Cango reports $285M Q4 loss as Bitcoin mining costs surge in 2025

Bitcoin mining firm Cango Inc. reported a net loss of $285 million in the fourth quarter of 2025, as impairment charges, fair-value losses and higher mining costs outweighed revenue from its expanding Bitcoin mining business.

In its earnings report published Monday, Cango said fourth-quarter revenue reached $179.5 million, including $172.4 million from Bitcoin mining, while total operating costs and expenses rose to $456.0 million.

The losses were driven in part by an $81.4 million impairment on mining machines and a $171.4 million loss tied to changes in the fair value of Bitcoin (BTC)-collateralized receivables. The company also reported higher production costs, with all-in mining expenses rising to $106,251 per BTC in the quarter.

The results show how revenue growth from mining was offset by impairment charges, mark-to-market adjustments and higher production costs as the company scaled the business.

Cango's six-month price chart. Source: Google Finance

Google Finance data shows that Cango’s shares fell from around $4.50 on Oct. 1 to about $1.50 by Dec. 31. At the time of writing, it trades at $0.68, marking a decline of more than 84% over the past six months.

Cango posted a net loss of $452.8 million for full-year 2025

For the full year, Cango reported total revenue of $688.1 million, including $675.5 million from Bitcoin mining. The company mined 6,594.6 Bitcoin in 2025, or about 18.07 Bitcoin per day, in its first full year operating at scale in the sector.

Cango reported total operating costs and expenses of $1.1 billion for 2025, including $338.3 million in impairment losses on mining machines and $96.5 million in fair-value losses on Bitcoin-collateralized receivables, highlighting the cost pressures associated with scaling its mining operations.

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In total, Cango posted a net loss of $452.8 million for the year. Chief financial officer Michael Zhang said the loss was driven largely by non-recurring transformation costs and market-driven fair-value adjustments.

Cango’s Bitcoin mining pivot

Cango’s results come amid a broader strategic shift that has reshaped the company’s business over the past year.

In April 2025, Cango agreed to sell its legacy China auto financing operations for $352 million to Ursalpha Digital Limited, an entity linked to Bitmain.

The deal also included the transfer of 32 exahashes per second (EH/s) of mining capacity to the company, effectively repositioning Cango as a publicly traded Bitcoin mining firm.

In February, Cango raised $75.5 million in equity financing after selling 4,451 Bitcoin for about $305 million to reduce leverage.

The company said this supports its pivot toward artificial intelligence infrastructure, with plans to repurpose its mining operations into distributed compute capacity for AI workloads.

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