From Wrecked Cars to Wrecked Margins: Cango Cashes Out Its Bitcoin Bag to Bet on the AI Hype Train

Cango (CANG), the corporate shape-shifter that went from fixing fenders to mining digital gold, just reported FY 2025 revenue of $688.1 million. The punchline? A net loss of $452.8 million, proving that even printing money from the blockchain can be a spectacularly expensive hobby.

In a move that would make any diamond-handed degen wince, the firm liquidated 4,451 BTC in February 2026. The official reason? To pay down debt and fund its latest identity crisis—a full-throttle pivot into AI infrastructure, because why not chase the other hottest thing on the NASDAQ?

The 2025 mining operation was a beast, churning out $675.5 million in bitcoin revenue and 6,594 fresh BTC. But profitability got absolutely rekt by impairment charges, fair-value losses, and a production cost of roughly $97,000 per coin—a number that makes you wonder if they were powering their rigs with diamond-encrusted extension cords.

By dumping its stack, Cango is treating Bitcoin less like a religious HODL and more like a corporate piggy bank. The goal is to reduce leverage, pretend the balance sheet looks healthy, and free up dry powder to yeet at the next big thing.

CEO Paul Yu declared the company is “advancing our pivot to become an AI infrastructure provider,” with the EcoHash platform promising “flexible, cost-effective AI inference solutions.” Meanwhile, CFO Michael Zhang pinned the massive losses on “non-recurring transformation costs” and emphasized the hunt for AI capital, which is corporate-speak for “we need more money to keep this narrative alive.”

As noted by CoinDesk research, public miners are increasingly conducting BTC fire sales to fund AI ventures. This trend is driven by mining margins getting squeezed harder than a degen's liquidity and the insatiable, hype-fueled demand for high-performance computing.

Cango’s stock is currently trading around $0.68, having taken a 43% nosedive over the past three months. It seems the market is treating this pivot with all the enthusiasm of a rug-pull announcement.