Cango (CANG), a bitcoin mining company that has pivoted from automotive services, reported full-year 2025 revenue of $688.1 million and a net loss of $452.8 million. Meanwhile, it sold 4,451 BTC in February 2026 to reduce debt and help finance its pivot to AI infrastructure.
The company rapidly expanded its mining operations in 2025, with $675.5 million in revenue coming from bitcoin and 6,594 BTC produced during the year. Despite this growth, profitability deteriorated sharply due to mining machine impairment charges, fair value losses, and high production costs, which reached approximately $97,000 per Bitcoin in global terms.
The sale of bitcoins marks a strategic change. Instead of accumulating BTC, Cango is now deploying it as a treasury 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 business toward AI. CEO Paul Yu said the company is “advancing our pivot to become an AI infrastructure provider,” adding that its EcoHash platform aims to deliver “flexible and cost-effective AI inference solutions.” Chief Financial Officer Michael Zhang said the losses were “mainly due to non-recurring transformation costs,” while emphasizing efforts to secure capital for AI investments.
This shift from Bitcoin to AI reflects a broader industry trend. CoinDesk research shows that public miners continue to sell bitcoins to fund artificial intelligence developments. This shift is being driven by declining mining margins and growing demand for high-performance computing, leading miners to repurpose infrastructure and monetize BTC holdings to access the fastest-growing AI market.
Cango shares are trading around $0.68, down 43% over the past three months.
