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Babylon Bitcoin Staking Protocol Launches Cap-3 After TVL Breaks $2 Billion Milestone
Babylon Labs (Babylon Labs), dedicated to developing native use cases for Bitcoin, including Bitcoin’s largest staking protocol with over $2 billion in total value locked (TVL), will launch the first phase of its mainnet, Cap-3, to further expand its staking capacity. Following Cap-2’s 10 Bitcoin block window of 23,857 BTC (approximately $2 billion at today’s prices), the newly launched Cap-3 will open a staking window that will last for 1,000 Bitcoin blocks. The launch of Cap-3 allows the Babylon protocol to continue to solidify its position as the largest and most influential staking solution in the Bitcoin ecosystem.
In this new staking window, institutional and individual participants can access Bitcoin staking through the industry’s leading platform. Anchorage Digital, a leading digital asset platform known for its institutional-grade services, will support Bitcoin staking access on Cap-3, further expanding institutional participation in Babylon's growing ecosystem. Sui, the first smart contract platform built on a Layer-1 blockchain, will also participate in Cap-3, inviting Bitcoin holders to stake Bitcoin on the Sui network, unlocking Bitcoin's $1.8 trillion in liquidity. In addition, well-known institutional wallet and custody providers have integrated with the Babylon protocol, further enhancing institutional access to Cap-3 Bitcoin staking. Other participating platforms include Binance, the first centralized exchange to offer Babylon Bitcoin staking through Binance Earn; Leap Wallet, the first Cosmos wallet to support Bitcoin staking, Onekey Hardware Wallet (Pro Edition), Unisat, and Gate Web3.
The Babylon Bitcoin Staking Protocol provides a secure service marketplace that connects Bitcoin holders who offer staking assets with PoS chains and Rollups seeking Bitcoin security. On the supply side, Bitcoin holders pledge their assets to the Babylon Bitcoin staking protocol, with the total locked value (TVL) now exceeding $2 billion; on the demand side, PoS chains and Rollups are integrating with the Babylon protocol to meet their security needs. As a result, PoS systems and Rollups will be able to leverage Babylon's scalable staking capabilities to unlock the value of the idle and unencumbered $1 trillion-plus Bitcoin ecosystem.
Babylon Labs CTO Fisher Yu said: "Babylon is Bitcoin's largest staking protocol, building on the milestone of Bitcoin stakers and institutional service providers breaking through the $2 billion total locked value (TVL), further expanding the participation opportunities for institutional and individual participants. The latest stage strengthens Babylon's role in unlocking untapped value within Bitcoin's trillion-dollar ecosystem, while advancing our vision of creating Bitcoin-native application scenarios and expanding Bitcoin's utility and influence."
Nathan McCauley, CEO and co-founder of Anchorage Digital, said: "Protocols like Babylon are opening up new ways for institutions to participate in the Bitcoin ecosystem. By partnering with Babylon to launch Cap-3, Anchorage Digital is enabling institutions to safely participate in Bitcoin staking, meeting their needs for security and assurance. We are honored to work with crypto innovators like Babylon as part of our commitment to simplify institutional access to decentralized finance (DeFi).
Jameel Khalfan, Global Ecosystem Lead at Sui Foundation, said: "Bitcoin is here to stay and its utility is now available to participants on the Sui network. We are excited to work with Babylon to bring new staking innovations between Bitcoin and Sui's powerful network to users."
Jeff Li, Vice President of Product at Binance, said: "With the launch of Babylon Bitcoin staking, Binance provides users with a seamless and efficient on-chain Bitcoin staking channel. By partnering with Babylon "By integrating Babylon's protocol, we are enabling users to easily participate in Bitcoin staking while also helping to grow the Bitcoin staking ecosystem. This collaboration reflects our mission to simplify access to decentralized finance and sustainable yield solutions."
"As Babylon's largest liquidity staking partner, we have witnessed first-hand the strong demand from individual and institutional participants to do more with Bitcoin. Babylon's expanded staking capacity enables more Bitcoin to enter the ecosystem as a productive asset, providing Bitcoin holders with the opportunity to earn staking rewards and participate in decentralized finance (DeFi) through LBTC, while ensuring that security is not compromised."
For more information on the first phase of the Babylon Bitcoin Staking Protocol Mainnet Cap-3, please follow @babylonlabs_io on the X platform. You can also visit our website.
About Babylon
Babylon is a project that designs Bitcoin security sharing protocols to build a decentralized world secured by Bitcoin. Its latest development is the world's first trustless and self-custodial Bitcoin staking protocol, which allows Bitcoin holders to stake their Bitcoin on Proof of Stake (PoS) systems (such as PoS chains, L2, Data Availability (DA) layers, etc.), enabling them to earn returns without the need for third-party custody, cross-chain bridges, or packaging services. Babylon's approach combines the high security and widespread adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing the practicality of Bitcoin. Babylon was founded in 2022 by Stanford University Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the US Academy of Engineering and is known for inventing the legendary proportional fairness scheduling algorithm. Babylon is led by a team of consensus protocol researchers and experienced L1 blockchain engineers from around the world.
For more information about Babylon Labs, please visit:
Official | Twitter | Discord | Linkedin
About Anchorage Digital
Anchorage Digital is a crypto platform designed to enable institutional participation in digital assets through custody, staking, trading, governance, settlement, and industry-leading security infrastructure. Anchorage Digital is the only federally licensed crypto bank in the United States. As the parent company of Anchorage Digital Bank N.A., Anchorage Digital also serves institutions through Anchorage Digital Singapore, Porto by Anchorage Digital, and more.
The company is backed by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, and was valued at over $3 billion in its Series D round. Founded in 2017, Anchorage Digital is headquartered in San Francisco, California, with offices in New York, Porto, Portugal, Singapore, and Sioux Falls, South Dakota.
For more information, visit anchorage.com, follow @Anchorage on X, or check out Anchorage on LinkedIn.
About Sui
Sui is a unique Layer 1 blockchain and smart contract platform designed from the ground up to make ownership of digital assets fast, private, secure, and accessible to everyone. Its object-oriented model based on the Move programming language supports parallel execution, sub-second confirmations, and a rich set of on-chain assets. With horizontally scalable processing and storage capabilities, Sui supports a wide range of applications at unparalleled speed and low cost. Sui is a leap forward in blockchain technology, allowing creators and developers to build amazing, user-friendly experiences on it.
This article comes from a contribution and does not represent the views of BlockBeats
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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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• 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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