advertisement
HONG KONG, Nov. 6, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) today released a letter to shareholders at the one-year milestone of its bold transformation into a robust Bitcoin mining operation. CEO Paul Yu reflected on this milestone and emphasized Cango’s vision of providing power-secure HPC services. The journey began in November 2024 with Bitcoin mining as a practical entry point to secure energy access, develop operational expertise, and create flexible sites for long-term goals.
In just eight months, Cango scaled to a 50 EH/s global platform by acquiring 32 EH/s of rack mining machines in November 2024, followed by 18 EH/s in June 2025. The company divested its China-based assets in May 2025, redirecting resources to its mining operations. A new board of directors and a new management team with expertise in digital assets, finance and energy have been brought in to guide this ambitious transition.
The financial impact was rapid. In the second quarter of 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. Cango established a new, highly competitive core business and an expanded global presence in the US, Oman, Ethiopia and Paraguay.
This year’s momentum continued with key milestones. In August 2025, Cango acquired a 50 MW facility in Georgia for $19.5 million, strengthening operational control and ensuring better power conditions. Hashrate efficiency exceeded 90% and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy. To improve the capital structure, Cango will be listed directly on the New York Stock Exchange on November 17, 2025.
Looking ahead, Paul shared that Cango’s Bitcoin mining base will drive a two-track expansion into energy and HPC. The company plans disciplined and gradual pilots, a targeted entry into the AI HPC market and the development of dual-purpose energy infrastructure, while optimizing mining operations through improved uptime, lower energy costs and a 6 EH/s capacity upgrade.
“We are on the threshold of a new technological frontier, where the convergence of energy and HPC will drive the next era of computing,” said Paul. “With the resilient foundation we have built, a world-class team and a clear and disciplined strategy, we are confident in our ability to not only navigate this future but also help shape it, creating lasting value for our shareholders and partners.”
See original content: https://ir-image.cangoonline.com/ir-documents/Cango%20Shareholder%20Letter%20202511.pdf
Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: [email protected]
[newsletter_form lists=”1″]
