Cango Inc. Announces March 2026 Operational Update; Strategically Optimizing Mining Fleet and Improving Production Economics

Cango (NYSE: CANG) provided a March 2026 operational update detailing a shift to a lean-production mining model that prioritizes cash margin over scale.

Rhea-AI Summary

Cango (NYSE: CANG) provided a March 2026 operational update detailing a shift to a lean-production mining model that prioritizes cash margin over scale. As of March 31, 2026, total operational hashrate was 37.01 EH/s (27.98 EH/s self-mining; 9.02 EH/s leasing).

The company reported a 19.3% reduction in average cash cost per coin to $68,215.83 versus Q4 2025, sold 2,000 BTC to retire Bitcoin-backed loans, and held 1,025.69 BTC in treasury at month-end.

Positive

• Cash cost per coin down 19.3% to $68,215.83
• Operational hashrate reported at 37.01 EH/s (27.98 self-mining; 9.02 leasing)
• De-leveraging: sale of 2,000 BTC used to retire Bitcoin-backed loans
• Capital infusions of $65M equity and $10M convertible bond strengthen liquidity

Negative

• Reduced BTC holdings after 2,000 BTC sale, leaving 1,025.69 BTC in treasury
• Ongoing fleet optimization requires decommissioning inefficient miners, temporarily lowering scale

Argus Apr 8 session

+3.32% close to close Open Argus

Details

News Market Reaction – CANG

On Apr 8, the day this news came out, CANG closed 3.32% above the previous close.

Data tracked by StockTitan Argus for the Apr 8 session.

Key Figures

Total operational hashrate: 37.01 EH/s Self-mining hashrate: 27.98 EH/s Hashrate leasing: 9.02 EH/s +5 more

Total operational hashrate

37.01 EH/s

As of March 31, 2026, including self-mining and hashrate leasing

Self-mining hashrate

27.98 EH/s

Core self-mining fleet as of March 31, 2026

Hashrate leasing

9.02 EH/s

Leased hashrate as of March 31, 2026

Average cash cost per coin

$68,215.83

March 2026 unit production cost per Bitcoin

Prior cash cost per coin

$84,552

Average cash cost per Bitcoin in Q4 2025

Cost reduction

19.3%

Reduction in average cash cost per coin vs Q4 2025

Bitcoin sale

2,000 BTC

Bitcoins sold in March 2026 to retire BTC-backed loans

BTC-backed loan balance

$30.6 million

Outstanding Bitcoin-backed loans as of March 31, 2026

Historical Context

5 past events · Latest: Apr 01

5 events

1. Apr 01

   Strategic financing

   24h Move

   +4.6%

   US$65M insider investment and US$10M convertible note for AI and energy expansion.

2. Apr 01

   Listing deficiency

   24h Move

   +4.6%

   NYSE notice on sub-US$1.00 share price but shares rose despite compliance risk.

3. Mar 16

   2025 earnings

   24h Move

   -16.7%

   Reported US$688.1M revenue but large 2025 net loss and weak Q4 EBITDA.

4. Mar 13

   Earnings date set

   24h Move

   +10.4%

   Scheduled Q4 and full-year 2025 results call with webcast and replay details.

5. Mar 06

   Ops update

   24h Move

   -0.3%

   February 2026 update on BTC production, hashrate and shift toward AI compute.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

hashrate, hashrate leasing, revenue-sharing model, convertible bond, +2 more

6 terms

hashrate technical

"As of March 31, 2026, Cango's total operational hashrate stood at 37.01 EH/s"

Hashrate is a measure of how quickly a computer network can process and verify transactions, often expressed as the number of calculations it can perform in a second. Think of it like the engine power of a car; the higher the hashrate, the more work the network can do in a given time. For investors, a higher hashrate generally indicates a more secure and robust network, which can influence confidence and the value of related digital assets.

hashrate leasing technical

"Self-Mining | 27.98 Hashrate Leasing | 9.02 Total Operational Hashrate | 37.01"

Hashrate leasing is when a firm rents out or rents computing power used to solve the mathematical problems that secure and create new units of a cryptocurrency. For investors, it matters because it lets companies scale mining-like revenue without buying expensive hardware, changing capital needs, cash flow profiles and exposure to coin prices and energy costs—similar to renting factory equipment instead of owning it.

revenue-sharing model financial

"Cango has deployed a revenue-sharing model for specific higher-cost power sites"

A revenue-sharing model is a business arrangement where a company gives a fixed percentage or portion of the money earned from a product, service, or customer to one or more partners, creators or service providers — like agreeing to split a restaurant bill based on what each person ordered. Investors care because it changes how much money the company keeps, affects profit and cash flow predictability, and aligns incentives for growth: more partners can help sales grow but also reduce per-sale returns.

convertible bond financial

"a $65 million equity investment from members of the Company's leadership team and a $10 million convertible bond from DL Holdings"

A convertible bond is a loan-like security that pays regular interest but gives the holder the option to swap it for a set number of the issuer’s shares under agreed terms. Think of it as a bond that can be turned into stock if the share price moves in your favor. It matters to investors because it offers steady income with potential upside from equity while also creating possible future share dilution and affecting the company’s capital mix.

View in glossary

Bitcoin-backed loans financial

"proceeds utilized to retire outstanding Bitcoin-backed loans"

Loans where an investor pledges Bitcoin as collateral to borrow cash or other assets; the borrower retains ownership but the lender can seize the Bitcoin if the loan isn’t repaid or collateral value falls. Think of it like pawning a valuable watch to get quick cash. For investors this unlocks liquidity without selling holdings but adds risks from Bitcoin’s price swings, margin calls and counterparty exposure.

treasury position financial

"loan balance was $30.6 million with a robust treasury position of 1025.69 Bitcoins"

A treasury position is the snapshot of a company’s cash, short-term investments, borrowing and related financial commitments that its treasury team actively manages to ensure bills get paid and risks are controlled. For investors, it signals how easily the company can fund operations, weather downturns, pay dividends or buy back shares—think of it as the company’s household checking account, emergency savings and credit card balance all shown together.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, April 8, 2026 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced its operational update for March 2026.

The Company is strategically optimizing its mining operations to prioritize cash margin over scale. This includes refining its mining fleet, decommissioning inefficient miners, deploying alternative models such as hashrate leasing in regions with high hosting fees, and migrating capacity to lower-cost power regions. These initiatives are designed to strengthen the Company's ability to weather volatility in bitcoin prices by reducing production costs, enhancing operational efficiency, and optimizing overall mining economics to support the Company's broader transition into energy and AI infrastructure.

Operational Strategy: Targeted Efficiency and Risk Mitigation

As of March 31, 2026, Cango's total operational hashrate stood at 37.01 EH/s, consisting of its core self-mining fleet and hashrate leasing arrangements. This lean-production model prioritizes margin resilience over raw scale.

Operational Hashrate Composition (as of March 31, 2026):

Category	Hashrate (EH/s)
Self-Mining	27.98
Hashrate Leasing	9.02
Total Operational Hashrate	37.01

Key Initiatives include:

• Fleet Modernization & Geographic Migration: The Company is selectively implementing hardware upgrades across select portions of its original mining fleet. By deploying S21/S21XP series miners specifically in regions experiencing elevated power costs, such as Paraguay and Oman, Cango leverages superior energy efficiency (J/TH) to offset electricity costs. Concurrently, the Company continues to migrate its broader fleet to stable, lower-cost jurisdictions.
• Revenue Sharing Arrangements: Cango has deployed a revenue-sharing model for specific higher-cost power sites with hosting partners for the remainder of their hosting contracts. This collaborative arrangement aligns interests, ensuring that operations remain viable and sustainable for both Cango and its hosting partners during periods of market volatility.

While some optimization efforts remain ongoing, the Company's focus going forward is to ensure positive cash margins at the site level, providing greater downside protection for its core mining business.

Proactive Cost Management: Strengthening Margin Resilience

The shift toward a lean-production model has resulted in a substantial reduction in unit production costs. In March 2026, the Company achieved an average cash cost per coin of $68,215.83. This represents a 19.3% reduction compared to the average cash cost of $84,552 per coin reported in Q4 2025. This improved cost basis positions Cango's mining operations on a firm, self-sustaining footing.

Strategic De-leveraging and Fortified Capital Structure

Cango continues to optimize its capital structure through proactive financial management. In March, the Company completed a strategic sale of 2,000 Bitcoins, with proceeds utilized to retire outstanding Bitcoin-backed loans. As of March 31, 2026, the Company's total outstanding Bitcoin-backed loan balance was $30.6 million with a robust treasury position of 1025.69 Bitcoins.

This de-leveraging has significantly strengthened the Company's balance sheet when combined with recent capital infusions including a $65 million equity investment from members of the Company's leadership team and a $10 million convertible bond from DL Holdings.

Collectively, these measures provide a solid financial foundation to navigate market volatility and support the Company's planned transition into energy and AI infrastructure.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span across North America, the Middle East, South America, and East Africa.

Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.

For more information, please visit: www.cangoonline.com and follow us on: X and LinkedIn.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. These statements are based on Cango's current expectations and assumptions and are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact
Juliet Ye, Head of Communications
Cango Inc.
Email: ir@cangoonline.com

Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com

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SOURCE Cango Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was Cango's total operational hashrate as of March 31, 2026 (CANG)?

Total operational hashrate was 37.01 EH/s as of March 31, 2026. According to the company, this comprised 27.98 EH/s self-mining and 9.02 EH/s from hashrate leasing arrangements.

How much did Cango (CANG) reduce its cash cost per bitcoin in March 2026?

Cango reduced average cash cost per coin to $68,215.83, a 19.3% decline. According to the company, this compares to a Q4 2025 cash cost of $84,552, boosting margin resilience.

What BTC balance and loan position did Cango (CANG) report at March 31, 2026?

Cango reported a treasury of 1,025.69 BTC and outstanding Bitcoin-backed loans of $30.6 million. According to the company, proceeds from a sale of 2,000 BTC were used to retire loans.

What capital raises did Cango (CANG) complete to strengthen its balance sheet?

Cango received a $65 million equity investment from leadership members and a $10 million convertible bond from DL Holdings. According to the company, these measures bolster liquidity for strategic transition.

How is Cango (CANG) changing its mining fleet strategy in 2026?

Cango is prioritizing margin by decommissioning inefficient miners, deploying S21/S21XP models, and migrating capacity to lower-cost regions. According to the company, it also uses hashrate leasing and revenue-sharing to manage high hosting costs.