Key Notes
- The company's total Bitcoin holdings reached 6,412.6 BTC by month-end, surpassing the 6,000 BTC milestone with no plans to sell.
- Cango will terminate its ADR program on November 14 and list Class A ordinary shares directly on the NYSE starting November 17, 2025.
- CEO Paul Yu said operational milestones position Cango to capture value from emerging opportunities in energy and AI markets.
Cango Inc. produced 602.6 Bitcoin BTC $107 509 24h volatility: 2.6% Market cap: $2.14 T Vol. 24h: $49.67 B in October 2025, bringing its total holdings to 6,412.6 BTC by month-end. The company mined an average of 19.44 Bitcoin per day during the month, compared to 20.55 BTC daily in September 2025.
The company announced on Nov. 3 that it holds Bitcoin for the long term and does not currently intend to sell any of its holdings. Cango will terminate its American depositary receipt program on Nov. 14, moving from depositary receipts to direct share trading to eliminate intermediary fees and enhance institutional visibility.
The company’s Class A ordinary shares are expected to begin trading directly on the New York Stock Exchange on Nov. 17.
Mining Operations and Holdings Strategy
Cango’s average operating hashrate increased 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.
Strategic Poasitioning for AI Expansion
Paul Yu, Cango’s CEO and director, said the operational and financial milestones put the company in a strong position to capture value from emerging opportunities in energy and AI going forward. The CEO noted the achievements highlight the operational maturity Cango has attained as it nears the one-year mark of its strategic transformation. The company first entered the crypto asset space in November 2024.
Yu stated the planned direct listing reinforces Cango’s commitment to operating as a US-centric organization. The miner joins several peers exploring AI infrastructure opportunities, including Galaxy Digital’s $460M AI pivot to convert mining facilities into data centers.
Cango outlined plans to build 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.
Similar to 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. The miner follows other firms like CleanSpark’s expansion into AI data centers as the industry diversifies beyond traditional mining operations.
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