#USA #Dallas #Bitcoin Mining #Cango Inc. #AI Computing

Cango Inc. Explains Strategic Shift in 2025 Shareholder Letter

On February 9, 2026, Cango Inc. (NYSE: CANG) released a crucial letter to its shareholders, marking a significant shift in its business model. The company is transitioning from being a global Bitcoin mining powerhouse to becoming a key player in the AI computing infrastructure landscape.

Strategic Transition

Over the past year, Cango has strategically navigated its entry into the mining industry while carefully balancing operational prudence with the agility needed for rapid growth. The company has established itself as a leader in Bitcoin mining, consolidating operations across four key regions worldwide. In its letter, Cango highlighted several important milestones achieved, demonstrating its commitment to evolving beyond traditional mining operations. These milestones include:

• - Hash Rate Improvement: Cango has successfully increased the efficiency of its hash rate to 50 EH/s through the acquisition and enhancement of rack-mounted machines.
• - Financial Strategy Revamp: The company has adopted a strategic treasury approach, divesting from legacy operations to enhance financial position and reduce leverage.
• - Energy Infrastructure Acquisition: Cango secured 50 MW of energy infrastructure, laying the groundwork for its future AI computing operations.
• - Direct Listing Success: The transition to a direct listing on the New York Stock Exchange (NYSE) has set the stage for future growth.

These achievements serve as foundational elements for Cango’s goal to shift from hosting hash power to establishing a global, distributed inference computing network.

The Rationale Behind the Transformation

Cango’s operational experience and existing infrastructure serve as strategic assets that enable the company to pivot effectively into AI computing. The rapidly emerging AI era is encountering a significant "power gap," where the demand for computing power outstrips the existing network capacity. Through its globally accessible and connected infrastructure, Cango aims to deliver high-performance, flexible computing capacity, thus addressing the long-tail inference demand via a scalable business model.

A Roadmap for Transition

Cango is rolling out a coherent three-phase roadmap:

1. Short-Term Goals: Implementing standardized and efficient modular GPU nodes that can be rapidly deployed, thereby providing on-demand computing capacity.
2. Mid-Term Objectives: Developing proprietary software for orchestration, transforming the company into a fully integrated enterprise-level network enabler.
3. Long-Term Vision: Scaling towards a consolidated AI infrastructure platform, which leverages underutilized energy to establish ongoing, recurring revenue streams.

To further accelerate this transition, Cango has founded EcoHash Technology LLC, a wholly owned subsidiary located in Dallas, Texas. This new entity will spearhead AI computing initiatives under the guidance of a newly appointed Chief AI Officer.

Additionally, Cango is positioning itself as an ecosystem facilitator for the larger mining industry. It is committed to offering practical technical solutions for adapting existing energy infrastructure to align with AI operations, all while ensuring a manageable initial investment.

Cango acknowledges that this transition is a lengthy process; however, the company is confident that its robust infrastructure and operational expertise provide a clear pathway to generate new, sustainable revenue streams. This enhancement will complement its ongoing core mining operations as the company moves towards a future dominated by AI in the computing landscape.

In conclusion, Cango Inc.'s strategic transformation sets an ambitious tone for the company as it shifts focus from Bitcoin mining to pioneering AI computing. Shareholders and stakeholders alike will be watching closely as the company navigates this pivotal period of change.

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