{"id":38020,"date":"2025-11-06T17:28:57","date_gmt":"2025-11-06T10:28:57","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=38020"},"modified":"2025-11-06T17:28:57","modified_gmt":"2025-11-06T10:28:57","slug":"cango-inc-releases-letter-to-shareholders","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=38020","title":{"rendered":"Cango Inc. Releases Letter to Shareholders"},"content":{"rendered":"\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

HONG KONG<\/span><\/span>, Nov. 6, 2025<\/span><\/span> \/PRNewswire\/ — Cango Inc. (NYSE: CANG) today released a letter to shareholders\u00a0at the one-year milestone of its bold transformation to a robust Bitcoin mining operation. CEO Paul Yu<\/span> reflected on this milestone, emphasizing Cango’s vision to deliver energy-secured HPC services. The journey began in November 2024<\/span> with Bitcoin mining as a practical entry point to secure energy access, build operational expertise, and create flexible sites for long-term goals.<\/p>\n

\n<\/div>\n

In just eight months, Cango scaled to a 50 EH\/s global platform by acquiring 32 EH\/s of on-rack mining machines in November 2024<\/span>, followed by 18 EH\/s in June 2025<\/span>. The company divested its China<\/span>-based assets by May 2025<\/span>, redirecting resources to its mining operations. A new Board and management team with expertise in digital assets, finance, and energy was onboarded to guide this ambitious transition.<\/p>\n

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million<\/span> in revenue, US$99.1 million<\/span> in adjusted EBITDA , and US$117.8 million<\/span> in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman<\/span>, Ethiopia<\/span>, and Paraguay<\/span>.<\/p>\n

This year’s momentum continued with key milestones. In August 2025<\/span>, Cango acquired a 50 MW facility in Georgia<\/span> for US$19.5 million<\/span>, strengthening operational control and securing better power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025<\/span>, through a disciplined HODL strategy. To enhance capital structure, Cango will transition to a direct NYSE listing on November 17, 2025<\/span>.<\/p>\n

Looking ahead, Paul\u00a0shared that Cango’s Bitcoin mining foundation will fuel a dual-track expansion into energy and HPC. The company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH\/s of capacity.<\/p>\n

“We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. ” Paul said. “With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners.”\u00a0<\/p>\n

\u00a0View original content: https:\/\/ir-image.cangoonline.com\/ir-documents\/Cango%20Shareholder%20Letter%20202511.pdf<\/a><\/p>\n

Investor Relations Contact
<\/b>Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com<\/a>\u00a0<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n\n\n\n
\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

HONG KONG<\/span><\/span>, Nov. 6, 2025<\/span><\/span> \/PRNewswire\/ — Cango Inc. (NYSE: CANG) today released a letter to shareholders\u00a0at the one-year milestone of its bold transformation to a robust Bitcoin mining operation. CEO Paul Yu<\/span> reflected on this milestone, emphasizing Cango’s vision to deliver energy-secured HPC services. The journey began in November 2024<\/span> with Bitcoin mining as a practical entry point to secure energy access, build operational expertise, and create flexible sites for long-term goals.<\/p>\n

\n<\/div>\n

In just eight months, Cango scaled to a 50 EH\/s global platform by acquiring 32 EH\/s of on-rack mining machines in November 2024<\/span>, followed by 18 EH\/s in June 2025<\/span>. The company divested its China<\/span>-based assets by May 2025<\/span>, redirecting resources to its mining operations. A new Board and management team with expertise in digital assets, finance, and energy was onboarded to guide this ambitious transition.<\/p>\n

The financial impact was swift. In Q2 2025, Cango reported US$139.8 million<\/span> in revenue, US$99.1 million<\/span> in adjusted EBITDA , and US$117.8 million<\/span> in cash equivalents, driven by an asset-light model focused on operational efficiency. Cango established a new, highly competitive core business, and a scaled global footprint across the U.S., Oman<\/span>, Ethiopia<\/span>, and Paraguay<\/span>.<\/p>\n

This year’s momentum continued with key milestones. In August 2025<\/span>, Cango acquired a 50 MW facility in Georgia<\/span> for US$19.5 million<\/span>, strengthening operational control and securing better power terms. Hashrate efficiency surpassed 90%, and Bitcoin holdings grew to over 6,400 BTC by October 31, 2025<\/span>, through a disciplined HODL strategy. To enhance capital structure, Cango will transition to a direct NYSE listing on November 17, 2025<\/span>.<\/p>\n

Looking ahead, Paul\u00a0shared that Cango’s Bitcoin mining foundation will fuel a dual-track expansion into energy and HPC. The company plans disciplined, phased pilots, a targeted entry into the AI HPC market, and dual-purpose energy infrastructure development, while optimizing mining operations through improved uptime, lower energy costs, and refreshing 6 EH\/s of capacity.<\/p>\n

“We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute. ” Paul said. “With the resilient foundation we have built, a world-class team, and a clear, disciplined strategy, we are confident in our ability to not only navigate this future but to help shape it, creating lasting value for our shareholders and partners.”\u00a0<\/p>\n

\u00a0View original content: https:\/\/ir-image.cangoonline.com\/ir-documents\/Cango%20Shareholder%20Letter%20202511.pdf<\/a><\/p>\n

Investor Relations Contact
<\/b>Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n

<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-38020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/38020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38020"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/38020\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}