Cango Inc. has been operating in the automotive transaction service sector in China since 2010 and expanded into Bitcoin mining operations in November 2024.

The company operates its Bitcoin mining business across various regions, including North America, the Middle East, South America, and East Africa.

In the first quarter of 2025, Cango mined a total of 1,541 Bitcoins and held 2,475 Bitcoins as of March 31, 2025, without making any sales during that period.

Cango's Bitcoin mining revenue for Q1 2025 was reported at RMB 1,046 million, aligning with expectations set by Apollo Insights.

Despite a loss in adjusted EBITDA for Q1 2025 due to Bitcoin price volatility and expenses from its legacy auto business, Apollo Insights maintains a positive outlook for Cango's future profitability in Bitcoin mining.

Cango achieved a deployed hash rate of 32 EH/s by the end of Q1 2025, with an industry-leading productivity of 16.6 Bitcoins mined per EH/s in March.

Apollo Insights forecasts significant growth in Cango's hash rate, predicting it will reach 42 EH/s by the end of fiscal 2025 and 54 EH/s by the end of fiscal 2026, bolstered by a planned acquisition of 18 EH/s expected to be completed by July 2025.

Based on higher Bitcoin price projections, Apollo Insights has raised Cango's full-year 2025 revenue estimate to RMB 5,173 million, despite challenges from increased network difficulty.

Additionally, Cango plans to diversify by offering various digital financial services and developing an 'asset light' used car platform.

Cango's future growth strategies include securing better mining contracts, exploring self-operation of its mining fleet, and investing in low-cost clean energy projects in the Middle East and Australia.