructuring. Bitcoin mining firm Cango Inc. reported a net loss of $285 million in the fourth quarter of 2025, as impairment charges, fair-value losses and higher mining costs outweighed revenue from its expanding Bitcoin mining business. In its earnings report published Monday, Cango said fourth-quarter revenue reached $179.5 million, including $172.4 million from Bitcoin mining, while total operating costs and expenses rose to $456.0 million. The losses were driven in part by an $81.4 million impairment on mining machines and a $171.4 million loss tied to changes in the fair value of Bitcoin (BTC)-collateralized receivables. The company also reported higher production costs, with all-in mining expenses rising to $106,251 per BTC in the quarter. Read more
Stablecoins are emerging as cheaper alternatives to costly legacy FX rails, but off-ramps such as bank account access add significant friction, according to Delphi Digital. Stablecoins are gaining traction in high-cost cross-border payment corridors in emerging markets as they reduce some of the inefficiencies of legacy foreign exchange (FX) infrastructure, according to research firm Delphi Digital. Stablecoins are emerging as the cheapest way to move US dollars in emerging economies due to the high costs of legacy FX corridors, which can reach up to 8% in combined fees when sending money to Argentina or Nigeria. Delphi said in a Monday article on X that 81% of the cost in those corridors comes from servicing the underlying banking infrastructure, which it argues gives stablecoin rails a structural advantage. Read more
Bitcoin adoption is surging across institutions, banks and corporations, but the price tells a different story. What explains the divergence? Bitcoin’s price reflects short-term marginal buying and selling, while adoption reflects long-term structural shifts. Ownership expansion, institutional integration and merchant growth can accelerate even when the market price remains flat or declines. In 2025, Bitcoin expanded significantly across institutions, banks, corporations, merchants and sovereign entities. These shifts represent deeper entrenchment within global financial systems, even as headline price performance appeared underwhelming. Institutions accumulated substantial amounts of Bitcoin, but much of this demand was offset by distribution from long-term holders. As supply changes hands between cohorts, price may consolidate instead of surge. Read more
Crypto’s push into institutional adoption is forcing DAOs to choose between maintaining decentralization and business deals. Decentralized autonomous organizations (DAOs) were built on an ideological premise that is now running up against the realities of running a business, where decentralization collides with the need for legal ownership and control. On March 11, DAO Across Protocol made a controversial proposal to transition to a private company through a token-to-equity exchange buyout. Risk Labs, the team behind Across (ACX), said that the token and DAO structure “materially” impacted its ability to close deals with enterprises and institutions. The industry reaction has been split. Decentralized finance (DeFi) researcher Ignas called it a “huge failure of crypto.” Read more