Cango Inc Stock Price, News & Analysis

Cango Inc. (NYSE: CANG), a Bitcoin mining and automotive transaction service company in China, has been included in the Bitwise Bitcoin Standard Corporations ETF (NYSE Arca: OWNB) launched on March 11, 2025. The ETF tracks companies holding a minimum of 1,000 Bitcoins on their balance sheets.

After transitioning to a capital-light Bitcoin mining model in Q4 2024, Cango has achieved significant milestones including:

• Industry-leading productivity of 17.81 Bitcoin per EH/s
• Secured hashrate of 32 EH/s, ranking 3rd globally

Cango Inc. (NYSE: CANG) has received a preliminary non-binding letter of intent from Enduring Wealth Capital (EWCL), proposing significant control changes. The key proposals include:

• Acquisition of 10,000,000 Class B ordinary shares from co-founders Xiaojun Zhang and Jiayuan Lin
• Maintaining 20 votes per share for EWCL's acquired shares
• Founders to convert remaining Class B shares to Class A shares and resign from leadership positions
• Complete restructuring of Board and management
• Disposal of existing PRC business to focus on crypto mining operations outside China
• Termination of company's status as a 'China Concept Stock'

The Board has formed a special committee of three independent directors to evaluate the proposal. No definitive decisions have been made, and there's no guarantee of transaction completion.

Cango Inc. (NYSE: CANG) has announced a new share repurchase program authorizing the buyback of up to US$30 million worth of its outstanding American depositary shares (ADSs) and/or Class A ordinary shares. The program will run for 12 months starting from April 25, 2025.

The repurchases will be conducted through various means including open market purchases, private transactions, and block trades at prevailing market prices. The timing and volume will depend on factors such as price, trading volume, and market conditions. The company plans to fund the buyback using its existing cash balance.

Additionally, Cango's existing US$50 million share repurchase program, announced on April 23, 2024, has resulted in the repurchase of 996,640 ADSs worth approximately US$1.7 million as of March 10, 2025. This existing program will remain active until April 25, 2025.

Cango Inc. (NYSE: CANG) reported its Q4 and full year 2024 financial results, marking a significant transformation with its entry into Bitcoin mining. In Q4 2024, total revenues surged to RMB668.0 million (US$91.5 million), up from RMB130.2 million in Q4 2023, primarily driven by the newly launched Bitcoin mining business contributing RMB653.0 million.

The company mined 933.8 Bitcoins in Q4 2024, with an average mining cost of US$67,769.9 per Bitcoin. Q4 net income reached RMB55.9 million, compared to a net loss of RMB103.8 million in Q4 2023. For full year 2024, total revenues were RMB804.5 million with net income of RMB299.8 million.

As of December 31, 2024, Cango maintained RMB2.5 billion in cash and short-term investments. The company currently operates with 32 EH of hashrate and plans to expand to 50 EH by end of next quarter.

Cango Inc. (NYSE: CANG), an automotive transaction service platform in China, released its February 2025 crypto mining production update. The press release lacks specific production metrics, mining capacity details, or any concrete operational data about their Bitcoin mining activities for the period.

Cango Inc. (NYSE: CANG), a leading automotive transaction service platform in China, has scheduled the release of its fourth quarter and full year 2024 financial results for March 6, 2025, after market close. The company will host a conference call to discuss the results on March 6, 2025, at 8:00 P.M. Eastern Time (March 7, 2025, at 9:00 A.M. Beijing Time). The earnings release will be available on Cango's investor relations website, along with a live and archived webcast of the conference call.

Cango Inc. (NYSE: CANG) has released its crypto mining production update for January 2025. The company produced 538.2 Bitcoins in January 2025, compared to 569.9 Bitcoins in December 2024. The average daily Bitcoin production decreased to 17.4 from 18.4 in the previous month.

The company's total Bitcoin holdings increased to 1,472.0 as of January 2025 end, up from 933.8 at the end of December 2024. Cango maintained its deployed hashrate at 32 EH/s, while the average operating hashrate slightly decreased to 30.1 EH/s from 30.4 EH/s in December.

Cango Inc. (NYSE: CANG) has released its crypto mining production update for December 2024. The company produced 569.9 Bitcoins in December, up from 363.9 in November. The average daily Bitcoin production slightly decreased to 18.4 Bitcoins from 18.9 in November.

The company's total Bitcoin holdings reached 933.8 by the end of December, with no Bitcoins sold during the period. Cango maintained its deployed hashrate at 32 EH/s, while the average operating hashrate slightly improved to 30.4 EH/s from 29.8 EH/s in November.

Cango Inc. (NYSE: CANG) has released its crypto mining production update for November 2024. Following the previously announced US$256 million cash acquisition of crypto mining machines with 32 EH/s hashrate capacity, the company reported producing 363.9 Bitcoins in November, averaging 18.85 Bitcoins daily. The company maintained all produced Bitcoins, holding 363.9 Bitcoins as of November 30, with no sales during the month. The deployed hashrate stood at 32 EH/s with an average operating hashrate of 29.75 EH/s. While the legal title transfer is pending, Cango has received assignment of all hash computing power from the mining machines.