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The opening price is expected to drop by 75%, perhaps the first project to be rug pulled this year.
Trove once had a perfect narrative.
As a Perp DEX focused on collectibles and RWAs, Trove claimed to be able to transform illiquid "cultural assets," such as Pokémon cards, CSGO skins, and luxury watches, into tradable financial assets, providing collectors with a hedging venue.
However, in just ten days, the Trove team staged a farce through a series of jaw-dropping maneuvers. Along the way, they also emptied the pockets of onlookers.
Bait
In late October last year, Trove founder @unwisecap extolled the virtues of "Perp All Things" in several articles and announced that Trove would be built on HIP-3, teasing the community.
Over the following month, Trove successively announced partnerships with Kalshi and CARDS (Collector_Crypt), receiving official endorsement replies from both well-known projects (P.S. As of the time of writing, Kalshi has already completed a "severance" and deleted the reply under Trove's official tweet)
In mid-December, Trove announced a $20+ million acquisition of 500,000 HYPE tokens to meet HIP-3 integration requirements. This was followed by the launch of a testnet incentive plan, with platform trading volume surpassing $1 million within two weeks, everything was progressing as expected. Until...
Insider Trading Playbook
On January 6, Trove suddenly announced a $20 million FDV ICO, with the public sale adopting an "oversubscribed" model, offering priority allocation to token holders. Alongside a group of KOLs wearing the Trove badge engaging in concentrated promotion, Trove successfully raised $11.5 million, 4.6 times oversubscribed.
With less than two hours left until the ICO deadline, the Polymarket market on "Trove ICO Total Raise> $20M" had almost zero probability.
The climax then began. The team suddenly broke the rules, announcing a 5-day extension of the ICO to ensure fair distribution. The "YES" option on Polymarket instantly skyrocketed from the bottom to nearly 60%. Insider funds clearly acted swiftly; on-chain data showed that specific wallets precociously placed bets before the announcement and swiftly exited after the price surge.
Perhaps thinking that the liquidity of the prediction market was not enough to satisfy their appetite, amid community skepticism, the Trove team, in a surprising turn of events, staged a drama akin to "The Empty City Strategy": announcing a withdrawal of the extension decision and ending the ICO as originally planned.
Along with this announcement, the corresponding market immediately went to zero and settled. Polymarket data shows that some related wallets placed accurate bets before the news was made public and continued to profit in the subsequent reversal.
The Great Retreat
On January 17, Trove suddenly announced abandoning Hyperliquid and instead issuing tokens on Solana. For a project that had been fundraising under the banner of the Hyperliquid ecosystem, this was nothing short of a bolt from the blue.
At the same time, on-chain sleuths detected Trove's team utilizing a timed sell-off function, attempting to sell off half of their HYPE token holdings in 40 minutes.
Choosing to sell millions of dollars worth of tokens in 40 minutes during the weekend with the lowest liquidity, the Trove team was undeniably in a hurry.
Faced with questioning, the Trove team's explanation seemed feeble: "Investors were feeling nervous and decided to exit." However, on-chain transaction records show that these sell-off actions were carried out while the team was publicly denying "we are selling coins."
This stark inconsistency between words and actions completely shattered the community's trust threshold. As trust crumbled, more dark secrets were revealed.
Well-known on-chain detective ZachXBT revealed that the Trove team paid a marketing fee of up to $45,000 to @TJRTrades, directly deposited into this KOL's gambling website recharge address.
KOL @hrithikk stated that the Trove team not only provided generous marketing fees to KOLs but also privately offered ICO allocations with valuations as low as $8.5 million, at a discount of up to 60%, along with substantial airdrop rewards. Currently, Trove is still selling shares at a low price and has approached him over 5 times asking if he would invest in Trove.
Trove will conduct the TGE at 1:00 AM on January 20 Beijing time. Polymarket's market data shows that, based on the presale valuation, there is a 90% probability that the TROVE token will break the peg.
The good news is that this farce may not end with a simple "Soft Rug." Trove had previously claimed on its website to comply with the EU's MiCA regulation. Now, faced with false advertising and potential fraud allegations, outraged investors would be entirely justified in pursuing civil litigation under MiCA provisions.
The bad news is that chat screenshots disclosed by a KOL show that team members appear to be from Iran.
The Hyperliquid ecosystem is known for its strong community cohesion, but the atmosphere of trust has also provided fertile ground for scammers.
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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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