TLDR
- Cango (CANG) posted a net loss of $452.8 million for full-year 2025, despite $688.1 million in revenue
- Q4 alone saw a $285 million loss, driven by an $81.4M impairment on mining machines and a $171.4M fair-value loss on Bitcoin-collateralized receivables
- The company sold roughly $305 million worth of Bitcoin in February 2026 to pay down debt
- Cango is pivoting away from Bitcoin mining to AI infrastructure under the new name EcoHash
- The stock has fallen more than 84% over the past six months, trading at around $0.68
Cango (CANG) had a brutal first year as a Bitcoin miner. The company reported a full-year 2025 net loss of $452.8 million, even as it pulled in $688.1 million in total revenue — $675.5 million of that from mining. Costs simply overwhelmed the top line.
Q4 2025 told a similar story. Revenue hit $179.5 million in the quarter, but total operating costs and expenses ballooned to $456.0 million. That produced a quarterly net loss of $285 million.
The biggest drags were non-cash hits. An $81.4 million impairment charge on mining machines and a $171.4 million loss tied to fair-value changes in Bitcoin-collateralized receivables did most of the damage. All-in mining costs also rose to $106,251 per BTC in Q4.
CFO Michael Zhang said the losses were driven largely by non-recurring transformation costs and market-driven fair-value adjustments.
For the full year, Cango mined 6,594.6 Bitcoin — roughly 18.07 BTC per day. But total operating costs hit $1.1 billion, including $338.3 million in impairment losses on mining machines.
Cango’s Shift to AI
The company has been quietly repositioning itself. In April 2025, Cango sold its legacy China auto financing business for $352 million to Ursalpha Digital Limited, an entity tied to Bitmain. That deal came with a transfer of 32 exahashes per second of mining capacity, turning Cango into a dedicated Bitcoin miner almost overnight.
Now it’s moving again. In February 2026, Cango raised $75.5 million in equity and sold 4,451 BTC for around $305 million to cut leverage. CEO Paul Yu said the company is “advancing our pivot to become an AI infrastructure provider.”
The new identity comes with a new name: EcoHash. The plan is to repurpose its computing and energy infrastructure for AI inference workloads.
Cango is following a well-worn path. After Bitcoin’s April 2024 halving cut block rewards in half, miners across the board started looking at their power-heavy infrastructure differently. AI demand gave them a second use case.
Bitfarms, Hut 8, Riot Platforms, and Core Scientific have all taken steps in this direction. Core Scientific was acquired by CoreWeave in a $9 billion deal last year — one of the clearest signals that AI firms see miners’ energy contracts as valuable assets.
Stock Decline
The macro backdrop hasn’t helped. Bitcoin fell below $90,000 in November 2025, down nearly 30% from its October peak above $126,000. By March 2026, it traded near $73,700.
CANG has reflected that pressure. The stock dropped from around $4.50 on October 1, 2025 to roughly $1.50 by year-end. At the time of writing, it trades at $0.68 — a fall of more than 84% in six months.
The company mined 6,594.6 Bitcoin in 2025 at an all-in cost of $106,251 per BTC in Q4, a level that left little room for profit even before impairment charges hit the books.
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