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Who missed the code to wealth? Travala, the Web3 "Ctrip" supported by CZ, has risen more than three times
Original title: "Who missed the wealth code again? Web3 "Ctrip" supported by CZ tripled late at night"
Original author: Leek, Foresight News
In the early morning of December 13, the price of a token called AVA rose 300% in one hour, breaking through the $3 mark from around $0.8, setting a record high since October 2021. As of press time, the token was quoted at $2.6, with a 24-hour increase of more than 254%.
What caused the little-known AVA token to soar late at night?
At 11:49 p.m. on December 12, Binance founder and former CEO Zhao Changpeng posted a tweet on the X platform: "We invested in this crypto travel platform before the epidemic and before the crypto winter."
Image from X
And the tweet he forwarded was the project Travala referred to by the AVA token. On December 11, the crypto travel platform Travala announced that its annual revenue exceeded the $100 million annual milestone and announced that its token AVA and Bitcoin would be included in the strategic reserve.
According to Cointelegraph, Juan Otero, co-founder and CEO of the crypto travel platform Travala, said that this milestone reflects a significant increase compared to the platform's $59.6 million in revenue in 2023. He explained that the surge was mainly driven by flight and hotel bookings, and the platform can pay for orders with more than 100 cryptocurrencies.
Travala is a platform that combines blockchain technology and tourism services, aiming to promote the convenience and transparency of global travel through cryptocurrency payments. Its founder is Juan Otero, who held senior positions in several technology companies and startup projects before founding Travala. In 2017, Juan Otero founded Travala, headquartered in the United Kingdom. Its original intention was to transform the travel booking industry through blockchain technology, making travel more convenient, efficient and economical.
Travala has received multiple rounds of financing since its establishment. According to Tracxn data, Travala has raised a total of US$1.62 million through five rounds of seed financing. The largest round of financing occurred on October 29, 2020, with an amount of US$1.25 million. Notable investors include Yellow, an institutional investor based in Thailand, and angel investor Mohammad Maaz. Other rounds of financing were concentrated between 2019 and 2022, with some of the financing amounts not disclosed. And Zhao Changpeng revealed that Binance had also invested in the platform in 2019 or earlier.
Travala's native token AVA was listed on Binance in July 2019, which is one of the important milestones in the development of the project. In addition, AVA is also listed on multiple exchanges, including KuCoin and Gate.io.
Travala has made some progress in the past few years, mainly including:
· Diversification of payment methods: Currently supports more than 90 cryptocurrencies for payment, including Bitcoin, Ethereum and Binance Coin (BNB). In addition, traditional payment methods such as credit cards and PayPal are also supported.
· Product expansion: From the initial hotel booking to the full range of services such as air ticket booking, travel activities and vacation packages, covering more than 220 countries and regions around the world.
· Cooperation with travel giants: Travala has established partnerships with traditional travel giants such as Booking.com and Expedia to provide users with more abundant travel options.
· Community and governance: Launch AVA Staking and Smart Program, users can get rewards by staking AVA and participate in the governance and decision-making of the platform.
· Recovery after the epidemic: Travala launched an innovative "travel points program" after the epidemic to attract users to return to the travel market, and announced that quarterly sales have gradually recovered to pre-epidemic levels.
Cointelegraph quoted its founder Otero as saying that with more resources, Travala expects to recruit new employees and introduce new incentives on its platform, adding: "Treasury funds will be strategically managed; as the crypto ecosystem continues to mature, we hope to be able to use our crypto reserves directly when necessary without conversion."
Travala did not disclose the amount of its Bitcoin and AVA reserves at the time of its launch. But its founder said that as the business and market continue to mature, it may consider introducing other tokens to the treasury in the future.
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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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