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

Cango Inc.'s One-Year Transformation Milestone

Cango Inc. (NYSE: CANG) recently published a letter to shareholders, celebrating a year since its bold transformation into a robust player in the Bitcoin mining sector. The letter, authored by CEO Paul Yu, highlights the company's vision to offer energy-secure high-performance computing (HPC) services. This strategic shift, which began in November 2024, aimed to leverage Bitcoin mining as a pragmatic starting point to secure energy access, build operational expertise, and create flexible infrastructures for its long-term ambitions.

In just eight months post-transformation, Cango achieved outstanding growth, scaling to a global platform with an impressive 50 EH/s hash rate. This rapid expansion was fueled by acquiring 32 EH/s of on-rack mining hardware in November 2024, followed by an additional 18 EH/s in June 2025. Notably, the company divested its assets based in China by May 2025, redirecting its resources towards its core mining activities. A newly appointed board and management team, seasoned in digital assets, finance, and energy, were recruited to steer this ambitious shift.

The financial impacts of Cango's transformation became apparent quickly. The company reported a revenue of $139.8 million for the second quarter of 2025, with an adjusted EBITDA of $99.1 million and liquid assets of $117.8 million. This success was driven by an asset-light model focused on operational efficiency, positioning Cango favorably in the competitive landscape with a scaled global presence across the USA, Oman, Ethiopia, and Paraguay.

The momentum continued with several significant achievements throughout the year. In August 2025, Cango acquired a 50-MW facility in Georgia for $19.5 million, enhancing its operational control and securing favorable power conditions. Hashrate efficiency exceeded 90%, and Bitcoin reserves significantly grew to over 6,400 BTC by October 31, 2025, thanks to a disciplined HODL strategy. To further strengthen its capital structure, Cango plans to directly list on the NYSE on November 17, 2025.

Looking ahead, Paul Yu shared insights into Cango's future, indicating that the company's foundation in Bitcoin mining would catalyze a dual expansion into both energy and HPC sectors. The strategy involves disciplined, phased pilot projects, a focused entry into the AI-HPC market, and the development of dual-use energy infrastructure, while also optimizing mining operations to improve uptime, reduce energy costs, and renew 6 EH/s of capacity.

"We stand at the threshold of a new technological frontier where the convergence of energy and HPC will drive the next era of computing," Paul stated. He expressed confidence that with a solid foundation in place, along with a world-class team and a clear, disciplined strategy, Cango is well-prepared not only to navigate but also to shape this future, creating lasting value for its shareholders and partners.

For more information, please refer to the original shareholder letter.

Contact Information:
Juliet Ye, Head of Communications
Cango Inc.
Email: [email protected]