Cango posts $450M net loss in first year of Bitcoin mining

Chinese auto trading service platform Cango recorded a net loss of $452.8 million in 2025, its first year after transitioning to Bitcoin mining by acquiring miners from Bitmain, The Block reported. The company's mining business generated $675.5 million in revenue, accounting for over 98% of its total sales. Chief Financial Officer (CFO) Michael Zhang stated that the annual net loss was due to one-time transition costs and fair value adjustments resulting from market volatility. Cango also announced a shift in its business strategy toward AI infrastructure. The company held 2,537 BTC at the end of last year and sold approximately 1,900 BTC this January for around $175 million. The proceeds are slated for debt repayment and to fund the enhancement of its AI computing capabilities.