Cango Reports $452.8 Million Net Loss in First Year as Bitcoin Miner

Cango Inc. (NYSE: CANG) posted a $452.8 million net loss for 2025, its first full year as a bitcoin miner, despite generating $688.1 million in total revenue. Mining contributed $675.5 million, over 98% of total revenue, while the company’s legacy automobile trading business added $4.8 million in Q4. Cango mined 6,594.6 BTC in 2025, averaging 18.07 BTC per day, with cumulative production since late 2024 reaching 7,528.4 BTC.

Expenses and Loss Drivers

Total operating costs and expenses amounted to $1.1 billion, including an $81.4 million impairment on mining machines and a $171.4 million loss from fair value adjustments on bitcoin collateral. CFO Michael Zhang attributed the net loss to non-recurring transformation costs and market-driven valuation changes, alongside efforts to reduce leverage and secure equity for strategic initiatives.

Pivot Toward AI Infrastructure

Following the fiscal year, Cango sold about $305 million in bitcoin to repay debt and fund its AI infrastructure expansion under EcoHash. CEO Paul Yu emphasized leveraging the company’s scalable computing expertise to deliver cost-efficient AI solutions, aligning with broader industry trends of miners monetizing bitcoin reserves to support AI and high-performance computing projects.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.