Cango Bitcoin Miner don post FY2025 results, Q4 EBITDA losses, dem don pivot to AI
Cango Inc. (NYSE: CANG) drop unaudited FY2025 and Q4 2025 results, e first full year as Bitcoin miner. Total revenue for 2025 climb to $688.1M, with $179.5M in Q4. Revenue from the Bitcoin mining business was $675.5M for the year (Q4: $172.4M).
Profitability weak. Adjusted EBITDA was +$24.5M for FY2025, but e knock down to a Q4 adjusted EBITDA loss of -$156.3M. Cango mined 6,594.6 BTC in 2025 (average 18.07 BTC/day) and 1,718.3 BTC in Q4 (18.68 BTC/day). Costs remain high: average (excluding machine depreciation) $79,707/BTC for FY2025 and $84,552/BTC for Q4; all-in costs $97,272/BTC (FY2025) and $106,251/BTC (Q4).
Company also report $452.8M net loss from continuing operations, mainly driven by one-off transformation costs and fair-value adjustments tied to market moves. Operationally, dem terminate im ADR program and shift to direct NYSE listing.
Looking forward, Cango say 2026 go focus on balance-sheet strengthening and mining fleet optimization, while e pivot to AI infrastructure via EcoHash after initial site retrofits.
For crypto traders, this Bitcoin miner update show near-term margin pressure—especially in Q4—while e signal longer-term strategy shift toward AI compute instead of purely mining-led growth.
Neutral
Di main drivaz dem na company-specific (Cango cost pressure for Q4, transformation/fair-value charges, and how dem shift strategy go AI infrastructure). Even though dem details fit affect sentiment and trading for Bitcoin miner equity complex, dem no dey change BTC issuance, protocol rules, or immediate network fundamentals directly. So di expected impact on BTC price likely small for short term (di margin narrative fit affect risk appetite for miners) and neutral long term (di AI pivot na more about execution/timeline rather than direct BTC supply-demand shock).