Cango Inc. Shares Milestone Achievements in Transformative Journey to Robust Bitcoin Mining Operations

Cango Inc.'s Shareholder Letter Highlights Remarkable Milestones

Cango Inc. (NYSE: CANG) recently communicated pivotal achievements to its shareholders that mark its ambitious transformation into a formidable player in the Bitcoin mining sector. CEO Paul Yu emphasized the company's vision of delivering energy-secure high-performance computing (HPC) services, beginning its journey in November 2024. The initial focus was on Bitcoin mining—an essential step for securing energy access, building operational expertise, and creating flexible locations for long-term objectives.

In just eight months, Cango scaled its operations to become a global entity with a capacity of 50 EH/s. This growth was facilitated by the acquisition of 32 EH/s of on-rack mining machines in November 2024, followed by an additional 18 EH/s in June 2025. A strategic divesture of assets based in China took place in May 2025, redirecting resources explicitly towards its mining activities. To lead this significant transition, a new management team with strong expertise in digital assets, finance, and energy was appointed.

The financial implications of this transition were impressive. In the second quarter of 2025, Cango reported revenues of $139.8 million, with an adjusted EBITDA of $99.1 million and cash equivalents totaling $117.8 million. This success was driven by an asset-light model focused on operational efficiency, allowing Cango to establish a competitive core business alongside a robust international presence in locations such as the United States, Oman, Ethiopia, and Paraguay.

Cango’s momentum continued to build throughout the year, highlighted by the acquisition of a 50 MW facility in Georgia for $19.5 million in August 2025. This move enhanced operational control and improved energy terms, resulting in a hashrate efficiency exceeding 90%. Additionally, through a disciplined HODL strategy, Cango’s Bitcoin holdings grew to over 6,400 BTC by October 31, 2025.

To strengthen its capital structure, Cango plans to transition to a direct listing on the NYSE on November 17, 2025. Looking ahead, Paul Yu expressed confidence in Cango's future, noting that it aims to drive a dual-track expansion in energy and HPC. This approach will include disciplined phased pilots, targeted entry into the AI HPC market, and the development of an energy infrastructure that serves dual purposes. The optimization of mining activities with improved uptime and reduced energy costs will also see an additional 6 EH/s of capacity renewed.

“We stand on the brink of a new technological frontier, where the convergence of energy and HPC will drive the next computing era,” stated Paul Yu. “With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident not only in our ability to navigate this future but also to shape it and create lasting value for our shareholders and partners.”

For more detailed insights, refer to the original content at Cango's Shareholder Letter.