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Whale Expands SOL Short Position Amid Market Downturn
Key Takeaways
- A prominent whale has significantly increased a SOL short position using 20x leverage.
- This strategic move has netted the whale approximately $15.9 million in floating profit.
- The ongoing market drop has been a key factor in facilitating these gains.
- Byreal, a Solana DEX, achieved $1 billion in cumulative trading volume within ten weeks of its launch.
- The UK’s FCA has begun consultations to introduce new crypto regulations to ensure market integrity and prevent insider trading.
WEEX Crypto News, 16 December 2025
In the ever-evolving landscape of cryptocurrency trading, significant market moves by influential players frequently attract attention. One such recent event involved a whale’s strategic trading decision that capitalized on a sharp market downturn. The focus of this account rests specifically on a whale’s expanded short position on Solana (SOL), a major decentralized blockchain solution known for facilitating fast transactions.
Strategic Leverage in Cryptocurrencies
The whale, identified under the blockchain address “0x35d,” has notably increased their SOL short position. Utilizing a 20x leverage, a tactic that allows traders to amplify their potential returns by borrowing capital, the whale’s heightened investment strategy aligns with the ongoing market slump. According to insights from Onchain Lens, this strategic position realignment has generated an impressive floating profit of approximately $15.9 million.
Leverage, while enabling substantial profit potential, is a double-edged sword in trading. The increased risk associated with leverage magnifies potential losses as well as gains, making it a strategy typically reserved for those possessing considerable trading experience and market knowledge. In this scenario, the market downturn likely assisted in achieving these noteworthy returns.
Solana DEX Byreal Reaches New Milestone
In parallel to these developments, Byreal, a decentralized exchange (DEX) operating on the Solana blockchain, has marked a significant milestone by amassing $1 billion in trading volume just ten weeks post-launch. Byreal’s impressive growth underscores the continuing innovation and adoption within the Solana ecosystem, which is known for its fast throughput and scalability.
The rapid volume accumulation by Byreal also highlights a growing interest in decentralized exchanges. These platforms offer an alternative to traditional centralized exchanges by enabling peer-to-peer transactions without the need for a central authority, which can result in lower transaction fees and increased privacy.
Regulatory Developments in the UK
Amid these developments in the cryptocurrency trading realm, regulatory landscape shifts are also taking place. The Financial Conduct Authority (FCA) in the United Kingdom has initiated a broad public consultation aimed at formulating new regulatory standards for the crypto industry. The FCA’s proposed regulations are intended to address essential concerns such as insider trading and market manipulation, ensuring a safer and more transparent trading environment.
These initiatives by the FCA demonstrate a concerted effort to harmonize the regulatory framework surrounding cryptocurrency within existing financial systems, aligning with broader global regulatory aspirations, such as the European Union’s Markets in Crypto-Assets (MiCA) regulations. These frameworks are designed to foster innovation while maintaining robust protection measures for investors and the market.
Strategic Insights and Market Implications
The strategic increase in the whale’s short position on Solana amidst a bearish market not only illustrates a classic trading move capitalizing on market volatility but also reflects broader trends in cryptocurrency trading strategies. Such actions serve as a reminder of the speculative nature of cryptocurrency markets, where substantial financial gains are a possible outcome of calculated risks.
Moreover, Byreal’s growth is a testament to the advancements and scaling capabilities within blockchain technology, particularly within Solana’s ecosystem. These developments point towards a burgeoning interest in decentralized finance (DeFi) solutions, which continue to challenge traditional financial conventions.
Further regulatory clarity being pursued by entities like the FCA will likely influence the backdrop against which such trading activities occur. Establishing comprehensive rules that address current market vulnerabilities could potentially stabilize and legitimize crypto markets globally.
FAQ
What is the significance of the whale’s SOL short position?
The whale’s short position on SOL is noteworthy due to its use of 20x leverage and the resultant $15.9 million floating profit. This showcases a high-risk, high-reward strategy benefitting from current market downtrends.
How does leverage affect cryptocurrency trading?
Leverage in cryptocurrency trading allows investors to borrow funds to increase their trading position in hopes of amplifying profits. However, it also increases potential losses, making it a high-risk strategy typically used by experienced traders.
What milestone did Byreal achieve?
Byreal, a decentralized exchange on the Solana blockchain, reached $1 billion in trading volume within ten weeks of its launch, indicating significant growth and adoption within the platform and the broader Solana ecosystem.
Why is the FCA’s consultation important for the crypto market?
The FCA’s consultation is pivotal as it seeks to establish new regulatory measures aimed at preventing insider trading and market manipulation, potentially leading to a more secure and transparent crypto trading environment in the UK.
What impacts could stronger regulation have on the crypto industry?
Stronger regulation could reinforce market integrity, attract more institutional investors due to increased confidence, and promote innovation within a structured and safeguarded environment, thereby driving broader acceptance of cryptocurrencies.
Your trading journey can be further explored with platforms designed for informed decision-making, careful analysis, and strategic investment alignments, such as WEEX. Become part of this evolving narrative by joining through [this link](https://www.weex.com/register?vipCode=vrmi).
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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.
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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.
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· 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
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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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