Cango Inc. (NYSE: CANG)

Cango Inc. began operations in August 2010 as Shanghai Cango providing automotive financing solutions that connect car buyers with dealers and financial institutions through its online platform. Over time the company expanded its offerings to include automobile trading solutions and after market services. In October 2017 Cango Inc. was incorporated under the laws of the Cayman Islands as the ultimate holding company. After disposing of its PRC based automotive business in May 2025 the company shifted its strategic focus to digital assets and computing infrastructure. Cango Inc. now describes itself as a Bitcoin mining company with a vision to build an integrated global infrastructure platform that can power the future digital economy. Its mining operations span more than forty sites across Asia North America Africa and other regions while it also continues to run an online international automobile trading business through AutoCango.com.

Currently the majority of the company's revenue is derived from its Bitcoin mining activities. Cango Inc. earns Bitcoin by providing hash power to mining pool operators and receives block rewards primarily through its relationship with Antpool. The company converts the earned Bitcoin to fiat currency as needed to meet cash flow requirements. In addition Cango Inc. generates revenue from its online automobile trading platform AutoCango.com which connects car buyers and dealers.

The Bitcoin mining industry is highly competitive with participants ranging from individual hobbyists to large scale professional operators. Competitors vie for access to low cost electricity efficient mining hardware reliable hosting services and access to capital. Cango Inc. differentiates itself by having secured a substantial hash rate of fifty exahash as of December 31 2025 which placed it among the larger scale miners. The company benefits from its early acquisition of mining machines from Bitmain and its ongoing service framework agreement with that provider for hosting and maintenance. Its financing arrangement with the related party Alpha provides liquidity support that many smaller miners lack. Additionally Cango Inc. is pursuing diversification into artificial intelligence computing which may give it an edge in leveraging its power infrastructure.

For its mining business the company's customers are the mining pool operators that provide Bitcoin rewards most notably Antpool. The earned Bitcoin is subsequently sold on cryptocurrency exchanges to a broad base of investors and traders. Through its AutoCango.com platform Cango Inc. serves individual car buyers and dealers who use the site to facilitate vehicle transactions. No specific end user names are disclosed in the filing beyond the service providers Antpool and Bitmain.