HONG KONG, Nov. 6, 2025 -- Cango Inc. (NYSE: CANG) has released a letter to its shareholders, marking the one-year anniversary of its significant transformation into a robust Bitcoin mining operation. CEO Paul Yu reflected on this milestone, emphasizing Cango’s overarching vision to deliver energy-secured High-Performance Computing (HPC) services. The company's journey into Bitcoin mining commenced in November 2024, serving as a strategic entry point to secure reliable energy access, cultivate essential operational expertise, and establish flexible sites for its long-term strategic objectives.
Rapid Scaling and Strategic Divestment
Within an eight-month period, Cango successfully scaled its operations to a 50 EH/s global platform. This expansion was facilitated by the acquisition of 32 EH/s of on-rack mining machines in November 2024, followed by an additional 18 EH/s in June 2025. Concurrently, the company divested its China-based assets by May 2025, strategically redirecting these resources to bolster its core mining operations. To guide this ambitious transition, Cango onboarded a new Board and management team possessing extensive expertise in digital assets, finance, and energy sectors.
Financial Performance and Global Footprint
The financial impact of this strategic shift was notably swift. In the second quarter of 2025, Cango reported substantial financial results, including US$139.8 million in revenue, US$99.1 million in adjusted EBITDA, and US$117.8 million in cash equivalents. These figures were largely driven by an asset-light operational model that prioritized efficiency. Cango successfully established a new, highly competitive core business and expanded its global footprint to include operations across the United States, Oman, Ethiopia, and Paraguay.
Key Milestones and Future Listing
The momentum from the past year continued with several key milestones. In August 2025, Cango acquired a 50 MW facility located in Georgia for US$19.5 million, a move that significantly strengthened its operational control and secured more favorable power terms. The company's hashrate efficiency surpassed 90%, and its Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, adhering to a disciplined HODL strategy. To further enhance its capital structure, Cango is scheduled to transition to a direct NYSE listing on November 17, 2025.
Dual-Track Expansion into Energy and HPC
Looking ahead, Paul Yu outlined Cango's strategic plan to leverage its established Bitcoin mining foundation to fuel a dual-track expansion into the energy and HPC sectors. The company intends to implement disciplined, phased pilot programs, make a targeted entry into the AI HPC market, and develop dual-purpose energy infrastructure. Simultaneously, Cango will continue to optimize its mining operations by improving uptime, reducing energy costs, and refreshing 6 EH/s of its existing capacity.
“We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners.”
— Paul Yu, CEO of Cango Inc.
Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com