Cango Inc. (CANG): History, Ownership, Mission, How It Works & Makes Money

When you look at Cango Inc. (CANG), are you still seeing an auto finance company, or have you recognized the massive, year-long pivot that reshaped its entire business model? The truth is, Cango is now a major global Bitcoin mining powerhouse, reporting Q2 2025 revenue of US$139.8 million and operating a 50 EH/s (Exahashes per second) platform across four continents. This dramatic shift, marked by the divestiture of its China assets and accumulation of over 6,400 BTC by late October 2025, makes its history, mission to deliver energy-secured High-Performance Computing (HPC), and revenue model defintely worth a deep dive.

Cango Inc. (CANG) History

If you're looking at Cango Inc. today, you see a global Bitcoin mining and energy infrastructure company. But honestly, that's a massive pivot from its original mission. The company's history is a story of a dramatic, high-stakes transformation, moving from facilitating auto loans in China to operating a 50 Exahash per second (EH/s) mining platform across four continents by late 2025. This entire shift happened in just under a year, which is defintely a pace you don't often see.

The key takeaway is this: Cango Inc. successfully divested its legacy business and installed a new leadership team, fundamentally changing its risk profile and revenue model in 2025. This is no longer the same company that IPO'd in 2018.

Given Company's Founding Timeline

Year established

Cango Inc. was established in 2010.

Original location

The company was originally located in Shanghai, China, where it focused on automotive finance facilitation services.

Founding team members

The company was co-founded by Lin Jiayuan and Zhang Xiaojun (also known as Zhang Lei). Mr. Lin served as CEO, and Mr. Zhang as Chairman, until the leadership transition in July 2025.

Initial capital/funding

Cango Inc. secured its initial funding with a $3 million Series A round in 2010, led by GSR Ventures.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most transformative period for Cango Inc. was the eight months spanning late 2024 and 2025. The company didn't just add a new line of business; it completely shed its original identity as an automotive transaction platform to become a global digital asset operator. This required three major, interconnected decisions:

• The Bitcoin Pivot (November 2024): Recognizing the potential in grid balancing and excess energy utilization, Cango Inc. acquired 32 EH/s of mining capacity to enter the crypto asset space. This was a calculated move to secure energy access and build operational expertise, setting the stage for future expansion into High-Performance Computing (HPC).
• The Divestiture of Legacy Assets (May 2025): Selling the China-based assets for $352 million was crucial. Here's the quick math: that cash gave the new business ample liquidity and removed the regulatory risk associated with operating a China-centric business while simultaneously pursuing Bitcoin mining.
• The Change of Control and Leadership (July 2025): Co-founders Lin Jiayuan and Zhang Xiaojun sold 10 million Class B shares for $70 million to Enduring Wealth Capital Limited, transferring substantial voting control and resigning from their executive roles. This brought in a new management team with deep expertise in digital-asset infrastructure and finance, like CEO Peng Yu, to guide the 50 EH/s platform.

This transformation is why Cango Inc. now operates with a global footprint across the U.S., Oman, Ethiopia, and Paraguay. If you want to understand the strategic thinking behind this new direction, you should look at the Mission Statement, Vision, & Core Values of Cango Inc. (CANG).

Cango Inc. (CANG) Ownership Structure

Cango Inc.'s ownership structure reflects its dramatic pivot from a Chinese automotive transaction service to a global Bitcoin mining and High-Performance Computing (HPC) firm in 2024-2025, resulting in a highly concentrated shareholder base among strategic block holders and institutional funds. This concentration means a few major entities hold significant sway over the company's direction, particularly following the share-settled acquisitions that funded its transformation.

Cango Inc.'s Current Status

Cango Inc. is a publicly traded company, currently listed on the New York Stock Exchange (NYSE: CANG). To solidify its strategic shift and U.S.-centric operations, the company is transitioning its listing from American Depositary Shares (ADS) to a direct listing of its Class A ordinary shares on the NYSE, a move expected to be completed in November 2025. This action reinforces Cango's commitment to operating as a U.S.-focused digital asset infrastructure firm, moving away from its legacy operations in China, which were divested by May 2025 for approximately US$352 million.

The company's strategic transformation has already shown significant financial impact, with the Bitcoin mining business generating revenue of US$138.1 million in the second quarter of the 2025 fiscal year. That's a strong start.

Cango Inc.'s Ownership Breakdown

The ownership breakdown is heavily influenced by the June 2025 acquisition of 18 Exahash per second (EH/s) of mining capacity, which was settled by issuing a large block of Class A ordinary shares. This created a significant strategic shareholder group. Insider ownership, defined as current management and directors, is reported as low, signaling that the company is largely controlled by institutional and strategic outside investors rather than the executive team. For a deeper dive into the funds involved, you can read Exploring Cango Inc. (CANG) Investor Profile: Who's Buying and Why?

Cango Inc.'s Leadership

A new Board of Directors and senior management team, focused on digital assets, finance, and energy, was put in place in July 2025 to guide the company's new strategic direction. This refreshed team has a strong mandate to execute the dual-track expansion into energy and High-Performance Computing (HPC) services.

The key executive and board leaders steering the company as of November 2025 include:

• Xin Jin: Chairman of the Board and Non-Executive Director. Mr. Jin is also the founder and CEO of Antalpha Platform Holding Company.
• Peng Yu: Chief Executive Officer (CEO) and Director. He has extensive experience in BTC mining, energy, and asset management.
• Yongyi Zhang: Chief Financial Officer (CFO). Mr. Zhang previously served as Cango's CFO from 2018 to 2025, providing valuable continuity and capital markets expertise during the transition.
• Simon Ming Yeung Tang: Chief Investment Officer (CIO). He is responsible for corporate finance and investment strategy.

To be fair, the management team's average tenure is relatively short, reflecting the recent major strategic and personnel overhaul. This is defintely a new chapter for the company.

Cango Inc. (CANG) Mission and Values

Cango Inc.'s mission and values are fundamentally tied to its strategic pivot in late 2024, shifting its cultural DNA from a legacy automotive platform to a forward-looking digital asset and High-Performance Computing (HPC) infrastructure provider. This transformation emphasizes operational excellence and financial discipline as the core drivers for its long-term vision in the energy and compute sectors.

Honestly, the company's recent actions-like divesting all China-based assets by May 2025 to focus resources on Bitcoin mining-speak louder than any formal statement about its commitment to this new direction. That was a defintely decisive move.

Cango Inc.'s Core Purpose

The company's core purpose is to build a resilient, globally scaled foundation in digital infrastructure that can transition into higher-value computing services, all while maintaining a strong balance sheet.

The entire operation is a dual-track strategy: Bitcoin mining secures energy access and operational expertise, which then serves as the launchpad for the expansion into energy and HPC.

Official Mission Statement

While Cango Inc. does not publish a single, classic mission statement, its operational focus defines its near-term purpose: to strengthen its core Bitcoin mining business and leverage that platform for future growth.

• Primary Focus: Strengthen operational excellence in Bitcoin mining, ensuring fleet efficiency and a global footprint across North America, the Middle East, South America, and East Africa.
• Near-Term Goal: Optimize unit economics by improving uptime, lowering energy costs (joules per terahash), and refreshing approximately 6 EH/s of mining capacity.
• Financial Strategy: Maintain a disciplined HODL strategy, growing its Bitcoin treasury to over 6,400 BTC as of October 31, 2025, to preserve optionality and cash for future strategic initiatives.

Vision Statement

Cango Inc.'s vision is clearly articulated as its long-term goal, positioning the company at the convergence of energy and compute technology.

• Ultimate Goal: To build energy-secured High-Performance Computing (HPC) services.
• Strategic Path: Execute a phased, financially disciplined expansion into energy infrastructure and the High-Performance Computing (HPC) market, particularly targeting the AI compute sector.
• Foundation: Use the global Bitcoin mining platform, which achieved a deployed hashrate of 50 EH/s in 2025, as a critical first step to secure essential energy assets and operational know-how.

Cango Inc. Slogan/Tagline

The company's investor relations materials use a clear tagline that maps directly to its new long-term vision.

• Investor Tagline: Powering the Future of Digital Economy.

Here's the quick math on the financial foundation for this vision: Q2 2025 revenue was US$139.8 million, with adjusted EBITDA at US$99.1 million, showing the profitability of the core mining business that funds the HPC pivot. You can find more details on this transformation in the Mission Statement, Vision, & Core Values of Cango Inc. (CANG).

Cango Inc. (CANG) How It Works

Cango Inc. has executed a massive strategic pivot, transforming from a China-based automotive transaction service provider to a global, energy-secured Bitcoin mining operation, which now drives the vast majority of its revenue. The company's core function is now the production and secure holding of Bitcoin, while actively laying the groundwork to integrate its energy infrastructure with High-Performance Computing (HPC) services.

Honestly, this shift is dramatic: the Bitcoin mining business generated US$138.1 million of the total US$139.8 million in revenue for the second quarter of 2025, which tells you exactly where the focus is now.

Cango Inc.'s Product/Service Portfolio

The company operates a dual-track business model as of November 2025, though one track-Bitcoin mining-is now the definitive revenue engine. The other is a remnant of its legacy business, but still provides some revenue, plus a non-core diversification. Mission Statement, Vision, & Core Values of Cango Inc. (CANG).

Cango Inc.'s Operational Framework

The operational framework is centered on a geographically diversified, asset-light model for its core Bitcoin mining business, which minimizes single-point risk and maximizes energy efficiency. They divested most of their China-based assets by May 2025, moving resources to their new global footprint.

Here's the quick math on efficiency: The Q2 2025 Adjusted EBITDA was US$99.1 million, showing that the core mining business is highly profitable, even with high operating costs from the initial scale-up.

• Global Deployment: Operations are strategically spread across North America (including the new 50 MW facility in Georgia acquired in August 2025 for US$19.5 million), the Middle East, South America, and East Africa.
• Fleet Management: Focus on maintaining high hashrate efficiency, which surpassed 90% by October 2025, through diligent maintenance and selective upgrading of older mining equipment.
• Energy Security: The acquisition of the Georgia facility strengthens operational control and secures better power terms, which is defintely crucial for stable mining margins.
• Future-Proofing: Developing dual-purpose energy infrastructure to intelligently allocate power capacity between Bitcoin mining and future AI High-Performance Computing (HPC) workloads.

Cango Inc.'s Strategic Advantages

Cango's competitive edge comes from its rapid, decisive pivot and its forward-looking strategy that views Bitcoin mining as a stepping stone to a broader computing and energy platform.

• Energy-Secured HPC Foundation: The company is using its Bitcoin mining infrastructure as a practical on-ramp to secure energy access and develop operational expertise for future, higher-margin High-Performance Computing (HPC) services, particularly in AI.
• Capital Structure Optimization: The move to a direct NYSE listing, expected in November 2025, reinforces its commitment to operating as a U.S.-centric organization and should simplify its capital structure.
• Scalable Global Footprint: Operating across four continents (North America, Middle East, South America, East Africa) provides a hedge against regulatory and energy price volatility in any single region.
• Financial Liquidity for Growth: The divestiture of China-based assets for US$352 million in May 2025 provided substantial cash proceeds, giving the company ample liquidity to fund its strategic expansion into new facilities and HPC pilots.

Cango Inc. (CANG) How It Makes Money

Cango Inc. has fundamentally transformed its business model, moving from a Chinese automotive transaction service provider to a global digital asset company. Today, the company makes money almost exclusively from its Bitcoin mining operations, generating revenue by validating transactions on the Bitcoin blockchain and earning newly minted Bitcoins (block rewards) and transaction fees.

This strategic pivot, completed with the May 2025 divestiture of its China-based assets for US$352 million, means the company's financial engine is now tied directly to the price of Bitcoin and its operational efficiency in mining.

Given Company's Revenue Breakdown

The second quarter of 2025 (Q2 2025) financial results, the most recent comprehensive data available, clearly illustrate the dramatic shift in Cango Inc.'s revenue composition.

Here's the quick math: Total Q2 2025 revenue was US$139.8 million, with the Bitcoin mining segment contributing US$138.1 million, making it the defintely dominant revenue source.

Business Economics

The economics of Cango Inc.'s business are now driven by three core variables: the Bitcoin price, the global network hashrate (which determines mining difficulty), and the company's own operational efficiency (cost per coin). This is a high-fixed-cost, high-variable-margin model.

• Pricing Strategy: The company does not set a price; its revenue per unit is the market price of Bitcoin at the time of mining. Its Exploring Cango Inc. (CANG) Investor Profile: Who's Buying and Why? is based on a 'Mine and Hold' strategy, accumulating a Bitcoin treasury (which reached over 6,400 BTC by October 31, 2025) rather than immediately selling all mined coins, betting on long-term price appreciation.
• Cost Structure: The primary costs are energy (electricity) and depreciation of mining equipment. In Q2 2025, the all-in cost to mine a single Bitcoin was approximately US$98,636, which includes depreciation.
• Operational Scale: The company's global mining capacity stood at 50 Exahashes per second (EH/s) as of June 30, 2025, positioning it as a large-scale operator. This scale is crucial because it helps lower the average cost per Bitcoin mined by spreading fixed infrastructure costs over a larger output.

The remaining Automobile Trading Income, generating only US$1.7 million in Q2 2025, comes from its online international used car export platform, AutoCango.com, a small legacy operation.

Given Company's Financial Performance

The second quarter of 2025 showed the financial impact of the strategic pivot, highlighting strong operational profitability in the core business despite significant one-off accounting charges.

• Adjusted EBITDA: The company reported Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of US$99.1 million in Q2 2025, a substantial improvement from the prior year, demonstrating the underlying strength of the Bitcoin mining operations.
• Net Loss: Despite the strong Adjusted EBITDA, the company recorded a net loss of US$295.4 million for Q2 2025. This loss was mainly non-cash, resulting from a one-off loss on discontinued operations and a non-cash impairment loss on mining equipment, both tied to the strategic business transition.
• Cash Position: As of June 30, 2025, Cango Inc. held cash and cash equivalents of US$117.8 million, providing ample liquidity to fund its ongoing expansion and planned move into High-Performance Computing (HPC) applications.
• Production: The mining fleet produced 1,404.4 Bitcoins in Q2 2025, confirming the operational ramp-up following the capacity expansion.

The strategic move is clear: focus on Bitcoin mining as the cash-generating foundation, then use that infrastructure to expand into higher-margin areas like high-performance computing (HPC) and energy solutions. This is a crucial distinction for investors to grasp.

Cango Inc. (CANG) Market Position & Future Outlook

Cango Inc. has completely transformed its business model, successfully pivoting from a China-centric automotive transaction service platform to a global, diversified digital infrastructure provider focused on Bitcoin mining and High-Performance Computing (HPC) services. This strategic shift has positioned the company as a significant player in the digital asset space, underpinned by its deployed hashrate of 50 EH/s as of mid-2025 and a disciplined treasury of over 6,400 BTC by October 31, 2025.

The company's future hinges on its ability to execute the dual-track strategy: optimizing its core mining efficiency while aggressively expanding into the higher-margin, energy-secured HPC market. You need to view Cango not as a Chinese auto stock anymore, but as a US-centric, high-growth infrastructure play with exposure to cryptocurrency volatility.

Competitive Landscape

In its new capacity, Cango competes directly with North American-based, publicly traded Bitcoin miners. Based on the total hashrate of major public miners (approximately 419 EH/s as of late 2025), Cango holds a market share of roughly 11.9%, placing it among the top-tier operators. This is a tough, capital-intensive space.

Opportunities & Challenges

The core opportunity is leveraging its energy infrastructure for more than just Bitcoin. The challenge is managing the high cost of mining and the inherent volatility of the underlying asset. Here's the quick math: Q2 2025 Adjusted EBITDA hit US$99.1 million, demonstrating profitability, but the all-in cost to mine a Bitcoin was high at US$98,636 per unit, which leaves little margin if Bitcoin price defintely drops.

Industry Position

Cango is a major, yet still-emerging, force in the global Bitcoin mining sector, having achieved a deployed capacity of 50 EH/s in less than a year since its November 2024 entry.

• Secured a global footprint across North America, the Middle East, South America, and East Africa, which diversifies geopolitical and energy risk.
• The strategic acquisition of a 50 MW facility in Georgia, U.S., for US$19.5 million in August 2025 strengthens operational control and secures power terms.
• The company is actively pursuing a transition to a direct NYSE listing in November 2025, reinforcing its commitment to operating as a U.S.-centric entity and enhancing capital structure.
• Its primary competitive leverage is the planned integration of its energy-secured mining sites for higher-value AI and HPC workloads by mid-2026, creating a path for revenue diversification beyond block rewards.

For a deeper dive into the numbers that support this transition, you should read Breaking Down Cango Inc. (CANG) Financial Health: Key Insights for Investors.