Cango Marks One Year Since Bitcoin Mining Pivot, Eyes Expansion into Energy and HPC

Quick Breakdown

• •
  Cango marks one year since its strategic shift into Bitcoin mining, achieving a 50 EH/s global capacity.
• •
  Q2 2025 results show $139.8 million in revenue and strong profitability following the completion of a full business transformation.
• •
  The company plans to expand into energy infrastructure and high-performance computing (HPC) as its next phase of growth.

Cango Inc. has marked the first anniversary of its strategic shift from China’s automotive transaction services to the Bitcoin mining industry, setting the stage for broader expansion into energy and high-performance computing (HPC).

The company’s year-long transformation has seen it evolve from an auto service platform into a 50 EH/s global Bitcoin mining operation spanning the U.S., Oman, Ethiopia, and Paraguay. Cango states its entry into Bitcoin mining was a strategic on-ramp toward securing energy access and building infrastructure for future HPC ambitions.

Rapid Scaling and Record Earnings

Since launching its Bitcoin mining business in November 2024, Cango has executed an asset-light model that prioritized speed, efficiency, and capital preservation. Within eight months, it scaled its hashrate from 32 EH/s to 50 EH/s through targeted acquisitions, while divesting its China-based assets to commit to its new focus fully.

In its second quarter of 2025—the first full quarter after the transformation—Cango reported $139.8 million in revenue and $99.1 million in adjusted EBITDA. The firm also maintained $117.8 million in cash and equivalents, highlighting the profitability of its new structure.

Next Phase: Integrating Bitcoin Mining with Sustainable Energy and AI-Driven HPC

Building on this foundation, Cango is now positioning itself for a dual-track expansion into energy and AI-driven HPC. Its upcoming initiatives include the $19.5 million acquisition of a 50 MW mining facility in Georgia, which will form part of its long-term plan to merge Bitcoin mining with energy infrastructure.

Cango has also announced plans to transition from an ADR program to a direct listing on the NYSE by November 17, 2025, a move aimed at increasing transparency and attracting institutional investors.

The company states that its goal is to integrate Bitcoin mining with sustainable energy and advanced computing, thereby paving the way for the next era of digital infrastructure.

Notably, in May this year, the company finalized the $351.94 million sale of its China-based legacy business to Ursalpha Digital Limited, completing its evolution into a pure-play global Bitcoin mining and digital infrastructure enterprise.