TLDR
- Full-year 2025 results show Cango (CANG) losing $452.8 million despite generating $688.1 million in revenue
- Fourth quarter losses reached $285 million, fueled by $81.4M in equipment impairments and $171.4M in fair-value adjustments on Bitcoin-backed receivables
- Approximately $305 million in Bitcoin holdings were liquidated in February 2026 for debt reduction
- A strategic shift toward AI infrastructure is underway, complete with a rebrand to EcoHash
- Share price has collapsed more than 84% across the past six months, currently hovering around $0.68
Cango’s (CANG) maiden voyage into Bitcoin mining turned into a financial disaster. The firm disclosed annual 2025 losses totaling $452.8 million against total revenue of $688.1 million — with mining operations accounting for $675.5 million of that intake. Operating expenses simply drowned out revenue gains.
The fourth quarter of 2025 mirrored this troubling pattern. While quarterly revenue reached $179.5 million, operating costs and expenses exploded to $456.0 million. The result was a staggering $285 million quarterly loss.
Non-cash charges delivered the heaviest blows. Mining equipment impairments totaled $81.4 million, while fair-value adjustments on Bitcoin-backed receivables contributed another $171.4 million loss. Total mining costs per BTC climbed to $106,251 during Q4.
CFO Michael Zhang attributed the losses primarily to one-time transformation expenses and market-driven fair-value recalculations.
Across the entire year, Cango extracted 6,594.6 Bitcoin from its operations — averaging approximately 18.07 BTC daily. However, total operating expenses surged to $1.1 billion, with mining equipment impairments alone accounting for $338.3 million.
Cango’s Shift to AI
Behind the scenes, the company has been executing a strategic transformation. In April 2025, Cango divested its traditional Chinese auto financing operations for $352 million to Ursalpha Digital Limited, a Bitmain-affiliated entity. This transaction included transferring 32 exahashes per second of mining infrastructure, effectively converting Cango into a pure-play Bitcoin mining operation.
Now another transformation is underway. During February 2026, Cango secured $75.5 million through equity financing and liquidated 4,451 BTC for approximately $305 million to reduce financial leverage. CEO Paul Yu announced the company is “advancing our pivot to become an AI infrastructure provider.”
This strategic repositioning includes a complete rebrand to EcoHash. Management intends to redeploy existing computing power and energy infrastructure toward AI inference applications.
Cango joins a growing trend within the mining sector. Following Bitcoin’s April 2024 halving event that slashed block rewards by 50%, miners industry-wide began reassessing their energy-intensive infrastructure. AI workloads emerged as an alternative revenue stream.
Bitfarms, Hut 8, Riot Platforms, and Core Scientific have pursued similar strategies. Core Scientific’s $9 billion acquisition by CoreWeave last year sent a powerful market signal that AI companies value miners’ energy contracts and infrastructure.
Stock Decline
Broader market conditions have compounded these challenges. Bitcoin crashed below $90,000 in November 2025, declining nearly 30% from its October high above $126,000. By March 2026, prices hovered near $73,700.
CANG shares have mirrored this downward pressure. The stock plunged from approximately $4.50 on October 1, 2025 to roughly $1.50 by year’s end. Currently trading at $0.68, shares have cratered more than 84% over six months.
The company’s 2025 mining output of 6,594.6 Bitcoin came at an all-in Q4 cost of $106,251 per BTC, leaving virtually no profit margin before accounting for substantial impairment charges.
