Cango posts $452.8 million net loss in first year as bitcoin miner
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Cango Inc. (NYSE: CANG) reported a $452.8 million net loss for 2025, its first full year operating as a bitcoin (BTC) miner, despite generating $688.1 million in revenue, according to its unaudited results. The company generated $675.5 million, or more than 98% of total revenue, from mining activities during the period.
Cango entered the mining sector in November 2024, after acquiring 32 EH/s of computing power and launching global operations across North America, the Middle East, South America, and East Africa. The company continues to operate its international automobile trading business, which contributed $4.8 million in revenue during the fourth quarter.
In a statement on Monday, CFO Michael Zhang attributed the annual net loss to non-recurring transformation costs and market-driven fair-value adjustments. He added that the company focused on reducing leverage through an adjusted treasury policy and securing equity infusion to manage volatility and fund new investments.
The company reported total operating costs and expenses of $1.1 billion for the year. Fourth-quarter expenses reached $456 million, which included an $81.4 million impairment loss on mining machines and a $171.4 million loss from changes in the fair value of bitcoin collateral.
Cango said it mined 6,594.6 BTC in 2025, averaging 18.07 BTC per day. During Q4, production increased to 1,718.3 BTC, or 18.68 BTC per day, though costs rose concurrently. By the close of December 2025, the company’s cumulative production since its inception in late 2024 had reached 7,528.4 BTC, according to the statement.
AI infrastructure pivot
The results come as Cango accelerates its strategic pivot toward artificial intelligence infrastructure. Following the close of the fiscal year, the company sold approximately $305 million worth of bitcoin last month, reducing its digital asset reserves by 60%. The sale was intended to repay debt and provide capital for its expansion into AI compute.
“We are advancing our pivot to become an AI infrastructure provider,” Cango CEO Paul Yu said in the statement. “Through EcoHash, we are leveraging our expertise in scalable computing and energy networks to deliver flexible, cost-effective AI inference solutions. With initial site retrofits underway and product ready for deployment, we are positioned to execute with focus and strategic discipline in the new era.”
Cango joins a growing cohort of publicly traded miners monetizing their bitcoin treasuries to fund data center and AI infrastructure pivots. Core Scientific expects to sell “substantially all” of its bitcoin holdings in 2026, with the majority of sales anticipated in the first quarter, to fund its AI and high-performance computing expansion.
The miner held 2,537 bitcoin worth $222 million at year-end 2025 and has already sold roughly 1,900 bitcoin for about $175 million in January, according to its earnings call.
Meanwhile, MARA Holdings, the largest public bitcoin miner by bitcoin held, widened its treasury policy for 2026 to permit the sale of its accumulated reserves, according to a 10-K filing with the SEC this month.
The policy revision marks a departure from the company’s historical approach of holding mined bitcoin as a long-term investment. MARA held 53,822 BTC worth $4.7 billion as of Dec. 31, 2025.
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