Cango Inc. (NYSE: CANG), a publicly-traded global Bitcoin miner, has released its 2025 letter to shareholders outlining a major strategic transformation. The company plans to evolve from a Bitcoin mining operation into a global AI compute infrastructure platform.
The letter, released on February 9, 2026, details the company's achievements over the past year, which have laid the groundwork for this pivot. Key milestones include acquiring and enhancing the hashrate efficiency of 50 EH/s of on-rack machines, adopting a strategic treasury approach, divesting legacy operations, securing 50 MW of energy infrastructure, and completing a transition to a direct NYSE listing. In response to market conditions, Cango also made treasury adjustments to strengthen its balance sheet and reduce financial leverage, freeing up capital to fund the expansion into AI.
The core strategic logic behind the move is to address the "Power Gap" in the AI era—the disconnect between rising compute demand and existing electrical grid capacity. Cango believes its globally distributed, grid-connected infrastructure from its mining operations provides a practical pathway to deliver flexible, high-performance compute capacity for AI inference workloads.
The transition will follow a disciplined three-phase roadmap:
Near Term: Standardization and efficient deployment of modular, containerized GPU nodes for rapid, on-demand compute capacity.
Medium Term: Deployment of a proprietary software orchestration platform, evolving Cango into an integrated, enterprise-grade network enabler.
Long Term: Global scaling into a mature AI infrastructure platform, aiming to activate underutilized power sources to establish durable, recurring revenue streams.
To accelerate this shift, Cango has established a wholly-owned subsidiary, EcoHash Technology LLC, based in Dallas, Texas, dedicated to AI compute initiatives and led by a newly appointed AI CTO. The company also positions itself as an "Ecosystem Enabler" for the wider mining industry, offering a technical path to adapt existing energy infrastructure for AI operations.
Cango acknowledges this is a multi-year journey but believes its operational experience provides a clear path to open new revenue streams while continuing to complement its core Bitcoin mining operations.
