Cango (CANG), a Bitcoin mining company that transitioned 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 units $BTC It was established in February 2026 to reduce debt and help finance the transformation to AI infrastructure.
The company rapidly expanded its mining operations in 2025, with $675.5 million of its revenue coming from Bitcoin and $65.94 million in revenue. $BTC produced during that year. Despite this growth, profitability deteriorated sharply due to mining machine impairments, fair value losses, and high production costs that amounted to approximately $97,000 per Bitcoin on an all-in basis.
The Bitcoin sale marks a shift in strategy. Rather than accumulating $BTCCango is currently deploying it as a financial asset. The company said the sale was used to “reduce overall financial leverage and strengthen its balance sheet,” freeing up capital for new initiatives.
Management is now focused on repositioning the business towards AI. CEO Paul Yu said the company is “pivoting to become an AI infrastructure provider,” adding that its EcoHash platform aims to provide “flexible and cost-effective AI inference solutions.” CFO Michael Chan said the loss was “primarily due to non-recurring transformation costs” and emphasized the company’s efforts to secure funding for AI investments.
This shift from Bitcoin to AI reflects broader industry trends. According to research by CoinDesk, public miners continue to sell Bitcoin to fund AI development. This change is being driven by decreasing mining margins and increasing demand for high-performance computing, encouraging miners to reuse and monetize their infrastructure. $BTC A holding to access the rapidly growing AI market.
Cango stock is trading around $0.68, down 43% in the past three months.
