As the price of Bitcoin reaches new highs in 2025, a company that once focused on traditional automotive finance has successfully achieved a remarkable business transformation and leap in computing power through its outstanding execution capabilities. Cango Inc. (NYSE: CANG) reported that its total revenue in the second quarter exceeded 1 billion RMB, with over 98% of that coming from its Bitcoin mining business, which has become the company's absolute core business. Adjusted EBITDA reached 710 million RMB, reflecting the solid profitability and good operational status of the Bitcoin mining business.

Beyond financial metrics, Cango's ability to implement its strategy is even more noteworthy. According to public information, Cango completed the divestiture of its traditional business in China in May 2025 and fully focused on Bitcoin mining. After shedding its Chinese stock label, the company quickly advanced its computing power expansion. In June, through the acquisition of key assets, Cango's computing power surged from 32 EH/s to 50 EH/s, developing from zero to the world's second-largest mining company in just 9 months, capturing about 6% of the global network's computing power.

True execution capability lies not only in making the right strategic decisions but also in managing the details well. After the new management team officially took office in July, they quickly formulated a new round of growth strategies, expanding their vision from mining to the fields of energy and high-performance computing (HPC). In August, Cango acquired a 50-megawatt mining facility in Georgia, USA. By leveraging long-term power supply agreements and developing new revenue sources, the company further optimized its electricity costs, expanded its operational scale, and enhanced its financial sustainability. At the same time, the company established its own operational expertise, driving its transformation into a diversified and resilient Bitcoin mining and energy infrastructure portfolio.

From the latest monthly report data, the execution results are evident. Since the full operation of the 50 EH/s computing power in July, Bitcoin production has significantly increased by 44% month-on-month, strongly supporting the accumulation of the company's Bitcoin reserves. After a month of optimized scheduling, the average operating computing power in August achieved a further 6.9% month-on-month increase, fully reflecting the company's excellent operational efficiency and rapid execution capabilities, with future efficiency expected to continue improving.

In terms of asset acquisition, Cango has abandoned the traditional heavy asset and high capital expenditure model of self-built mining facilities in the industry, opting instead for an agile strategy centered on strategic procurement of plug-and-play mining equipment. This strategy has brought significant cost advantages, keeping the comprehensive cost of a single Bitcoin at approximately $98,636, significantly lower than the industry average, ensuring profitability in a volatile market.

Cango has not stopped at its current achievements but has already laid out its next phase of strategy. In its earnings call, the company stated that it will focus on three main directions in the short term: maximizing the value of the 50 EH/s computing power; advancing the acquisition of low-cost power mining facilities to reduce electricity costs; and expanding green energy and storage businesses to create diversified revenue streams. The long-term direction will enter the HPC field starting in 2026, targeting application scenarios that synergize AI computing and energy; pilot projects are expected to be launched in the first half of 2026, transitioning to a comprehensive "Energy + HPC" platform.

From the earnings report, as of the end of the quarter, the company held $118 million in cash and cash equivalents. At the same time, the company adopted a "Mine and HODL" strategy, currently holding over 5,000 Bitcoins, demonstrating strong asset reserves. Additionally, Cango has utilized Bitcoin collateral financing to optimize capital efficiency, showcasing its exceptional financial innovation capabilities. Cango has reserved ample ammunition for future strategic expansion, and given the company's efficient execution capabilities demonstrated in its mining business transformation, the results of its next phase of growth goals are worth looking forward to.

This quarter, Cango reported a net loss due to two one-time accounting adjustments, primarily related to non-cash losses from the delivery of 18 EH/s mining machines and one-time write-downs from the disposal of Chinese assets. Viewed in this light, the loss is an accounting treatment impact and does not reflect the actual operational status. These two measures are essentially strategic investments to solidify the asset base for the company's future expansion. The business divestiture and asset revaluation are both strategic moves aimed at quickly establishing scale advantages and focusing on core sectors.

In the cryptocurrency industry, financial report numbers are often just the surface; true value is reflected in operational details and strategic execution. Cango has entered the ranks of the world's top mining companies in just 9 months, demonstrating robust operational efficiency and showcasing financial innovation capabilities through a leveraged model, while also pointing to a broader future with its "Energy + HPC" blueprint. Execution capability is Cango's strongest currency.

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