Key Highlights
- Full-year 2025 results show Cango (CANG) suffered a net loss of $452.8 million against revenue of $688.1 million
- Fourth quarter losses reached $285 million, including an $81.4M write-down on equipment and $171.4M in Bitcoin-backed receivable losses
- The firm liquidated approximately $305 million in Bitcoin holdings during February 2026 for debt reduction
- A strategic shift from cryptocurrency mining to artificial intelligence operations is underway, with a rebrand to EcoHash
- Share prices have collapsed over 84% across the last half-year, currently hovering around $0.68
The first twelve months as a cryptocurrency mining operation proved catastrophic for Cango (CANG). Despite generating $688.1 million in total revenue for 2025—with mining operations contributing $675.5 million—the company recorded an eye-watering net loss of $452.8 million. Expenses dramatically exceeded income.
The fourth quarter mirrored this troubling pattern. While quarterly revenue reached $179.5 million, operating expenses and costs exploded to $456.0 million, resulting in a $285 million quarterly deficit.
The heaviest blows came from accounting adjustments. Equipment impairment charges totaling $81.4 million combined with a massive $171.4 million markdown on Bitcoin-backed receivables created substantial red ink. Mining expenses per coin also climbed to $106,251 in the final quarter.
According to CFO Michael Zhang, the overwhelming losses stemmed primarily from one-time restructuring expenses and market-driven valuation adjustments.
Across the entire year, Cango extracted 6,594.6 Bitcoin—averaging approximately 18.07 BTC daily. However, total operating expenditures soared to $1.1 billion, with mining equipment impairments alone accounting for $338.3 million.
Transition Toward Artificial Intelligence
Behind the scenes, the organization has been executing a strategic transformation. During April 2025, Cango divested its traditional Chinese automotive financing division for $352 million to Ursalpha Digital Limited, a Bitmain-affiliated entity. This transaction included transferring 32 exahashes per second of mining capacity, effectively converting Cango into a pure-play Bitcoin miner.
Now another transformation is underway. Throughout February 2026, the company secured $75.5 million through equity offerings and liquidated 4,451 BTC for approximately $305 million to reduce financial obligations. CEO Paul Yu explained the company is “progressing our transformation into an AI infrastructure provider.”
This new strategic direction includes a corporate rebranding: EcoHash. Management intends to repurpose existing computational and energy resources for AI inference applications.
The company joins a growing trend. Following Bitcoin’s April 2024 halving event that slashed mining rewards by half, numerous mining operations began reassessing their energy-intensive infrastructure. Artificial intelligence demand created alternative monetization opportunities.
Industry peers including Bitfarms, Hut 8, Riot Platforms, and Core Scientific have pursued similar strategies. Core Scientific’s acquisition by CoreWeave for $9 billion last year sent a powerful message—AI companies recognize significant value in miners’ power infrastructure and energy agreements.
Share Price Deterioration
Broader market conditions have intensified the pressure. Bitcoin dropped below $90,000 in November 2025, declining nearly 30% from its October peak above $126,000. By March 2026, prices hovered near $73,700.
CANG shares have mirrored this downturn. The stock tumbled from approximately $4.50 on October 1, 2025 to roughly $1.50 by year-end. Current trading prices sit at $0.68—representing an 84%+ decline over six months.
The firm produced 6,594.6 Bitcoin throughout 2025 at all-in costs of $106,251 per BTC in Q4, leaving minimal profit margins even before accounting for impairment charges that hammered the balance sheet.
