Solv On-Chain MicroStrategy: Redefining the Future of Bitcoin Reserves

By: blockbeats|2024/12/20 11:15:01

Solv Protocol is about to launch the first On-Chain MicroStrategy, transforming Bitcoin from a passive store of value into an active financial asset, marking a revolutionary step for Bitcoin and its institutional holders. This content is based on Ryan's recent tweet and elaborates on Solv Protocol's new On-Chain MicroStrategy based on his insights, further explaining the transformative impact of this strategy on Bitcoin reserve management.

The Role of Bitcoin in Institutional Strategy

Bitcoin has long surpassed its role as "digital gold" and has become a cornerstone of a financial revolution. More and more institutions are entering the Bitcoin space, changing the rules of the game. Take MicroStrategy, for example, the company currently holds 386,700 BTC, valued at over $100 billion. Since 2020, MSTR has seen a 35x increase in value, surpassing Bitcoin itself. This bold strategy has redefined the potential of institutional Bitcoin reserves.

However, MicroStrategy is just the tip of the iceberg. Today, through ETFs, institutional holdings, and even government treasury reserves, billions of dollars are flowing into the Bitcoin market, with Bitcoin reserves in the global traditional financial system accounting for 14% of the total supply. This has also raised a key question: is simply HODLing Bitcoin enough? Are these reserves maximizing their full potential? With Bitcoin's block reward halving, miners (major Bitcoin holders) are facing increasing pressure. How can they ensure the security and sustainability of the Bitcoin network?

Solv's Breakthrough

Solv's solution has arrived. By launching the first On-Chain MicroStrategy platform, Solv has provided Bitcoin with a new purpose—transforming it from a passive store of value into an active financial engine. This transparent, permissionless platform not only protects wealth but also generates returns and amplifies rewards. The Solv platform has already generated returns for over 25,000 BTC through its Bitcoin reserves.

In the coming weeks, Solv will release the SolvProtocol tokenomics, this revolutionary self-reinforcing system will bring unparalleled returns and utility to Bitcoin holders.

MicroStrategy, Bitcoin Strategy on Chain

MicroStrategy has fundamentally changed the way institutions adopt Bitcoin. By issuing $MSTR stock and convertible bonds, they have accumulated 386,700 bitcoins. Their "Bitcoin yield" strategy, measured by the amount of bitcoin held per share of $MSTR, has made $MSTR a leveraged bitcoin bet.

Currently, MicroStrategy is selling $MSTR stock at a 2.4x premium based on their bitcoin holdings, driving shareholder returns that have even outperformed bitcoin itself. However, if demand for $MSTR stock or bonds declines, this premium and their bitcoin yield could be significantly affected. If you bought in at the peak of $MSTR, you are actually making a high-risk indirect bet.

This raises a big question: What if you could directly hold and appreciate bitcoin through the Solv platform without relying on stock market dynamics or passive holding?

Redefining Bitcoin Yield Through Solv

Traditional bitcoin reserve strategies rely on price appreciation, while Solv allows bitcoin holders to earn direct returns through DeFi, rather than just waiting for price appreciation. Currently, Solv has introduced four different Liquid Staking Tokens (LST), with over 90% of the bitcoin reserve generating returns.

Compared to MicroStrategy accumulating reserves for its shareholders, Solv is a chain-based solution for all users, no longer dependent on traditional financial market dynamics. Through actively managed strategies, bitcoin can generate returns in any market conditions. Today, the Solv platform has over 25,000 BTC in reserves, with over 90% actively generating returns.

Solv's Leading Position in the Bitcoin Ecosystem

With the surge in traditional finance interest in bitcoin, Solv has taken a leading position in the industry. Since the beginning of 2024, global bitcoin ETF investments have exceeded $32 billion, and many sovereign nations and major corporations are considering adding bitcoin to their reserves. Bitcoin's market potential is gradually approaching that of gold, with limitless possibilities in the future.

However, the current bitcoin yield market remains disappointing. According to DefiLlama data, while the bitcoin yield market's size exceeds $10 billion, most yield options offer returns ranging from 0.01% to 0.05%, whereas Solv provides higher yield opportunities. For example, through Pendle PTs, users can earn up to 10% bitcoin yield, and strategies like SolvBTC.JUP and SolvBTC.ENA have also brought substantial returns to users.

Today, Solv is leading Bitcoin into a new era, providing institutions and individuals with a flexible and sustainable yield strategy to help them unleash the full potential of their Bitcoin reserves.

Join the Future with Solv

As the price of Bitcoin continues to rise, Solv is bridging the gap for institutions and individuals to better participate in the Bitcoin economy. Solv is not just a player in the Bitcoin market; it is the dark horse driving the market's evolution, ushering Bitcoin into a new chapter.

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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