Cango (CANG), a bitcoin mining firm that has pivoted from automotive companies, reported full-year 2025 income of $688.1 million and a web lack of $452.8 million. In the meantime, it bought 4,451 $BTC in February 2026 to cut back debt and assist finance its pivot to AI infrastructure.
The corporate quickly expanded its mining operations in 2025, with $675.5 million in income coming from bitcoin and $6,594 $BTC produced throughout the yr. Regardless of this progress, profitability deteriorated sharply on account of mining machine impairment costs, truthful worth losses, and excessive manufacturing prices, which reached roughly $97,000 per Bitcoin in world phrases.
The sale of bitcoins marks a strategic change. As a substitute of accumulating $BTCCango is now deploying it as a treasury asset. The corporate stated the sale was used to “scale back total monetary leverage and strengthen the stability sheet,” releasing up capital for brand new initiatives.
Administration is now centered on repositioning the enterprise towards AI. CEO Paul Yu stated the corporate is “advancing our pivot to develop into an AI infrastructure supplier,” including that its EcoHash platform goals to ship “versatile and cost-effective AI inference options.” Chief Monetary Officer Michael Zhang stated the losses have been “primarily on account of non-recurring transformation prices,” whereas emphasizing efforts to safe capital for AI investments.
This shift from Bitcoin to AI displays a broader trade development. CoinDesk analysis reveals that public miners proceed to promote bitcoins to fund synthetic intelligence developments. This shift is being pushed by declining mining margins and rising demand for high-performance computing, main miners to reuse infrastructure and monetize $BTC holdings to entry the quickest rising AI market.
Cango shares are buying and selling round $0.68, down 43% over the previous three months.
