Cango posts $452.8 million net loss in first year as bitcoin miner
The Block
Cango reported a $452.8 million net loss in 2025, its first full year as a bitcoin miner, despite $688.1 million in revenue.Summary
Cango Inc. reported a significant net loss of $452.8 million for 2025, its inaugural full year operating as a Bitcoin miner, even though it generated $688.1 million in revenue, with over 98% coming from mining activities. CFO Michael Zhang attributed the loss to non-recurring transformation costs and market-driven fair-value adjustments, noting the company focused on reducing leverage. Total operating costs reached $1.1 billion for the year. Cango mined 6,594.6 BTC in 2025. The company is currently executing a strategic pivot to become an AI infrastructure provider, having recently sold approximately $305 million worth of Bitcoin to repay debt and fund this expansion, joining other public miners doing similar shifts.
(Source：The Block)