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ABCDE: Why we invested in Perena
Original source: ABCDE
TLDR
The stablecoin market is growing at an astonishing rate, but it also faces the problems of centralization and decentralized liquidity; Perena is systematically building key infrastructure for stablecoins to help stablecoins move from innovation in encryption technology to mainstream financial applications; the Perena team has been deeply involved in stablecoins for many years and has first-class product capabilities and rich corporate resources; Perena is committed to building a more usable, liquid and profitable stablecoin infrastructure to promote the large-scale popularization of stablecoin applications in the future.
Stablecoin Market
2024 can be said to be the year of the outbreak of stablecoins. According to DefiLlama data, the total market value of stablecoins has exceeded 200 billion US dollars, of which USDT has hit a record high of 139 billion US dollars, and the market value of USDC issued by Circle has reached 41 billion US dollars. The continued growth of the market is not accidental. We believe that there are two main driving forces behind this: 1. Institutional application scenarios of stablecoins, such as large-scale remittances and payments; 2. As a financial instrument that can generate income, stablecoins show unique value potential. This trend makes us more convinced that stablecoins will play an increasingly important role in the future and also put forward higher requirements for infrastructure. 
Source: DefiLlama The battle of stablecoins: new digital currencies are on the rise In fact, the prosperity of the stablecoin market has been brewing for many years. From BUSD (Binance Dollar), PYUSD (PayPal Dollar) to the recently launched RLUSD (Liquidity's yield-based stablecoin), more and more institutions are issuing their own stablecoins. As mentioned above, stablecoins are not just simple payment currencies, they are becoming "the new currency of the digital world", injecting unprecedented liquidity into the crypto market.
But as more and more institutions issue different types of stablecoins, we see a clear liquidity split. At present, we urgently need a strong infrastructure to support its exchange and provide liquidity.
"The biggest problem in the current stablecoin market is that we have many stablecoins, but there is no unified infrastructure to collaborate efficiently. Perena is filling the missing link." Perena co-founder Anna said.
Perena has built a powerful stablecoin platform to manage stablecoin liquidity, manage risk, and integrate new programmable money.
Numéraire: Perena’s first product
In addition to the huge potential of the market, a key reason for our investment in Perena is the team’s strong execution. In just a few months, Perena has launched its first product, Numéraire, a multi-asset stablecoin swap protocol. The core feature of the platform is the multi-stablecoin liquidity pool, which further improves the capital efficiency and liquidity of the stablecoin market by aggregating multiple stablecoins into a fungible, liquid token such as USD*. USD* is essentially a LP token (and a stablecoin itself) of a stable pool composed of a basket of stablecoins, including Tether, Circle, and PayPal USD in the AMM pool. Users can experience smooth stablecoin exchanges on Numéraire, or become liquidity providers (LPs) to earn returns; for stablecoin issuers, a basket of stablecoin pools further solves the problem of stablecoin liquidity fragmentation in the market while reducing issuance risks.
This comprehensive and innovative design solves the current systemic problems of stablecoins and lays the foundation for the future trillion-dollar decentralized financial system.
Source: Perena Website
Product link: https://perena.org/
Team Introduction
Behind the success of a product, there is an excellent team. We believe that an excellent entrepreneur needs to have ambition, clear goals, and fast execution. And Anna is undoubtedly the best candidate to develop stablecoin products. As the co-founder of Perena, Anna served as the head of stablecoins at Solana, helping to double the issuance of stablecoins on Solana to $3.6 billion, while promoting the native issuance of multiple non-USD stablecoins. Her industry experience and keen insights have earned her recognition from many heavyweight supporters, including Solana co-founders Anatoly Yakovenko and Raj Gokal. We believe that under her leadership, the Perena team will be able to promote continuous innovation in stablecoin infrastructure and lead the future development of the industry.
Written in the end…
The regulatory environment in the United States will become clearer after Trump takes office, and traditional financial giants (such as Goldman Sachs) will also enter the market. The stablecoin market may double to $400 billion in 2025.
This not only proves the huge potential of the market, but also makes us more confident in Perena's future.
We firmly believe that 2025 will be a year for stablecoins to shine, and it will also be a new year for Perena to set sail and lead the trend.
About Perena
Perena aims to systematically build key infrastructure for the development of stablecoins, helping stablecoins move from crypto innovation to mainstream financial tracks. The team's mission is to make stablecoins easier to use, more liquid, and create more benefits for large-scale popularization!
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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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