#USA #Hong Kong #Bitcoin Mining #Cango Inc. #Paul Yu

Cango Inc. Celebrates a Year of Transformation

On November 7, 2025, Cango Inc. (NYSE: CANG) released a letter to shareholders marking the first anniversary of its ambitious transition notably into the realm of Bitcoin mining. The letter from CEO Paul Yu reflects on a significant milestone for the company and outlines its vision to provide secure high-performance computing services with a sustainable energy focus.

The transition commenced in November 2024, with Bitcoin mining being identified as a practical entry point to secure energy access, develop operational capabilities, and create flexible sites for long-term objectives. Just eight months into this journey, Cango has established itself as a global platform with a processing power of 50 EH/s by acquiring mining machines with a capacity of 32 EH/s in November 2024 and an additional 18 EH/s in June 2025.

As part of its strategic redirection, the company divested its assets in China in May 2025 to concentrate its resources on mining activities. An entirely new board of directors and management team, equipped with expertise in digital assets, finance, and energy, has been appointed to steer this ambitious transition.

The financial impact of this evolution has been swift. In the second quarter of 2025, Cango reported a revenue of $139.8 million, with an adjusted gross profit of $99.1 million and cash equivalents of $117.8 million. This success can be attributed to its asset-light model focusing on operational efficiency.

Through these efforts, Cango has established a highly competitive core business and has expanded its footprint across the globe, including locations in the United States, Oman, Ethiopia, and Paraguay. The momentum has continued throughout the year with several key milestones. In August 2025, Cango acquired a 50 MW facility in Georgia for $19.5 million, enhancing its operational control and securing better electricity purchase agreements. The hash rate efficiency has consistently exceeded 90%, and by October 31, 2025, Bitcoin holdings surpassed 6,400 BTC, achieved through a disciplined long-term asset preservation strategy.

As part of its growth strategies, Cango plans to transition to a direct listing on the New York Stock Exchange on November 17, 2025, further optimizing its capital structure. Looking ahead, Paul Yu revealed that the Bitcoin mining base would enable Cango's dual expansion into energy and high-performance computing. The company anticipates disciplined and scalable pilot projects, a targeted entry into the AI high-performance computing market, and the development of dual-purpose energy infrastructure. Cango is focused on optimizing mining operations through increased uptime, reduced energy costs, and a renewal of 6 EH/s of mining capacity.

Paul Yu stated, "We stand at the brink of a new technological frontier where the convergence of energy and high-performance computing will usher in the next era of computation." He further expressed confidence in Cango's capacity not only to navigate this future but also to shape it, creating sustainable value for shareholders and partners alike.

Cango Inc. is undoubtedly positioning itself as a key player in the evolving landscape of Bitcoin mining and high-performance computing, demonstrating resilience and a forward-thinking approach in its operational strategy. For detailed insights, you can access the original shareholder letter.