Cango (CANG), a bitcoin mining firm that has transitioned from automotive companies, reported full yr 2025 income of $688.1 million and a internet lack of $452.8 million. Whereas, it offered 4,451 $BTC in February 2026 to scale back debt and assist finance its pivot into AI infrastructure.
The corporate quickly scaled its mining operations in 2025, with $675.5 million of income coming from bitcoin and 6,594 $BTC produced in the course of the yr. Regardless of this development, profitability deteriorated sharply as a consequence of impairment costs on mining machines, truthful worth losses, and excessive manufacturing prices, which reached roughly $97,000 per Bitcoin on an all-in foundation.
The bitcoin sale marks a strategic shift. Relatively than accumulating $BTC, Cango is now deploying it as a treasury asset. The corporate mentioned the sale was used to “cut back the general finance leverage and strengthen the steadiness sheet,” liberating up capital for brand spanking new initiatives.
Administration is now centered on repositioning the enterprise towards AI. CEO Paul Yu mentioned the agency is “advancing our pivot to turn out to be an AI infrastructure supplier,” including that its EcoHash platform goals to ship “versatile, cost-effective AI inference options.” CFO Michael Zhang mentioned losses had been “primarily as a consequence of non-recurring transformation prices,” whereas emphasizing efforts to safe capital for AI investments.
This Bitcoin-to-AI pivot displays a broader trade pattern. CoinDesk analysis reveals public miners have proceed to promote bitcoin to fund AI developments. This shift is being pushed by declining mining margins and the rising demand for top efficiency computing, prompting miners to repurpose infrastructure and monetize $BTC holdings to entry the quicker rising AI market.
Cango shares commerce round $0.68, down 43% over the previous three months.
