The Bitmain-affiliated Cango (NYSE: CANG) is the latest Bitcoin miner to join the AI/HPC rush, announcing in an investor shareholder letter from CEO Paul Yu the company’s “expansion into energy infrastructure and HPC.” No formal announcement of site expansions, purchases or other developments for HPC were included in the letter.
“We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners,” the letter reads.
The company recently reported revenue of $139.8 million and adjusted EBITDA of $99.1 million for the second quarter of 2025. The firm ended the quarter with $117.8 million in cash and cash equivalents with more than 6,400 Bitcoin under its treasury policy.
Cango pivoted into Bitcoin mining in November 2024, purchasing a total of 32 EH/s of on-rack Bitcoin miners from Bitmain. The company later completed a second purchase of 18 EH/s bringing the company’s total fleet size to those of peers like MARA (Nasdaq: MARA), CleanSpark (Nasdaq: CLSK) and IREN (Nasdaq: IREN).
The company said it divested all China-based assets–particularly its auto-export business–by May 2025 to focus on Bitcoin mining operations.
The Shanghai-based miner firm plans to refresh about 6 EH/s of its Bitcoin mining equipment following the acquisition of a fully operational 50-megawatt mining facility for $19.5 million in cash in Georgia, U.S. in August of this year.
The miner company said it plans to terminate its American Depositary Receipt program and transition to a direct listing on the New York Stock Exchange, following Representative Zackary Nunn (R-Iowa) urging Treasury Secretary Scott Bessent on Committee on Foreign Investment United States (CFIUS) to review Cango and Bitmain’s U.S. operations.
Cango’s mining operations now span the United States, Oman, Ethiopia, and Paraguay.
