HONG KONG, Nov. 6, 2025 — Cango Inc. (NYSE: CANG) issued a letter to shareholders commemorating the first anniversary of its bold shift into Bitcoin mining. CEO Paul Yu reflected on the milestone, highlighting the company's vision of delivering energy-secured high-performance computing (HPC) services. The journey began in November 2024 with Bitcoin mining as a practical entry point to secure energy access, build operational know-how, and create flexible sites for long-term ambitions.
50 EH/s Global Platform in Eight Months
Within eight months, Cango scaled to a 50 EH/s global platform. It acquired 32 EH/s of on-rack mining machines in November 2024, followed by 18 EH/s in June 2025. The company divested its China-based assets by May 2025, channeling resources into mining operations. A new board and management team with expertise in digital assets, finance, and energy were onboarded to guide the transition.
Q2 2025 Results: $139.8M Revenue, Strong Cash Position
The financial impact was swift. In Q2 2025, Cango reported $139.8 million in revenue, $99.1 million in adjusted EBITDA, and $117.8 million in cash equivalents — driven by an asset-light model focused on operational efficiency. The company now has a scaled global footprint spanning the U.S., Oman, Ethiopia, and Paraguay.
Georgia 50 MW Facility Purchase, Bitcoin Treasury Swells
In August 2025, Cango bought a 50 MW facility in Georgia for $19.5 million, gaining tighter operational control and better power terms. Hashrate efficiency surpassed 90%. Through a disciplined HODL strategy, Bitcoin holdings grew to over 6,400 BTC as of October 31, 2025. To enhance its capital structure, Cango will transition to a direct NYSE listing on November 17, 2025.
Next Phase: Energy and HPC Dual-Track Expansion
Paul Yu shared that Cango's Bitcoin mining base will fuel a dual-track expansion into energy and HPC. Plans include disciplined phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH/s of 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," Paul said. "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."