Key Highlights
- Full-year 2025 results for Cango (CANG) show a net loss of $452.8 million against $688.1 million in revenue
- Fourth quarter losses reached $285 million, including $81.4M in mining equipment impairments and $171.4M in fair-value adjustments on Bitcoin-backed receivables
- February 2026 saw the company liquidate approximately $305 million in Bitcoin holdings to reduce outstanding debt
- Company transitions from Bitcoin mining operations to AI infrastructure services, adopting the EcoHash brand
- Share price declined over 84% across six months, currently hovering around $0.68
Cango (CANG) experienced a challenging inaugural year in the Bitcoin mining sector. The company disclosed annual 2025 losses totaling $452.8 million while generating $688.1 million in total revenue — with mining operations contributing $675.5 million. Operating expenses substantially exceeded income.
The fourth quarter of 2025 mirrored this financial pattern. Quarterly revenue reached $179.5 million, while operating costs and expenses surged to $456.0 million. This resulted in a $285 million quarterly net loss.
Non-cash accounting items created the largest financial burdens. Mining equipment impairments totaling $81.4 million combined with a $171.4 million loss from fair-value adjustments on Bitcoin-backed receivables represented the primary contributors. Mining costs per BTC reached $106,251 during Q4.
CFO Michael Zhang attributed the losses primarily to one-time transformation expenses and market-driven fair-value accounting adjustments.
Across the full year, Cango extracted 6,594.6 Bitcoin — averaging 18.07 BTC daily. Operating costs totaled $1.1 billion, with mining equipment impairments accounting for $338.3 million.
Transition to Artificial Intelligence
The company began strategic repositioning months ago. April 2025 marked the sale of its Chinese auto financing operations to Ursalpha Digital Limited, a Bitmain-affiliated entity, for $352 million. This transaction included a transfer of 32 exahashes per second in mining capacity, transforming Cango into a pure-play Bitcoin mining operation.
Another transformation is now underway. February 2026 brought $75.5 million in equity funding, alongside the sale of 4,451 BTC for approximately $305 million to reduce financial leverage. CEO Paul Yu described the company as “advancing our pivot to become an AI infrastructure provider.”
This new strategic direction includes a corporate rebrand: EcoHash. The strategy involves converting existing computing and energy infrastructure to support AI inference operations.
Cango joins an industry-wide trend. Following Bitcoin’s April 2024 halving event that reduced block rewards by 50%, mining companies began reassessing their power-intensive infrastructure. AI workload demand created alternative revenue opportunities.
Bitfarms, Hut 8, Riot Platforms, and Core Scientific have pursued similar strategies. The $9 billion acquisition of Core Scientific by CoreWeave last year demonstrated how AI companies value miners’ existing energy infrastructure and contracts.
Share Price Performance
Broader market conditions amplified challenges. Bitcoin dropped below $90,000 in November 2025, representing nearly 30% decline from its October peak above $126,000. March 2026 saw prices near $73,700.
CANG shares tracked this downward pressure. The stock fell from approximately $4.50 on October 1, 2025 to roughly $1.50 by December 31. Current trading occurs around $0.68 — representing over 84% decline across six months.
The company’s 2025 Bitcoin production of 6,594.6 units came at an all-in Q4 cost of $106,251 per BTC, creating minimal profit margins before accounting for impairment charges.
