Cango (CANG), a bitcoin mining company that exited auto services, reported full-year 2025 revenue of $688.1 million and a net loss of $452.8 million. However, it sold 4,451 BTC in February 2026 to reduce its debt and help finance its shift toward AI infrastructure.
The company rapidly expanded its mining operations in 2025, with $675.5 million in bitcoin revenue and 6,594 BTC produced during the year. Despite this growth, profitability deteriorated sharply due to depreciation charges on mining machines, fair value losses and high production costs, which reached approximately $97,000 per Bitcoin on an all-in basis.
The sale of Bitcoin marks a strategic shift. Rather than accumulating BTC, Cango now deploys 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 company towards AI. CEO Paul Yu said the company is “advancing our pivot to becoming an AI infrastructure provider,” adding that its EcoHash platform aims to provide “flexible and cost-effective AI inference solutions.” Chief Financial Officer Michael Zhang said the losses were “primarily due to one-time transformation costs,” while highlighting efforts to secure capital for AI investments.
This pivot from Bitcoin to AI 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 growing demand for high-performance computing, incentivizing miners to reuse their infrastructure and monetize their BTC holdings to access the faster-growing AI market.
Cango shares are trading around $0.68, down 43% over the past three months.
