Bitcoin News Today: Cango's Efficiency Shields Against Bitcoin Volatility, Powers AI Push

Cango Inc. (NYSE: CANG) marked a pivotal milestone in its transformation into a Bitcoin mining enterprise, reporting a 60.6% sequential revenue surge to $225 million in the third quarter of 2025, driven by robust Bitcoin mining operations and operational efficiency gains. The company mined 1,930.8 BTC in Q3, averaging 21 BTC per day, a 37.5% increase in total output compared to the prior quarter. This performance underscores Cango's strategic shift from its legacy automotive business to a vertically integrated digital infrastructure firm, leveraging Bitcoin mining as a cash-generating foundation for its broader ambitions in green energy and AI computing.

The financial results highlight Cango's operational discipline, with operating income of $43.5 million and net income of $37.3 million, reflecting improved hash rate efficiency and cost management. The company's deployed global hash rate reached 50 EH/s, positioning it among the top-tier miners globally. Key to this success was the acquisition of a 50-megawatt mining facility in Georgia and the replacement of older equipment with the T21/S21 series, which boosted operational efficiency to over 90%. Average all-in mining costs per BTC fell to $99,383, down from higher levels in earlier periods, as the firm optimized its energy infrastructure.

Beyond Bitcoin, Cango is advancing its long-term vision of a "green energy-powered global distributed AI computing network." The firm aims to capitalize on its existing distributed operations and energy footprint to build standardized GPU computing resource pools tailored for SMEs. Pilot projects in Oman and Indonesia, expected to commence within one to two years, will provide strategic support for AI infrastructure development. Management emphasized a phased approach: starting with GPU leasing, transitioning to regional data center hubs, and ultimately scaling to a global AI compute grid. This strategy aligns with Cango's asset-light model, which minimizes capital intensity while enabling rapid scalability.

The company's balance sheet remains resilient, with $44.9 million in cash and $660 million in related-party receivables tied to Bitcoin collateral. CFO Michael Zhang highlighted the balance sheet's strength as a catalyst for the AI transition, noting that disciplined capital allocation and market risk mitigation strategies will underpin long-term stability. Meanwhile, Cango's legacy AutoCango platform, which connects Chinese vehicle inventory with international buyers, posted $3.3 million in Q3 revenue, contributing to its diversified revenue streams.

Analysts and investors are closely watching Cango's execution on its roadmap, particularly the timeline for AI compute pilots and the economic viability of its energy projects. While Bitcoin's price volatility remains a risk, the firm's focus on operational efficiency and strategic diversification positions it to navigate market fluctuations while advancing its multi-year vision.