Cango Inc. (CANG) reported Q2 2025 results, indicating revenues of RMB 1.0 billion ($139.8 million), with its Bitcoin mining segment revenue accounting for RMB 989.4 million ($138.1 million). Adjusted EBITDA reached RMB 710.1 million ($99.1 million), up from RMB 5.4 million a year earlier, driven by strong mining performance and low depreciation under its asset-light model.
The company mined 1,404.4 BTC in Q2 at an average cash cost of $83,091 and an all-in cost of $98,636 per coin. Cango currently holds ~3,879 BTC.
Get these headlines directly to your inbox: subscribe to Blockspace.
In May, Cango completed the divestiture of its China-based assets for $352 million, bolstering its liquidity and enabling strategic reinvestment into North American operations. Concurrent with this transformation, the company announced it will switch its financial reporting currency from Renminbi to U.S. dollars beginning with its Q3 2025 results, reflecting the post-divestiture profile of its revenue and expenses.
Operating loss was RMB 1.3 billion ($180.4 million), and net loss was RMB 2.1 billion ($295.4 million), largely due to a non-cash RMB 1.8 billion impairment on share-settled mining machines and a RMB 591.6 million loss on discontinued operations tied to the China exit.
Capacity reached 50 EH/s by quarter-end after the June acquisition of 18 EH/s, and Cango closed early August on a 50 MW facility in Georgia to further diversify its energy mix and lower power costs.
Looking ahead, Cango plans to optimize the fleet’s efficiency, integrate renewable storage pilots, and lay groundwork for a dynamic platform that allocates compute between Bitcoin mining and HPC workloads.
Read More: Cango cements Bitcoin mining pivot, Antalpha CEO takes Chair
At time of publication, CANG is up 1.4%.
