Key Highlights
- Full-year 2025 saw Cango (CANG) record a staggering $452.8 million net loss against $688.1 million in total revenue
- Fourth quarter losses reached $285 million, fueled by $81.4M in mining equipment impairments and $171.4M in Bitcoin-backed receivables fair-value adjustments
- In February 2026, the firm liquidated approximately $305 million in Bitcoin holdings to reduce outstanding debt obligations
- The company is abandoning Bitcoin mining operations in favor of AI infrastructure development, adopting the EcoHash brand
- Shares have plummeted over 84% across six months, currently hovering around $0.68 per share
Cango’s (CANG) maiden voyage as a Bitcoin mining operation ended in financial disaster. The firm disclosed annual 2025 losses totaling $452.8 million, despite generating $688.1 million in revenue — with mining operations contributing $675.5 million. Operational expenses drastically exceeded income.
The fourth quarter of 2025 mirrored this troubling pattern. While quarterly revenue reached $179.5 million, total operational expenditures surged to $456.0 million. This resulted in a $285 million quarterly deficit.
Non-cash accounting adjustments inflicted significant damage. The company recorded an $81.4 million write-down on mining equipment alongside a $171.4 million loss from fair-value fluctuations in Bitcoin-backed receivables. The all-in mining expense climbed to $106,251 per Bitcoin during Q4.
CFO Michael Zhang attributed the red ink primarily to one-time transformation expenses and market-driven valuation changes.
Throughout 2025, Cango extracted 6,594.6 Bitcoin from its operations — averaging approximately 18.07 BTC daily. However, aggregate operating expenses reached $1.1 billion, incorporating $338.3 million in mining equipment impairment charges.
Transition to Artificial Intelligence
The company has been methodically restructuring its business model. During April 2025, Cango divested its traditional Chinese automotive financing division to Ursalpha Digital Limited, a Bitmain-affiliated entity, for $352 million. This transaction included transferring 32 exahashes per second of mining capacity, instantly transforming Cango into a pure-play Bitcoin mining operation.
Now another transformation is underway. Throughout February 2026, Cango secured $75.5 million through equity offerings and liquidated 4,451 BTC for approximately $305 million to reduce financial leverage. CEO Paul Yu announced the organization is “progressing our transition toward becoming an AI infrastructure service provider.”
This new strategic direction includes a corporate rebrand: EcoHash. The strategy involves repurposing existing computational and energy resources for AI inference applications.
Cango’s strategic shift mirrors an industry-wide trend. Following Bitcoin’s April 2024 halving event that reduced mining rewards by 50%, operators worldwide began reassessing their energy-intensive infrastructure assets. Artificial intelligence created alternative monetization opportunities.
Bitfarms, Hut 8, Riot Platforms, and Core Scientific have pursued similar strategies. Core Scientific’s $9 billion acquisition by CoreWeave last year demonstrated AI companies’ strong interest in miners’ power infrastructure and energy agreements.
Share Price Collapse
Broader market conditions compounded the company’s challenges. Bitcoin dropped beneath $90,000 during November 2025, declining nearly 30% from its October high exceeding $126,000. By March 2026, prices hovered near $73,700.
CANG shares have mirrored this downward trajectory. The stock declined from approximately $4.50 on October 1, 2025 to roughly $1.50 by year’s conclusion. Currently trading at $0.68, shares have collapsed more than 84% over half a year.
The operation produced 6,594.6 Bitcoin throughout 2025 at an all-in production cost of $106,251 per BTC in Q4, a threshold that yielded minimal profitability margins before accounting for equipment impairment charges.
