Cango Inc. just wrapped up its debut full year as a bitcoin miner, and the numbers tell a wild story of big wins mixed with serious challenges. The company posted a hefty $452.8 million net loss for 2025, even though it pulled in $688.1 million in total revenue.
Almost all of that cash, $675.5 million, or over 98%, came straight from its bitcoin miner operations. This bitcoin miner jumped into the game back in November 2024, snapping up 32 EH/s of hashing power and rolling out sites across North America, the Middle East, South America, and East Africa.
While it’s still hanging onto some of its old international auto trading business, which chipped in just $4.8 million in Q4 revenue, the real action is clearly in bitcoin mining now. CFO Michael Zhang pointed to one-time transformation hits and some brutal market swings in fair-value adjustments as the main culprits behind the big loss.
The Cango bitcoin miner has been smart about tightening things up, tweaking its treasury approach to cut debt, bringing in fresh equity, and building a stronger setup to handle the crypto rollercoaster while eyeing bigger moves ahead.
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On the expense side, operating costs and expenses hit $1.1 billion for the year, with Q4 alone ringing up $456 million. That quarter included an $81.4 million impairment on mining gear plus a $171.4 million hit from bitcoin collateral value shifts.
Production-wise, this bitcoin miner crushed it with 6,594.6 BTC mined across 2025, averaging about 18.07 BTC daily. Things picked up in Q4 to 1,718.3 BTC (around 18.68 BTC per day), though costs climbed right along with it.
By year-end, Cango’s total haul since jumping in late 2024 stood at 7,528.4 BTC.
Shifting Gears: From Bitcoin Miner to AI Powerhouse
Now the bitcoin miner is making a bold turn toward AI infrastructure. After closing out 2025, Cango sold roughly $305 million worth of bitcoin last month, slashing its digital holdings by about 60%. The move helped pay down debt and free up cash for the push into AI computing.
“We’re pushing hard to evolve into a serious AI infrastructure player,” CEO Paul Yu said. Through its EcoHash platform, the bitcoin miner is tapping its know-how in massive computing setups and energy grids to offer flexible, affordable AI inference solutions. With site upgrades already rolling and products set to launch, they’re locked in and ready to make it happen.
Cango isn’t alone here!
Plenty of public Bitcoin miners are cashing in holdings to bankroll data center builds and AI expansions. Core Scientific plans to offload basically all its bitcoin in 2026 (mostly early in the year) to fuel its AI and HPC growth.
MARA Holdings, the biggest public holder, recently loosened its treasury rules to allow sales of built-up reserves, moving away from its long-term HODL strategy. MARA sat on 53,822 BTC (worth about $4.7 billion) at the end of 2025.
