Cango Inc. Publishes 2025 Financial Results, Marking First Year in Bitcoin Mining

Cango Inc., listed on the NYSE as CANG, released its unaudited financial results for the end of 2025, highlighting its first year as a Bitcoin mining entity. Total revenue reached $688.1 million, with the Bitcoin mining segment contributing $675.5 million. However, Q4 witnessed an adjusted EBITDA loss of $156.3 million. Over the year, 6,594.6 Bitcoins were mined at an average cost of $79,707 per Bitcoin, with Q4 costs rising to $84,552 per unit.

The company has ended its ADR program, opting for a direct NYSE listing to boost transparency and potentially widen its investment appeal. CEO Paul Yu emphasized that 2025 was a foundational year with a focus on restructuring assets and expanding global operations.

CFO Michael Zhang attributed a net loss of $452.8 million to transformation costs and market-driven adjustments. The financial strategy included balance sheet reinforcement and preparing for shifts toward AI infrastructure investment.