Cango Liquidates Its Bitcoin Stash to Pay the Bills and Ride the AI Wave

Cango, a firm that executed a classic "pivot" from fixing cars to minting digital gold, just posted a 2025 net loss of $452.8 million against revenue of $688.1 million. The company mined 6,594 BTC last year, with its digital digging operations contributing $675.5 million to the top line—proving that even in a bull market, you can still lose money if you try hard enough.

Despite the impressive revenue figure, profitability got absolutely rekt. A brutal combo of high production costs, impairment charges on now-obsolete mining rigs, and fair value losses led to an all-in cost of roughly $97,000 per Bitcoin mined. That's the financial equivalent of using a Lamborghini to do Uber Eats; the math just doesn't pencil out.

In a move that would make any diamond-handed degen weep, Cango sold 4,451 of its precious BTC in February 2026. The company claimed the fire sale was to reduce financial leverage and tidy up its balance sheet, thereby freeing up capital for new ventures. Or, in simpler terms, they sold the family jewels to pay off their credit card debt.

Management is now performing a full 180-degree pivot, steering the corporate ship directly into the warm, hype-filled waters of artificial intelligence. CEO Paul Yu declared the firm is accelerating its transformation to become an AI infrastructure provider, with its EcoHash platform aiming to deliver flexible, cost-effective AI inference solutions. Because when one hype train slows, you simply jump tracks to the next one.

CFO Michael Zhang pinned the losses mostly on one-time "transformation costs," while highlighting the scramble to secure fresh capital for AI bets. This shift from Bitcoin accumulation to using BTC as a liquid treasury asset mirrors an industry-wide trend where miners are dumping their hard-earned sats to fund the new shiny thing. It's the circle of life in crypto, just with more spreadsheets.

Cango shares are currently trading around $0.68, having taken a 43% nosedive over the past three months. The market, it seems, is less than impressed with this masterclass in corporate pivoting.