Cango Inc. Reflects on a Year of Transformational Change in Bitcoin Mining

Cango Inc. (NYSE: CANG) has recently published a letter to shareholders marking the significant milestone of one year after its ambitious shift towards becoming a robust Bitcoin mining operation. The company, under the leadership of CEO Paul Yu, has successfully transitioned into this new realm, focusing on providing High-Performance Computing (HPC) services with guaranteed energy access.

The journey began in November 2024 when Cango entered the Bitcoin mining industry as a strategic move to secure energy access, develop operational expertise, and create flexible sites for long-term objectives. Within just eight months, the firm has established itself as a global platform with an impressive hash rate of 50 EH/s. This included the acquisition of 32 EH/s of mining rigs in November 2024, followed by an additional 18 EH/s by June 2025. In a strategic shift in May 2025, Cango divested its Chinese operations, reallocating resources towards mining activities. This notable transition was further supported by the establishment of a new board and executive team with expertise in digital assets, finance, and energy.

Financial impacts of this transition have been significant. In Q2 2025, the company reported revenue of $139.8 million, a significant adjusted EBITDA of $99.1 million, and cash equivalents totaling $117.8 million. These results stemmed from an efficient asset-light model centered around operational efficiency. Cango has successfully forged a new competitive core business and created a global presence in key markets including the United States, Oman, Ethiopia, and Paraguay.

The momentum of this year continued with remarkable achievements. In August 2025, Cango acquired a 50 MW facility in Georgia for $19.5 million, which strengthened operational control and ensured favorable energy conditions. Their hashrate efficiency has surpassed 90%, and employing a disciplined HODL strategy, by October 31, 2025, the company’s Bitcoin holdings grew to over 6,400 BTC. To further enhance its capital structure, Cango is set to transition to a direct listing on the New York Stock Exchange on November 17, 2025.

Looking ahead, Paul Yu has communicated that the foundations laid during this past year will support a dual-track expansion in energy and HPC sectors. The company plans to initiate disciplined pilot projects and strategically enter the AI-based HPC market while developing dual-purpose energy infrastructure. Furthermore, they aim to optimize mining operations through improved uptime and lower energy costs, alongside an upgrade of 6 EH/s capacity.

"We stand on the threshold of a new technological frontier, where the convergence of energy and HPC will fuel the next era of computing," stated Paul. "With the robust foundations we've built, a world-class team, and a clear, disciplined strategy, we are confident in our ability not only to navigate this future but to help shape it, creating enduring value for our partners and shareholders."

This reflection not only highlights Cango’s financial trajectory and operational achievements but also sets an ambitious tone for its future endeavors in a rapidly evolving digital landscape. Shareholders and stakeholders will be eagerly watching how the company leverages its strengths to capitalize on upcoming opportunities in Bitcoin mining and beyond.