Cango reports Q1 net loss of $261.1M, mines 1,266 BTC

Nasdaq-listed Bitcoin mining company Cango (CANG) announced a preliminary net loss of $261.1 million for the first quarter of 2026. The company mined 1,266 BTC during the period. Cango explained that the loss reflects non-cash impairment charges on its mining equipment and fluctuations in the value of its Bitcoin holdings amid a drop in the price of BTC. Total revenue for the same period was $102 million, with the Bitcoin mining business accounting for $98.4 million, or 96% of the total.