As Bullish Momentum Builds toward $100K Resistance Test, Bitcoin Breaks $99K

By: bitcoin ethereum news|2025/05/09 00:30:06

Key Takeaways: Reaching a high of $99,222.22, Bitcoin has crossed the $99,000 barrier for the first time since March. Gaining 2.70% in the last 24 hours, the rise follows almost three months of consolidation. Increased trading activity is driving optimism; hence market attention now shifts to the psychological $100,000 milestone. Rising beyond the $99,000 threshold , Bitcoin has rekindled investor hope and indicated fresh positive attitude throughout the whole cryptocurrency market. The breakout follows weeks of trading in a tight range and is a notable move that fits with several long-term projections foreseeing a sustained increase in value for the world’s greatest digital asset. Read More: Bitcoin Surges Above $91K As Corporate Holders, Crypto Miners, And Exchanges All See Strategy Shares Rise After Almost Three Months, Bitcoin Breaks Resistance Bitcoin hit a daily high of $99,222.22 in the early hours of May 8, its highest price since March. Reflecting a 2.70% increase in the last 24 hours, the present price hovers at $98,950. This action violates the long-standing resistance at $99,000—a level that has been tried many times over the last three months without success. Market activity has also been significantly increased by the unexpected upward surge. Indicating considerable interest and renewed involvement from both retail and institutional traders, over 17,400 BTC exchanged hands in the last 24 hours. Many see this increase as a possible lead-up to Bitcoin’s next key milestone: the $100,000 mark, therefore attitude has changed dramatically. A Return to Strength for the Crypto Market The return to the $99,000 zone indicates more than just a price milestone; it shows a bigger shift in confidence all over the bitcoin market. People are more likely to believe that Bitcoin will continue to grow in the long term because it has been able to withstand market doubt and current financial limitations. In the past few weeks, Bitcoin has helped calm the global market down by easing worries about things like international tensions, changing interest rate predictions, and strict policies from central banks. Despite these obstacles, BTC has been strong; this most recent price change confirms its role as a digital repository of wealth during troubled time. Read More: Amid Renewed Market Optimism, Bitcoin Surpasses Google to Be the Fifth-Largest Global Asset Everyone watching the $100K Milestone For Bitcoin, crossing the $100,000 barrier has long been both a psychological and symbolic event. Although the asset came near in the past, especially during bullish runs in 2021 and early 2024, it has never been able to keep a price above that level. This latest increase gets the market closer than ever to that prospect. Whether BTC can keep its momentum and question this important milestone is presently of great investor emphasis. With the possibility to draw further inflows from institutions and high-net-worth people, a successful break over $100K might indicate the beginning of a new phase in the present cycle. Though mood is generally good, market watchers are already predicting more volatility as the price reaches this important point. Market Sentiment and Broader Impact Major altcoins are also gaining pace since the larger Bitcoin market has reacted favorably to its recent rise beyond $99,000. Reflecting rising investor confidence and more exchange trade, Ethereum (ETH) has risen to almost $1,929. Solana (SOL), on the other hand, has followed suit and is now at $152, indicating a return of positive attitude in the altcoin sector. These increases draw attention to how Bitcoin’s upward motion keeps increasing liquidity and trade volumes for other large-cap cryptocurrencies as well. This breakout occurs at a time when Bitcoin institutional interest is rising. Consistent flows into crypto-related exchange-traded products have been recorded in recent months, and more evidence suggests major financial companies are positioning themselves in front of a potential breakout above $100,000. These changes have particularly boosted trust among long-term investors who view BTC’s restricted quantity and distributed character as major benefits in an unpredictable financial environment. Increasing Confidence Among Long-Term Holders Even when prices near historical highs, long-term Bitcoin holders’ selling activity has not significantly increased. On-chain data indicates that many long-term investors are sticking fast, indicating that trust in Bitcoin’s long-term path still strong. This conduct also reduces market downward pressure, hence enabling more natural price changes less influenced by short-term speculation. This present momentum supports the view that Bitcoin is maturing as an asset class. Source: https://www.cryptoninjas.net/news/as-bullish-momentum-builds-toward-100k-resistance-test-bitcoin-breaks-99k/

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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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:

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

Operating Costs and Expenses

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

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.

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.