Cango reports $285M Q4 loss as Bitcoin mining costs surge in 2025

Bitcoin mining steadfast Cango Inc. reported a nett nonaccomplishment of $285 cardinal successful the 4th fourth of 2025, arsenic impairment charges, fair-value losses and higher mining costs outweighed gross from its expanding Bitcoin mining business.

In its net study published Monday, Cango said fourth-quarter gross reached $179.5 million, including $172.4 cardinal from Bitcoin mining, portion full operating costs and expenses roseate to $456.0 million.

The losses were driven successful portion by an $81.4 cardinal impairment connected mining machines and a $171.4 cardinal nonaccomplishment tied to changes successful the just worth of Bitcoin (BTC)-collateralized receivables. The institution besides reported higher accumulation costs, with all-in mining expenses rising to $106,251 per BTC successful the quarter.

The results amusement however gross maturation from mining was offset by impairment charges, mark-to-market adjustments and higher accumulation costs arsenic the institution scaled the business.

Cango's six-month terms chart. Source: Google Finance

Google Finance information shows that Cango’s shares fell from astir $4.50 connected Oct. 1 to astir $1.50 by Dec. 31. At the clip of writing, it trades astatine $0.68, marking a diminution of much than 84% implicit the past six months.

Cango posted a nett nonaccomplishment of $452.8 cardinal for full-year 2025

For the afloat year, Cango reported full gross of $688.1 million, including $675.5 cardinal from Bitcoin mining. The institution mined 6,594.6 Bitcoin successful 2025, oregon astir 18.07 Bitcoin per day, successful its archetypal afloat twelvemonth operating astatine standard successful the sector.

Cango reported full operating costs and expenses of $1.1 cardinal for 2025, including $338.3 cardinal successful impairment losses connected mining machines and $96.5 cardinal successful fair-value losses connected Bitcoin-collateralized receivables, highlighting the outgo pressures associated with scaling its mining operations.

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In total, Cango posted a nett nonaccomplishment of $452.8 cardinal for the year. Chief fiscal serviceman Michael Zhang said the nonaccomplishment was driven mostly by non-recurring translation costs and market-driven fair-value adjustments.

Cango’s Bitcoin mining pivot

Cango’s results travel amid a broader strategical displacement that has reshaped the company’s concern implicit the past year.

In April 2025, Cango agreed to merchantability its bequest China car financing operations for $352 cardinal to Ursalpha Digital Limited, an entity linked to Bitmain.

The woody besides included the transportation of 32 exahashes per 2nd (EH/s) of mining capableness to the company, efficaciously repositioning Cango arsenic a publically traded Bitcoin mining firm.

In February, Cango raised $75.5 million successful equity financing aft selling 4,451 Bitcoin for astir $305 cardinal to trim leverage.

The institution said this supports its pivot toward artificial quality infrastructure, with plans to repurpose its mining operations into distributed compute capableness for AI workloads.

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