Cango ( CANG ), a bitcoin mining company that has transitioned from car services, reported full 2025 revenue of $688.1 million and a net loss of $452.8 million. While it sold 4,451 BTC in February 2026 to reduce debt and help fund its AI infrastructure pivot.
The company quickly scaled its mining operations in 2025, with $675.5 million in revenue from bitcoin and 6,594 BTC produced during the year. Despite this growth, profitability deteriorated sharply due to write-downs on mining machines, losses in fair value and high production costs, which reached around $97,000 per Bitcoin on an all-in basis.
The Bitcoin sale marks a strategic shift. Instead of accumulating BTC, Cango now implements it as a financial asset. The company said the sale was used to “reduce overall financial leverage and strengthen the balance sheet,” freeing up capital for new initiatives.
Management is now focused on repositioning the company towards AI. CEO Paul Yu said the firm is “advancing our pivot to become an AI infrastructure provider,” adding that its EcoHash platform aims to provide “flexible, cost-effective AI inference solutions.” Chief Financial Officer Michael Zhang said losses were “primarily due to non-recurring transformation costs”, while stressing efforts to secure capital for AI investments.
This Bitcoin-to-AI pivot reflects a broader industry trend. CoinDesk research shows that public miners continue to sell bitcoin to fund AI development. This shift is driven by declining mining margins and the growing demand for high-performance computing, prompting miners to recycle infrastructure and monetize BTC holdings to gain access to the faster-growing AI market.
Cango shares are trading around $0.68, down 43% over the past three months.
