Justin Sun Withdraws 200 Million USDC from HTX

By: crypto insight|2026/01/13 23:30:08

Key Takeaways

Blockchain entrepreneur Justin Sun has withdrawn a significant amount of 200 million USDC from the HTX cryptocurrency exchange.
The withdrawal highlights ongoing strategic financial maneuvers within the cryptocurrency space.
HTX, formerly known as Huobi, remains a major player in the global crypto exchange ecosystem.
The financial movement underscores Sun’s influence and presence in the crypto industry.

WEEX Crypto News, 13 January 2026

In a notable financial maneuver, Justin Sun, a prominent figure in the blockchain sector, has executed a withdrawal of 200 million USD Coin (USDC) from HTX, a leading cryptocurrency exchange. This event underscores the dynamic nature of the crypto market and the strategic decisions made by its most influential players.

Background on Justin Sun’s Influence

Justin Sun’s withdrawal from HTX exemplifies the significant influence he holds in the blockchain community. Founder of the TRON Foundation, Sun has been an instrumental figure in the blockchain domain, where he has consistently pushed for innovation and strategic business moves. His role as the CEO of Rainberry Inc, commonly known as BitTorrent, further highlights his entrepreneurial spirit and vision for advancing blockchain technology.

Sun’s history includes leading Ripple’s China operations, a testament to his extensive experience in managing large-scale blockchain projects. His early endeavors, such as founding Peiwo, a popular Chinese live chat app, with a user base of over 10 million, set the stage for his future achievements in technology and crypto innovation.

HTX and Its Role in the Crypto Ecosystem

HTX stands as a vital component of the crypto exchange landscape. Formerly branded as Huobi, HTX has established itself as a leading platform for buying and selling various cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Its transformation from a China-centered exchange to a Seychelles-based global player illustrates the adaptability required to navigate the fluctuating environments of crypto regulation and market demand.

The origins of HTX date back to an era when it was the largest digital asset trading platform in China, achieving remarkable trading volumes. Despite regulatory challenges, like China’s 2017 ban on Bitcoin exchanges, HTX managed to persevere and continue its trajectory as a significant actor in the market.

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The Implications of the USDC Withdrawal

The withdrawal of 200 million USDC by Justin Sun from HTX catches the attention of market observers due to its sheer volume and underlying implications. USDC, a stablecoin pegged to the US dollar, is frequently used for trading operations that require predictable value transfers without the volatility associated with other cryptocurrencies.

This substantial withdrawal might suggest several strategic intentions. It could denote a transfer of assets to other ventures or platforms, a repositioning in crypto assets, or preparation for new projects. Such movements are common among crypto entrepreneurs who constantly adapt their strategies to align with market changes, technological advancements, and investment opportunities.

Justin Sun’s Ongoing Ventures and Future Directions

Sun’s trajectory from managing blockchain development projects to international diplomatic roles demonstrates his versatile impact across various spheres. Alongside his entrepreneurial ventures, he has taken on roles that blend his business acumen with diplomatic responsibilities, such as his work as Grenada’s representative to the World Trade Organization (WTO).

His passion for expanding in various sectors is evidenced by planned ventures, including prospective space travel with Blue Origin, which highlights his forward-thinking approach and willingness to push boundaries in both business and personal pursuits.

Conclusion: A Continually Evolving Crypto Environment

The withdrawal of 200 million USDC by Justin Sun from HTX illustrates yet another phase in his enduring engagement with the crypto and blockchain sectors. As a figure of substantial influence, his actions carry implications for market perceptions and future directions in the space. The strategic decisions of leaders like Sun are pivotal in shaping the future landscape of blockchain technology and its applications.

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FAQs

What was the amount withdrawn by Justin Sun from HTX?

Justin Sun withdrew 200 million USDC from HTX, a leading crypto exchange.

What is HTX?

HTX, formerly known as Huobi, is a major cryptocurrency exchange operating globally, offering services to trade various digital assets like Bitcoin and Ethereum.

Who is Justin Sun?

Justin Sun is a renowned entrepreneur in the blockchain industry, known for founding the TRON Foundation and serving as CEO of Rainberry, Inc., the parent company of BitTorrent.

What is USDC?

USDC (USD Coin) is a type of stablecoin pegged to the US dollar, used for maintaining a stable value in cryptocurrency trading.

Why is this withdrawal significant?

The withdrawal is significant due to the large volume involved, potentially indicating strategic financial adjustments or new project preparations by Justin Sun in the evolving crypto market.

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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