Bitcoin Updates: Cango's Operational Strength Mitigates Bitcoin Fluctuations, Drives AI Advancement

Cango Inc. Accelerates Transformation with Major Bitcoin Mining Gains

Cango Inc. (NYSE: CANG) has reached a significant turning point as it continues its evolution into a Bitcoin mining powerhouse. In the third quarter of 2025, the company reported a remarkable 60.6% quarter-over-quarter jump in revenue, reaching $225 million. This impressive growth was fueled by strong performance in Bitcoin mining and enhanced operational efficiency.

During Q3, Cango mined a total of 1,930.8 BTC, averaging 21 BTC each day—representing a 37.5% increase in production compared to the previous quarter. These results highlight the company’s successful transition from its traditional automotive roots to a vertically integrated digital infrastructure business, with Bitcoin mining serving as a key revenue driver for its broader ambitions in green energy and AI computing.

Financial Performance and Operational Achievements

• Operating income: $43.5 million
• Net income: $37.3 million
• Global hash rate: 50 EH/s, placing Cango among the world’s leading miners
• Mining efficiency: Upgraded to T21/S21 series equipment, achieving over 90% operational efficiency
• Average mining cost per BTC: Reduced to $99,383 due to energy infrastructure optimization

Key milestones included acquiring a 50-megawatt mining facility in Georgia and replacing outdated hardware, both of which contributed to higher efficiency and lower costs.

Strategic Vision: Green Energy and AI Computing

Looking beyond cryptocurrency, Cango is pursuing its long-term goal of building a global, green energy-powered distributed AI computing network. The company plans to leverage its existing distributed operations and energy assets to create standardized GPU computing resource pools, specifically designed for small and medium-sized enterprises.

• Pilot projects: Initiatives in Oman and Indonesia are set to launch within the next one to two years, supporting the development of AI infrastructure.
• Growth strategy: Cango will begin with GPU leasing, expand to regional data centers, and ultimately establish a worldwide AI compute network. This phased approach aligns with its asset-light model, enabling rapid expansion with minimal capital requirements.

Financial Stability and Diversified Revenue

Cango maintains a strong financial position, holding $44.9 million in cash and $660 million in related-party receivables secured by Bitcoin collateral. CFO Michael Zhang emphasized that this robust balance sheet will support the company’s transition into AI, with prudent capital management and risk mitigation strategies ensuring long-term resilience.

Meanwhile, Cango’s original AutoCango platform, which connects Chinese vehicle inventories with international buyers, generated $3.3 million in revenue during Q3, further diversifying the company’s income streams.

Outlook and Market Response

Investors and analysts are monitoring Cango’s progress closely, especially regarding the rollout of its AI computing pilots and the profitability of its energy initiatives. Although fluctuations in Bitcoin prices pose ongoing risks, Cango’s emphasis on operational excellence and strategic diversification positions it well to manage market volatility and pursue its ambitious multi-year objectives.