Cango Inc Stock Price, News & Analysis

Cango (NYSE: CANG) announced that Enduring Wealth Capital Limited (EWCL), the holder of Class B shares with ~36.68% voting power, agreed to subscribe for 7,000,000 Class B ordinary shares at $1.50 per share for an aggregate $10.5 million purchase under an Investment Agreement dated December 29, 2025.

Upon closing (expected January 2026, subject to NYSE approval and customary conditions), EWCL's equity stake is expected to rise from ~2.81% to ~4.69% of outstanding shares and its voting power from ~36.68% to ~49.61%.

There is no assurance the closing conditions will be satisfied or the Proposed Investment will complete.

Cango (NYSE: CANG) was initiated with a buy rating and a US$4.00 price target by Greenridge Capital on December 24, 2025.

The report cites Cango's asset-light approach and AI/HPC potential, listing key assets: over US$600 million in BTC under a HODL strategy, a 50 EH/s global mining fleet, and a 50MW data center acquired in Q3 2025. Greenridge cites cost reductions and a strong cash position as supportive.

Strategic growth targets include securing power supply and the "Energy + HPC" plan, with two pilots: a solar+storage pilot in Oman and a 150MW power project in Indonesia (potential to expand to 300MW). Valuation uses a blended approach: 7x EV/Adj. EBITDA on a 2026 Adj. EBITDA est. US$335.4M and 15x P/E on a 2026 diluted EPS est. US$0.34; the model currently excludes value for developing energy projects.

Cango (NYSE: CANG) published its November 2025 Bitcoin production and mining operations update on December 5, 2025. Key monthly metrics: 546.7 BTC produced in November versus 602.6 BTC in October, an average daily production of 18.22 BTC, and 6,959.3 BTC held at month-end. Deployed hashrate remained at 50 EH/s while average operating hashrate was 44.38 EH/s for the month.

The company reiterated that its Bitcoin holdings are long-term and it does not currently intend to sell. Management noted completion of the transition to the New York Stock Exchange following termination of the ADR program and framed the business strategy as evolving toward a global, distributed AI compute network powered by green energy.

Cango (NYSE: CANG) reported unaudited results for Q3 ended Sept 30, 2025. Total revenues were US$224.6 million, up 60.6% vs Q2 2025; bitcoin mining revenue was US$220.9 million. Operating income was US$43.5 million, net income US$37.3 million, and adjusted EBITDA US$80.1 million. The company mined 1,930.8 BTC in Q3 (avg 21.0 BTC/day), up 37.5% total vs Q2. Average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in Sept and 46.09 EH/s in Oct, with efficiency >90%.

Average cost to mine (ex-depreciation) was US$81,072 per BTC and all-in cost was US$99,383 per BTC. The company has mined 5,810 BTC since entering mining. Cango completed termination of its ADR program and transitioned to a direct NYSE listing while outlining a longer-term focus on a green energy AI compute network with bitcoin mining as an on-ramp.

Cango (NYSE: CANG) reported third quarter 2025 unaudited results with total revenues of $224.6M (up 60.6% QoQ) and $220.9M from bitcoin mining. The company mined 1,930.8 BTC in Q3 (avg 21.0 BTC/day), bringing cumulative mined bitcoin to 5,810 BTC.

Operating income was $43.5M, net income $37.3M, and adjusted EBITDA $80.1M. Average operating hashrate rose to ~46.09 EH/s (Oct) with deployed hashrate at 50 EH/s. Average cost to mine was $81,072 per BTC (ex-depr.) and all-in cost $99,383 per BTC.

Balance sheet highlights: cash $44.9M, receivable for bitcoin collateral (related party) $660.0M, mining machines net $365.7M, and long-term related-party debt $405.1M. Reporting currency changed to USD effective Q3 2025.

Cango (NYSE: CANG) will release its third quarter 2025 financial results after market close on Monday, December 1, 2025. The earnings release will be posted on the company investor relations website at http://ir.cangoonline.com.

Management will discuss results on a conference call on December 1, 2025 at 8:00 P.M. ET (or December 2, 2025 at 9:00 A.M. HKT). Dial-in numbers and Conference ID (Cango Inc.) are provided for international, U.S., Mainland China and Hong Kong participants. A replay will be available through December 8, 2025, and a live and archived webcast will be accessible on the investor relations site.

Cango (NYSE:CANG) announced its Class A ordinary shares began trading on the New York Stock Exchange on November 17, 2025 following termination of its ADR program.

Holders of American depositary shares received two Class A ordinary shares per ADS (similar to a 2-for-1 split). NYSE authorized the direct listing on November 14, 2025. The direct listing lets U.S. investors hold shares directly and eliminates depositary fees. Cango said the move may enhance institutional visibility and broaden its investor base. No new shares were issued and no capital was raised, so there is no dilution. The company reported approximately 356 million Class A ordinary shares outstanding as of the announcement date.

Cango (NYSE: CANG) marked one year since pivoting to a Bitcoin mining-focused business on Nov 6, 2025, reporting rapid scale-up and financial results tied to the transformation.

Key highlights: 50 EH/s global platform (32 EH/s acquired Nov 2024; 18 EH/s Jun 2025), divestiture of China assets by May 2025, a 50 MW Georgia facility bought for US$19.5M in Aug 2025, and >90% hashrate efficiency. Financials for Q2 2025 show US$139.8M revenue, US$99.1M adjusted EBITDA, and US$117.8M cash equivalents. Bitcoin holdings reached ~6,400 BTC as of Oct 31, 2025. The company plans a direct NYSE listing on Nov 17, 2025 and outlines phased expansion into energy and AI HPC leveraging its mining infrastructure.

Cango (NYSE: CANG) published its October 2025 bitcoin production and mining update on Nov 3, 2025. Key metrics: 602.6 BTC produced in October (avg 19.44 BTC/day), 6,412.6 BTC held as of month-end, deployed hashrate at 50 EH/s and average operating hashrate of 46.09 EH/s for October. Figures are unaudited and estimated.

The company noted it holds bitcoin long term with no current intent to sell. Management said average operating hashrate exceeded 90% utilization and highlighted surpassing the 6,000 BTC milestone. Cango also announced termination of its ADR program and a planned direct listing of ordinary shares on NYSE, expected to complete in November 2025.