How Cango Inc. Went from Auto Lender to Global #2 Bitcoin Miner—And Why Wall Street Is Sleeping on This

The Car Loan That Mined Bitcoin

I used to analyze auto loan defaults in Chicago’s south side—now I analyze hash rates. Cango Inc. (CANG) didn’t ‘pivot’—it performed an act of financial amputation. In 2024, it bought 32 EH/s of ASIC rigs from Bitmain; in 2025, added another 18 EH/s from Golden TechGen. Total: 50 EH/s. Global #2.

The Quiet Treasury Strategy

Most miners sell BTC when price dips—we don’t. We hold until \(150k drops into view. We don’t trade volatility—we weaponize it. Q1 revenue: \)144M from mining alone. Held: 3,809 BTC (\(416M). Cost per coin: \)70,602 — lower than MARA’s \(70,982. Cash reserves? \)351M from divested auto assets. No liquidity crisis here—just cold logic and warm energy.

Green Mining Isn’t an Ethical Choice—It’s an Economic One

They banned mining in China for carbon emissions. We built solar farms in Texas and wind arrays in the Middle East because power isn’t expensive—it’s existential. Our goal isn’t to mine BTC—it’s to own it until the next halving, disrupting the notion that miners are just ‘extractors.’ We’re crypto treasurers now—not shovel operators.

Why CANG Is Still Priced Like a Used Honda

MARA: \(6.2B market cap | 57.4 EH/s core Scientific: \)5.2B | 18 EH/s Riot Platforms: \(4.3B | 31.5 EH/s Cango: \)540M | 50 EH/s — second highest算力，fourth lowest valuation per EH/s. The market thinks we’re still selling cars. The data says we’re hoarding digital gold. The disconnect is the opportunity.