Investment firm Greenridge Capital has initiated coverage on publicly traded Bitcoin mining company Cango Inc. (NYSE: CANG) with a buy rating and a $4.00 price target. The firm argues the stock is "mispriced and overlooked by the market" given its leading mining status and asset-light model for entering the high-performance computing (HPC) market.
The report details Cango's substantial assets, which include over $600 million in Bitcoin (BTC) held under a strict HODL strategy, a globally distributed mining portfolio with a hash rate of 50 EH/s, and a 50MW data center in Georgia, USA, acquired in Q3 2025. Greenridge notes the company is trading below the value of these assets and praises its operational discipline and strong financial position.
Looking forward, Cango's strategy focuses on diversifying revenue by securing control over its own power supply, a critical step for future Bitcoin mining or AI data center operations. Its "Energy + HPC" plan aims to expand into flexible energy and data infrastructure projects. Two pilot projects are already underway: a solar generation and storage project in Oman and a 150MW (potentially expandable to 300MW) power generation facility in Indonesia developed with a partner.
The $4.00 price target is based on a blended valuation using a 7x EV/Adjusted EBITDA multiple on a 2026 estimate of $335.4 million and a 15x P/E multiple on a 2026 diluted EPS estimate of $0.34. Greenridge considers these multiples conservative and notes that the valuation does not yet assign value to Cango's developing energy infrastructure projects, which could unlock substantial future value.
