Beyond Bitcoin, Cango Envisions A Future As An AI Infrastructure Operator
After booming for much the first year in its pivot to bitcoin mining, the company is looking ahead to a future of creating a ‘global, distributed AI compute grid’
Key Takeaways:
- Cango’s revenue jumped 60.6% sequentially in the third quarter to $224.6 million, buoyed by the addition of new mining capacity and rising bitcoin prices
- The company said it sees bitcoin mining as a “practical on-ramp” towards its eventual goal of building a global network of high-performance computing centers
As it marks the one-year anniversary of its transformation from car trader to bitcoin miner, Cango Inc. (NYSE:CANG) is learning that the virtual currency business isn’t for the faint of heart. The company reported strong financials for the third quarter through September, including a 60.6% quarter-on-quarter revenue gain for the latest period.
But all ears during the company’s earnings call were on the current quarter covering the final three months of the year, which have seen bitcoin drop sharply from its 2025 highs reached in early October. Speaking on the call after the release of its latest results on Monday, Cango executives assured analysts and investors they have plans in place to address the industry’s notorious volatility.
And perhaps more importantly, they also detailed a longer-term vision where the ups-and-downs of bitcoin may no longer matter for the company as it makes another transition from bitcoin miner to operator of high-performance computing centers for AI applications. Many believe such centers, often powered by on-site renewable power sources, will become critical infrastructure of the future to power a coming boom in AI-based applications requiring huge amounts of computing power and electricity.
Cango detailed its future roadmap as it symbolically released its latest quarterly results in U.S. dollars, ending its former use of the Chinese yuan. It also converted its New York listing to trade in the company’s ordinary shares, abandoning its former use of American depositary receipts (ADR) used by many Chinese companies, which is often criticized for less transparency.
Cango started out providing car-related services in China from its base …
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