Cango Inc. Releases 2025 Letter to Shareholders

Rhea-AI Summary

Cango (NYSE:CANG) outlined a strategic pivot in its 2025 letter to shareholders, detailing a transition from Bitcoin mining toward a distributed AI inference compute platform.

Key steps completed include acquiring 50 EH/s of on-rack machines, securing 50 MW of energy infrastructure, divesting legacy operations, adjusting treasury to reduce leverage, and completing a direct NYSE listing. The company formed EcoHash Technology LLC to advance AI initiatives and presented a three-phase roadmap: near-term modular GPU deployment, medium-term software orchestration, and long-term global scaling.

Positive

• 50 EH/s of on-rack machines acquired and efficiency enhanced
• Secured 50 MW of energy infrastructure to support compute expansion
• Completed transition to a direct NYSE listing
• Established EcoHash Technology LLC to lead AI compute initiatives
• Three-phase roadmap defined: modular GPU nodes, orchestration software, global scaling

Negative

• Transition to AI compute is explicitly described as a multi-year effort and remains in early stages
• Execution risk as rollout depends on meeting undisclosed technical and financial thresholds

Key Figures

On-rack hashrate: 50 EH/s Energy infrastructure: 50 MW Global regions: 4 regions +1 more

4 metrics

On-rack hashrate 50 EH/s Hashrate efficiency of on-rack Bitcoin mining machines

Energy infrastructure 50 MW Initial energy infrastructure secured for operations

Global regions 4 regions Bitcoin mining footprint across four key regions

Roadmap phases 3 phases Near-, medium-, and long-term AI compute roadmap

Market Reality Check

Price: $0.9850 Vol: Volume 2,010,319 is 2.13x...

high vol

$0.9850 Last Close

Volume Volume 2,010,319 is 2.13x the 20-day average of 942,696, indicating elevated pre-news activity. high

Technical Shares at $0.985 are trading below the 200-day MA ($3.65) and far under the $5.75 52-week high.

Peers on Argus

Momentum scanner shows CANG flagged with target direction "up" while three crypt...

3 Down

Momentum scanner shows CANG flagged with target direction "up" while three crypto-related peers (FUFU, BITF, BTBT) were all down ~4–5%, suggesting a stock-specific driver rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 03 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Mining update	Neutral	+0.0%	January 2026 Bitcoin production and hashrate metrics with sales for AI plans.
Jan 05	Mining update	Positive	+16.3%	December 2025 production growth and BTC holdings increase plus capital commitment.
Dec 30	Equity investment	Neutral	-6.6%	US$10.5M EWCL investment increasing equity stake and voting power concentration.
Dec 29	Equity investment	Neutral	-2.2%	Details on EWCL agreement to buy 7M Class B shares at US$1.50 each.
Dec 24	Analyst rating	Positive	+2.2%	Initiation with buy rating and US$4.00 target citing AI/HPC potential.

Pattern Detected

News tied to capital infusions and ratings often moved the stock, while operational updates saw muted reactions; some dilution-related items drew negative moves despite neutral tone.

Recent Company History

Over the last few months, Cango has emphasized its Bitcoin mining scale and AI ambitions. A Dec 24, 2025 initiation with a buy rating highlighted its asset-light model and energy/AI roadmap, with a modest positive price reaction. Subsequent US$10.5M EWCL investment announcements in late December prompted negative moves, indicating sensitivity to governance and dilution. Monthly Bitcoin production updates in December and January focused on steady 50 EH/s deployed hashrate and funding AI compute expansion, with mostly muted trading. Today’s shareholder letter extends that AI-centric transformation narrative.

Regulatory & Risk Context

Active S-3 Shelf · US$500,000,000

Shelf Active

Active S-3 Shelf Registration 2025-12-17

US$500,000,000 registered capacity

An effective F-3 shelf dated Dec 17, 2025 allows Cango to offer up to US$500,000,000 of securities over time once effective. As of the provided data, the shelf is marked not yet effective with 0 recorded usages, but it establishes capacity for future equity or debt issuance to fund initiatives such as the mining-to-AI compute transition.

Market Pulse Summary

This announcement outlines Cango’s evolution from pure Bitcoin mining toward an AI-focused infrastru...

Analysis

This announcement outlines Cango’s evolution from pure Bitcoin mining toward an AI-focused infrastructure platform. Management references existing scale of 50 EH/s hashrate and 50 MW of energy capacity to support a three-phase AI inference roadmap, including a new EcoHash subsidiary and AI-focused leadership. In context of recent mining updates and capital inflows, investors may track execution milestones, use of the US$500,000,000 shelf, and progress in converting mining sites into revenue-generating AI compute assets.

Key Terms

hashrate, bitcoin miner, gpu, compute nodes, +3 more

7 terms

hashrate technical

"acquiring and enhancing hashrate efficiency of 50 EH/s of on-rack machines"

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.

bitcoin miner technical

"build our position as a leading Bitcoin miner with a global footprint"

A bitcoin miner is a person or company that runs specialized computers to verify Bitcoin transactions and add them to the public ledger, earning newly created bitcoins and transaction fees as payment. Think of it like a stamp office that processes and certifies mail: miners use electricity and hardware to compete to complete the job, so their costs, efficiency and access to cheap power affect profitability and signal supply dynamics, regulatory risk and capital needs that matter to investors.

gpu technical

"modular, containerized GPU compute nodes designed as plug-and-play solutions"

A GPU (graphics processing unit) is a specialized computer chip designed to handle many calculations at once, originally for rendering images and video but now widely used for tasks like artificial intelligence, data analysis and high-performance computing. Investors watch GPU demand and prices because strong sales often signal growth for chip makers and their customers, affect profit margins and capital spending, and can forecast wider trends in gaming, AI adoption and cloud services.

compute nodes technical

"modular, containerized GPU compute nodes designed as plug-and-play solutions"

Compute nodes are individual servers or independent processing units that work together to run large-scale computations, store data, or power cloud services. Think of them as workers on an assembly line: more or faster nodes mean tasks finish sooner and the system can handle heavier workloads. For investors, the number, speed, and efficiency of compute nodes affect a technology provider’s performance, scalability, operating cost and ability to meet customer demand.

grid-connected technical

"leveraging our globally accessed, grid-connected infrastructure, Cango is well-positioned"

Grid-connected describes a power system, such as a solar array, battery or generator, that is physically linked to the public electricity network so it can send electricity to and draw electricity from that shared grid. For investors, grid-connected projects matter because they can sell excess power, buy backup power, and qualify for incentives or utility contracts, making revenue streams and operating risks more predictable—like a small business hooked into a city’s water and sewer system instead of relying on a private well.

treasury financial

"initially adopting a strategic treasury approach, divesting legacy operations"

The treasury is the department or area within a government or organization responsible for managing its money, finances, and financial strategies. It handles tasks like collecting revenue, paying bills, and planning for future financial needs, much like a household manages its budget. For investors, understanding the treasury is important because it influences interest rates, government spending, and overall economic stability.

inference compute technical

"transition from hosted hashpower toward a global distributed inference compute grid"

Inference compute is the computer power required to run a trained artificial intelligence model to make predictions or respond to inputs, rather than to train the model. Investors care because it determines the ongoing cost, speed, and scalability of delivering AI-powered products—similar to how fuel efficiency affects operating costs for a fleet—so lower or more efficient inference compute can mean higher margins and better customer experience.

AI-generated analysis. Not financial advice.

DALLAS, Feb. 9, 2026 /PRNewswire/ --

Dear Shareholders,

The year 2025 marked a pivotal chapter in our strategic transformation, representing a new phase of entrepreneurship for Cango. As we enter 2026, we believe it is appropriate to reflect on our progress and sharpen our focus for the opportunities ahead. 

Over the past year, we have executed a disciplined entry into the industry, balancing speed with operational prudence to steadily build our position as a leading Bitcoin miner with a global footprint across four key regions.Importantly, we have delivered on several key commitments: acquiring and enhancing hashrate efficiency of 50 EH/s of on-rack machines, initially adopting a strategic treasury approach, divesting legacy operations, securing an initial 50 MW of energy infrastructure, and completing our transition to a direct NYSE listing. These steps have set a foundation for the future transition from hosted hashpower toward a global distributed inference compute grid. 

In response to recent market conditions, we have made a treasury adjustment to strengthen balance sheet and reduce financial leverage, which provides increased capacity to fund our strategic expansion into AI compute infrastructure.

The Strategic Logic behind Our Proposed Pivot 

As previously communicated, our global mining operations, operational experience, and infrastructure provide a practical pathway toward our AI compute objectives. The growing AI era continues to face a "Power Gap"—a disconnect between rising compute demand and existing grid capacity. By leveraging our globally accessed, grid-connected infrastructure, Cango is well-positioned to participate in this opportunity, and our business model will revolve around leveraging and connecting these diversified power sources to flexibly supply high-performance compute capacity to meet long-tail inference demand through a scalable business model. 

This transition is expected to follow a disciplined three-phase roadmap: 

Near Term: Standardization and efficient deployment. We plan to enter the market with modular, containerized GPU compute nodes designed as plug-and-play solutions for rapid deployment across our globally accessed infrastructure. Our focus will be on offering on-demand compute capacity by drawing on power from our current operations. Conversion to AI-ready infrastructure is designed to require limited upgrades, with sites expected to be operational in a relatively short timeframe, creating the potential for progressively developing additional revenue streams. While hyperscalers may encounter extended grid-connection timelines and substantial capital needs, our approach is relatively asset light and allows us to efficiently address the 'long-tail' of AI demand. 

Medium Term: Software-defined orchestration. To complement our physical nodes, we intend to deploy a proprietary software platform to manage and integrate our distributed compute capacity. This architecture is expected to help us evolve into an ecosystem enabler, offering our global footprint as an integrated, enterprise-grade network without the typical infrastructure complexity. 

Long Term: Global scaling and platform resilience. Our longer-term vision is to grow this network into a mature global AI infrastructure platform. By activating underutilized power across our mining ecosystem and eventually beyond, we aim to establish recurring revenue streams from platform services and compute agreements designed to be durable across market cycles. 

We believe our infrastructure, partnerships, and operational resources offer a reasoned basis for this approach. As part of accelerating this transition, we have established EcoHash Technology LLC, a wholly-owned subsidiary based in Dallas, Texas, to focus on advancing our AI compute initiatives. Under the leadership of our newly appointed AI CTO, we are assembling a dedicated team to guide technical execution. 

Execution of our roadmap is being conducted with clear financial and technical thresholds. Our initial rollout is intended to leverage our existing network to deliver scalable AI inference capacity—meeting the substantial 'long-tail' AI demand from SMEs at competitive price points. 

Empowering the Ecosystem: From Miner to Enabler 

Cango's transformation is also aimed at creating broader ecosystem value. We view ourselves as an "Ecosystem Enabler," recognizing that the Bitcoin mining industry holds significant underutilized energy infrastructure suitable for AI era needs. We observe that many in the mining community share an interest in this opportunity but may lack a clear technical path forward. 

By advancing in this direction, Cango hopes to support the wider mining ecosystem's evolution. Our architecture is designed to offer a flexible growth path—enabling accessible, on-demand compute with manageable upfront commitment. It also provides a practical route for operators to adapt existing facilities for AI operations with relatively short lead times. 

A Vision for Value Creation in the Age of AI 

We are steadily evolving toward a technology-driven infrastructure platform. This shift is expected to open new recurring revenue streams—, building a business model that can endure across cycles while complementing our mining operations. 

We remain mindful that this is a long-term journey. The transition from mining to AI compute will continue to develop over multiple years, and we are still in the early stages. While the path ahead requires sustained effort, our roadmap is clear, and we are committed to prudent, step-wise execution. 

Thank you for your continued trust and support. We are focused on the opportunities ahead and look forward to updating you on our progress. 

Paul Yu
Chief Executive Officer, Cango Inc.

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 over 40 sites 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.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, statements regarding expected financial benefits from the Bitcoin sale, the development and commercialization of the Company's AI business, the expected synergy between Bitcoin mining and AI business, the performance of the Company's AI computing infrastructure services, and the Company's outlook on the Bitcoin industry and digital asset market, and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. 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 and in the attachments 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

What did Cango (CANG) announce in its February 9, 2026 shareholder letter about its business focus?

Cango announced a strategic pivot from primarily Bitcoin mining toward building a distributed AI inference compute platform. According to Cango, the plan leverages existing mining infrastructure, aims to deploy modular GPU nodes, and progresses through a three-phase roadmap to scale global AI compute services.

How much mining capacity and energy infrastructure did Cango (CANG) report owning in the 2025 letter?

Cango reported acquiring and optimizing 50 EH/s of on-rack machines and securing 50 MW of energy infrastructure. According to Cango, these assets form the initial backbone for converting sites to AI-ready, modular GPU compute deployments.

What is Cango's (CANG) near-term plan to enter the AI compute market?

Near term, Cango plans to deploy modular, containerized GPU compute nodes for rapid, plug-and-play installations across existing sites. According to Cango, conversions require limited upgrades and aim to provide on-demand inference capacity to SMEs at competitive price points.

What corporate steps did Cango (CANG) take to support its AI transition?

Cango formed a Dallas-based subsidiary, EcoHash Technology LLC, and appointed an AI CTO to lead technical execution. According to Cango, this organizational move centralizes AI efforts and supports development of a proprietary orchestration platform for distributed compute.

What are the main risks Cango (CANG) highlighted about its AI compute pivot?

Cango acknowledged the transition is a long-term, multi-year effort and remains in early stages, exposing the plan to execution risk. According to Cango, rollout will follow financial and technical thresholds, underscoring the need for cautious, step-wise implementation.