Cango Inc. Marks One-Year Anniversary of Strategic Transformation to Bitcoin Mining

Cango Inc. Marks a Milestone: One Year into Bitcoin Mining Transformation

Cango Inc., a notable player in the evolving field of Bitcoin mining, has proudly announced the one-year anniversary of its strategic pivot towards this innovative sector. As of November 2025, the company has transitioned from its roots as an automotive transaction service platform into a robust Bitcoin mining enterprise, setting the groundwork for future advancements in energy-secured high-performance computing (HPC) services. This transformation marks a pivotal moment in Cango's journey, underscoring its commitment to harnessing new energy opportunities, operational expertise, and strategic flexibility in site development.

Strategic Beginnings and Evolution

Cango's decision to diversify into Bitcoin mining commenced in late 2024, amid a rapidly changing digital landscape. Initially, it was a bold step – moving from a sector dominated by automotive transactions to the cutting-edge arena of cryptocurrency mining. This strategic decision was rooted in a long-term vision to create a sustainable energy model that not only supports Bitcoin mining but also lays the groundwork for the development of HPC services.

Recognizing the significant potential within the cryptocurrency realm, Cango focused on building a foundational platform in the Bitcoin mining industry. The company began with a modest capacity of 32 EH/s, acquiring second-hand mining machines, and swiftly scaled operations to 50 EH/s within months by strategically purchasing additional resources. By divesting from their legacy automotive business by mid-2025, Cango was able to concentrate its financial and operational focus entirely on its newly established Bitcoin mining division.

Business Performance and Financial Growth

The financial implications of Cango's transformation were immediate and substantial. In the second quarter of 2025, the company's performance soared, achieving revenues of $139.8 million primarily from its Bitcoin mining operations. This demonstrated resilience and adaptability within the fast-paced cryptocurrency market. Adjusted EBITDA reached an impressive $99.1 million, which highlighted the robust transformation of their business model and signalled the company's readiness for sustainable growth.

Cango has also maintained a prudent approach to cash management, significantly bolstering its cash position to $117.8 million, owing largely to its asset-light operational model. This approach has allowed the company to strategically allocate funds for future investments, further reinforcing its stronghold in the market.

Accelerating Momentum and Future Initiatives

Looking ahead, Cango Inc. has laid out a coherent strategy for the future – to continue strengthening its core Bitcoin mining operations while expanding into energy and HPC. Key initiatives include acquiring advanced operational facilities, raising operational efficiencies, and expanding into new geographical markets. A significant acquisition was completed in August 2025, with the purchase of a fully operational 50 MW mining facility in Georgia, USA, for $19.5 million. This further solidifies Cango’s infrastructure and enhances its ability to capitalize on better power terms essential for future HPC ambitions.

The company is also transitioning to a direct listing on the NYSE, which is expected to further optimize its capital structure and enhance corporate transparency to attract institutional investors. This strategic maneuver is indicative of Cango's commitment to aligning with the best practices in corporate governance while propelling itself towards its ambitious future goals.

Bridging Bitcoin Mining into Energy and HPC

The foundational groundwork laid in the past year has not only established Cango Inc. as a significant player within the Bitcoin mining landscape but also created a promising pipeline for entering the energy and high-performance computing sectors. The company plans to execute a phased expansion that is disciplined financially and strategically, thereby ensuring that all new initiatives are scalable and substantiated by concrete technical data and return metrics.

Cango intends to tap into the burgeoning AI HPC market, leveraging its extensive mining site capabilities to enhance energy project resources and develop dual-purpose energy infrastructures. Simultaneously, the company will continue refining its Bitcoin mining operations, focusing on optimizing performance, improving system uptime, and reducing energy consumption.

In conclusion, as Cango Inc. embarks on this exciting next chapter, it stands at the threshold of a technological frontier that merges energy production with high-performance computing. With a resilient operational foundation, an expert management team, and a clear vision strategy, Cango is well-positioned to navigate and shape the evolving future of the digital asset landscape. Thank you for your continued trust as we forge ahead into this promising future together.