Market sentiment improves supporting US stock markets

By: bitcoin ethereum news|2025/05/15 00:15:05

US equities markets rose since our last report as all three major equities indexes S&P 500, Dow Jones and Nasdaq moved to higher grounds, albeit with slight variations. In today’s report we are to examine fundamentals which may have affected US equities, have a look at a couple of companies which we found especially interesting and conclude the report with a technical analysis of S&P 500’s daily chart. US-Sino trade deal lifts stocks The most intense upward movement of US stockmarkets since our last report occured on Monday. The main catalyst behind it was the announcement of the US-Sino trade deal. Negotiations between the US and China over the weekend, which we had noted in last week’s report, proved to be productive, according to statements from both sides, including comments by US secretary Bessent and China’s Vice Premier He Lifeng. The deal includes a substantial lowering of tariffs which the two countries have imposed on each other’s goods and is to be in effect for 90 days. The deal tends to resemble something like a trade war ceasefire, which is to give diplomacy a chance to find a solution on the problem. Any further indications of thawing of US-Sino trade tensions could enhance the bullish effect on US stock markets, as it would be easing market worries intensifying the risk on orientation of the market. April’s US CPI rates had little effect on US stock markets The release of April’s US CPI rates yesterday, left stock market traders widely unimpressed yet caused substantial headlines. The core rate remained unchanged at 2.8%yy as was expected yet the headline rate unexpectedly slowed marginally as it reached 2.3%yy. Despite headlines in the media mentioning a downward surprise by the release citing also a marginal slow down on a month on month level, we tend to see a rather muted release, with rates implying a possible persistence of inflationary pressures in the US economy. It’s characteristic that before the release the market expected the Fed to deliver another two rate cuts until the end of the year, yet Fed Fund Futures currently imply that the market readjusted its position towards the hawkish side and is now expecting only one more rate cut before ethe year ends. Should we see Fed policymakers intensifying their doubts for the necessity of extensive rate cuts, we may see their stance weighing on US stock markets as the market’s anticipation for an easing of the Fed’s tight monetary policy may be even further lowered. News for Nvidia and Volkswagen NVIDIA’s share price is rallying in the premarket hours, with the rise being fuelled by a deal with Saudi Arabian company Humain. NVIDIA is reportedly to provide 18000 of its most advanced chips to the Saudi company. Also the company seems to be currently enjoying a preferred status from US President Trump, as Trump praised NVIDIA CEO Huang in contrast to Apple CEO Cook. For the time being we tend to see the case for the bullish outlook of NVIDIA’s share price to be maintained. On the flip side, German automaker Volkswagen seems to be caught between conflicting fundamentals. On the one hand the company’s CFO stated to the FT that the historic restructuring of the company may not be enough, citing a “huge risk [that] complacency kicks in again”, which does not pose well for the company. On the other hand the news that China has released has issued first rare earth magnet export permits with Volkswagen suppliers being on the list, is cite as a substantial positive for the company’s share price, as it opens the way for the production of electric vehicles. At this point we note that the company’s confidence for the ID7 EV seems unstoppable. Despite the correction lower today of VW’s share price, we tend to maintain our bullish outlook for the German automaker. Technical analysis US500 daily chart Support: 5710 (S1), 5520 (S2), 5345 (S3). Resistance: 5900 (R1), 6140 (R2), 6400 (R3). S&P 500 rallied over the past week in a continues upward motion and is currently testing the 5900 (R1) resistance line. We tend to maintain our bullish outlook for the index as long as its price action remains above the upward trendline guiding the index since the 4 th of April. The RSI indicator has been nearing the reading of 70, also implying a strong bullish sentiment for the index, yet S&P 500 may be nearing overbought levels, yet for such a comment to come into effect, the RSI indicator has to breach above the reading of 70. Should the bulls maintain control over the index as expected, we may see it breaking the 5900 (R1) resistance line and start aiming for the all-time high level marked by the 6140 (R2) resistance barrier. Should the bears find a chance and take over, we may see the index reversing course, initially breaking the prementioned upward trendline in a first signal that the upward motion has been interrupted and continue to break the 5710 (S1) support line with the next possible target for the bears being set at the 5520 (S2) support level. Source: https://www.fxstreet.com/news/equities-market-sentiment-improves-supporting-us-stock-markets-202505141150

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 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.