Key Points
- Cango Inc. mined 602.6 Bitcoin (BTC) in October 2025, increasing its total holdings to 6,412.6 BTC.
- The company plans to transition from depositary receipts to direct share trading and aims to expand into AI.
Cango Inc. generated 602.6 Bitcoin in October 2025, bringing its total Bitcoin holdings to 6,412.6 BTC by the end of the month.
The average daily mining output for the company was 19.44 Bitcoin, slightly down from 20.55 BTC daily in September 2025.
Long-Term Bitcoin Holding Strategy
On November 3, Cango confirmed its long-term commitment to holding Bitcoin, with no current plans to sell any of its holdings.
The company also announced that it would end its American depositary receipt program on November 14, switching to direct share trading to eliminate intermediary fees and increase institutional visibility.
Cango’s Class A ordinary shares are expected to start trading directly on the New York Stock Exchange on November 17.
Mining Operations and AI Expansion
In terms of mining operations, Cango’s average operating hashrate rose to 46.09 exahashes per second in October from 44.85 EH/s in September.
The company maintained its deployed hashrate at 50 EH/s, achieving over 90% operational efficiency across its mining facilities in North America, the Middle East, South America, and East Africa.
Paul Yu, Cango’s CEO, stated that the operational and financial milestones put the company in a strong position to leverage emerging opportunities in energy and AI.
Yu emphasized that these achievements highlight Cango’s operational maturity as it approaches the one-year mark of its strategic transformation.
The company initially entered the crypto asset space in November 2024.
Yu also mentioned that the planned direct listing reinforces Cango’s commitment to operating as a U.S.-centric organization.
The miner is exploring AI infrastructure opportunities, similar to Galaxy Digital’s $460M AI pivot to convert mining facilities into data centers.
Cango has plans to create a dynamic computing platform that balances Bitcoin mining and AI workloads.
The company acquired its first mining facility in Georgia for $19.5 million in August 2025 to develop in-house operational expertise.
Like TeraWulf’s $9.5B AI infrastructure deal with Fluidstack, Cango plans to launch a high-performance computing pilot program in the first half of 2026 focused on AI computing power collaboration.
Cango is following other firms like CleanSpark’s expansion into AI data centers as the industry diversifies beyond traditional mining operations.
