Former automotive retail platform Cango posted a $574mn net loss for 2025 even as its transition into cryptocurrency operations generated $688mn in full-year revenue, financial filings show.
Cango Mining Pivot Loses Millions amid Shift Towards AI
17 March 2026 - 13:50 CET
The massive operational deficit underscores the capital-intensive nature of establishing competitive hashing power from scratch and casts a shadow over the company's impending pivot toward artificial intelligence infrastructure.
The Dallas-based firm, which was originally established in Shanghai as a car trading platform in 2010, derived almost 98% of its annual sales from its digital asset business. The company mined over 6,500 Bitcoin throughout the year and liquidated more than 4,400 of the tokens in February, according to the unaudited financial results.
Chasing profitability across sectors
The New York Stock Exchange-listed company has a well-documented history of abandoning core operations when macroeconomic headwinds gather. Management initially pivoted away from the automotive sector in 2024 as vehicle sales slowed, redirecting corporate resources toward Bitcoin mining. Now, after absorbing severe financial losses in the crypto sector, the firm is changing lanes once again to provide data centre infrastructure for artificial intelligence developers.
Cango is hardly alone in its attempt to capture the high-performance computing premium. Major digital asset miners such as Bitfarms, IREN and Core Scientific are aggressively reallocating power capacity toward machine learning facilities as raw cryptocurrency extraction becomes increasingly margin-compressed.
Advancing into infrastructure
"Entering 2026, we proactively strengthened our balance sheet and optimized our mining fleet to enhance efficiency and cost resilience. Concurrently, we are advancing our pivot to become an AI infrastructure provider," Cango chief executive Paul Yu said in the earnings statement.
The strategic realignment comes as the digital asset extraction industry faces mounting structural challenges. With roughly 1mn Bitcoin remaining to be mined, unpredictable market pricing and surging global electricity costs, numerous operators are retrofitting their facilities to accommodate the intense power demands of advanced compute models.
Investors appear willing to overlook the deep operational losses in exchange for exposure to the booming tech narrative.
Company shares closed 4% higher on 16 Mar following the announcement.
Correction: Revenue and net loss figures are for full year 2025. Original figures were Q4 2025.
