Cango Inc. (NYSE: CANG) has released a letter to shareholders commemorating the one-year milestone of its transformation into a robust Bitcoin mining operation. CEO Paul Yu highlighted the company's vision to deliver energy-secured high-performance computing (HPC) services, beginning with Bitcoin mining in November 2024 as a strategic entry point to secure energy access and build operational expertise.
In just eight months, Cango rapidly scaled to a 50 EH/s global platform, acquiring 32 EH/s of on-rack mining machines in November 2024 and an additional 18 EH/s in June 2025. The company divested its China-based assets by May 2025, redirecting resources to mining, and onboarded a new Board and management team with expertise in digital assets, finance, and energy.
The financial impact was swift, with Q2 2025 results showing $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 efficiency. Cango established a competitive core business and a global footprint across the U.S., Oman, Ethiopia, and Paraguay.
Key 2025 milestones included the August acquisition of a 50 MW facility in Georgia for $19.5 million, enhancing operational control and power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025, through a disciplined HODL strategy. To improve capital structure, Cango will transition to a direct NYSE listing on November 17, 2025.
Looking forward, Paul Yu outlined a dual-track expansion into energy and HPC, with phased pilots, targeted entry into the AI HPC market, and dual-purpose energy infrastructure development. The company plans to optimize mining 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."
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