Cango Inc. Reflects on Its One-Year Transformation and Future Plans
Cango Inc. (NYSE: CANG) recently celebrated a pivotal milestone by publishing a letter to its shareholders, marking the one-year anniversary of its notable transformation into a strong Bitcoin mining operation. Led by CEO Paul Yu, the letter highlights the company's vision to provide high-performance computing (HPC) services underpinned by secure energy supply. The ambitious project commenced in November 2024, using Bitcoin mining as a practical starting point to ensure energy accessibility, cultivate operational expertise, and establish flexible facilities to meet long-term goals.
In just eight months, Cango made remarkable strides, achieving a global mining platform of 50 EH/s. This appears largely due to the acquisition of 32 EH/s of rack-mounted mining equipment in November 2024, followed by another 18 EH/s in June 2025. The company effectively liquidated its assets in China by May 2025, reallocating these resources towards its mining operations. This transition was guided by a newly formed Board of Directors and a management team with rich experience in digital assets, finance, and energy.
The financial repercussions were immediate and impressive. In the second quarter of 2025, Cango reported revenues hitting $139.8 million, an adjusted EBITDA of $99.1 million, and cash equivalents amounting to $117.8 million. These achievements can be attributed to a low-asset model focused on operational efficiency. Cango solidified a competitive core business while expanding its global footprint into regions such as the United States, Oman, Ethiopia, and Paraguay.
The year continued with a series of significant accomplishments. Notably, in August 2025, Cango acquired a 50 MW facility in Georgia for $19.5 million, enhancing its operational control and securing advantageous electricity supply conditions. Notably, the hash rate efficiency surpassed 90%, and the company's Bitcoin holdings increased to over 6,400 BTC as of October 31, 2025, reflecting a disciplined HODL strategy.
To capitalize on its market presence further, Cango plans to directly list on the New York Stock Exchange (NYSE) on November 17, 2025, aiming to strengthen its capital structure. Looking ahead, Paul Yu outlined that the Bitcoin mining base of Cango will propel a dual expansion into the energy and HPC markets. The company is set to initiate disciplined pilot projects, strategically enter AI and HPC markets, and develop dual-purpose energy infrastructure all while optimizing mining operations through improved availability and reduced energy costs, as well as refreshing 6 EH/s of capacity.
"We are on the brink of a new technological frontier, where the convergence of energy and high-performance computing will drive the next computing era," stated Paul Yu. "With the robust foundation we have established, a top-tier team, and a clear disciplined strategy, we are confident in our ability not just to face this future but to actively shape it, creating lasting value for our shareholders and partners," he concluded.
For further insights and details, Cango Inc. invites interested parties to review the original shareholder letter available on their investor relations page.
In just eight months, Cango made remarkable strides, achieving a global mining platform of 50 EH/s. This appears largely due to the acquisition of 32 EH/s of rack-mounted mining equipment in November 2024, followed by another 18 EH/s in June 2025. The company effectively liquidated its assets in China by May 2025, reallocating these resources towards its mining operations. This transition was guided by a newly formed Board of Directors and a management team with rich experience in digital assets, finance, and energy.
The financial repercussions were immediate and impressive. In the second quarter of 2025, Cango reported revenues hitting $139.8 million, an adjusted EBITDA of $99.1 million, and cash equivalents amounting to $117.8 million. These achievements can be attributed to a low-asset model focused on operational efficiency. Cango solidified a competitive core business while expanding its global footprint into regions such as the United States, Oman, Ethiopia, and Paraguay.
The year continued with a series of significant accomplishments. Notably, in August 2025, Cango acquired a 50 MW facility in Georgia for $19.5 million, enhancing its operational control and securing advantageous electricity supply conditions. Notably, the hash rate efficiency surpassed 90%, and the company's Bitcoin holdings increased to over 6,400 BTC as of October 31, 2025, reflecting a disciplined HODL strategy.
To capitalize on its market presence further, Cango plans to directly list on the New York Stock Exchange (NYSE) on November 17, 2025, aiming to strengthen its capital structure. Looking ahead, Paul Yu outlined that the Bitcoin mining base of Cango will propel a dual expansion into the energy and HPC markets. The company is set to initiate disciplined pilot projects, strategically enter AI and HPC markets, and develop dual-purpose energy infrastructure all while optimizing mining operations through improved availability and reduced energy costs, as well as refreshing 6 EH/s of capacity.
"We are on the brink of a new technological frontier, where the convergence of energy and high-performance computing will drive the next computing era," stated Paul Yu. "With the robust foundation we have established, a top-tier team, and a clear disciplined strategy, we are confident in our ability not just to face this future but to actively shape it, creating lasting value for our shareholders and partners," he concluded.
For further insights and details, Cango Inc. invites interested parties to review the original shareholder letter available on their investor relations page.
Topics Business Technology）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.