Cango Inc. (CANG): Business Model Canvas [Dec-2025 Updated]

You're looking at Cango Inc. right now, and honestly, the story is all about a massive, high-stakes pivot from auto services to digital assets and future AI compute, and the Q3 2025 numbers show they're moving fast. They are currently running a 50 EH/s Bitcoin mining network that generated $220.9 million in revenue last quarter, all while sitting on a treasury of 6,959.3 BTC as of November 2025. That's a serious transformation in progress. We need to see exactly how they plan to balance the high energy costs of mining with their long-term vision for a distributed AI compute network; dive into the full Business Model Canvas below to see the strategic blueprint for this transition.

Cango Inc. (CANG) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Cango Inc. centers heavily on solidifying its position as a major Bitcoin miner and establishing the foundation for its future AI compute infrastructure. The relationship with entities tied to Bitmain and Antalpha is central to its current operational scale.

Strategic ties with entities linked to Bitmain and Antalpha for mining assets are critical. Cango completed its pivot by divesting its legacy Chinese auto-financing business for a total consideration of $352 million to Ursalpha Digital Limited, a buyer introduced by Enduring Wealth Capital Limited (EWCL), both linked to Antalpha. The upfront payment component of this sale was $210.6 million. This pivot was enabled by prior transactions, including the acquisition of 32 EH/s of on-rack hashrate from Bitmain in 2024. More recently, Cango acquired an additional 18 EH/s of active bitcoin hashrate from Antalpha, pushing its total deployed capacity past the 50 EH/s mark. The acquisition of the 18 EH/s was finalized via the issuance of approximately 146.7 million Class A ordinary shares to various sellers. The deepening of this relationship is evident as the Antalpha founder, Xin Jin, took the Chair role at Cango.

For power-intensive mining and future AI operations, Cango is actively engaging global energy suppliers. The company acquired a 50-megawatt mining facility in Georgia in August 2025. Furthermore, clean energy projects in Oman and Indonesia are currently underway, with expected commissioning within the next 1 or 2 years to support subsequent AI compute deployments.

To manage the inherent volatility of the crypto space, Cango is exploring partnership models to mitigate Bitcoin market risks. This is important as the average cost to mine a BTC in Q3 2025, excluding depreciation, was $81,072, with all-in costs reaching $99,383 per BTC, which was close to the Bitcoin price of about $87,000 in early December 2025. The company's balance sheet strength, including a $660.0 million receivable for Bitcoin collateral as of September 30, 2025, provides a buffer.

Regarding the long-term vision for AI, Cango plans to build a global, distributed AI compute network powered by green energy. This network is intended to secure potential multi-year contracts with large-scale AI application clients, positioning Cango as a utility-like provider of AI compute for multinationals. The near-term step involves entering the market with GPU computing power leasing.

Here are the key partnership-related metrics as of late 2025:

Metric/Agreement Detail	Value/Amount	Context/Date
Divestiture of China Auto Business	$352 million	Agreement to sell legacy assets to Antalpha-linked entity
Upfront Payment from Ursalpha Digital Limited	$210.6 million	Part of the auto business divestiture
Hashrate Acquired from Antalpha	18 EH/s	Acquisition finalized in mid-2025
Total Deployed Mining Capacity	Over 50 EH/s	As of Q3/October 2025
Georgia Mining Facility Capacity	50 MW	Acquired in August 2025
AI Energy Project Commissioning Timeline	Next 1 or 2 years	Oman and Indonesia green energy projects
Q3 2025 Average Cost to Mine (Ex-Depreciation)	$81,072 per BTC	Q3 ended September 30, 2025
Q3 2025 All-in Cost to Mine	$99,383 per BTC	Q3 ended September 30, 2025
Receivable for Bitcoin Collateral (Non-current)	$660.0 million	As of September 30, 2025
Shares Issued for 18 EH/s Acquisition	Approx. 146.7 million Class A ordinary shares	Part of the Antalpha hashrate deal

The leadership alignment further solidifies this relationship, with the Antalpha founder, Xin Jin, taking the role of Cango's Board Chair.

• Xin Jin, Antalpha Founder, appointed Cango Board Chair.
• Peng Yu, former Antalpha Chief Strategy Officer, named Cango CEO.
• Chang-Wei Chiu, Antalpha Director, joined Cango's board.

Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Key Activities

You're looking at the core engine driving Cango Inc. right now, which is a fascinating mix of digital asset infrastructure and legacy trade. Honestly, the key activities are clearly segmented between aggressive crypto mining and building out that future AI compute vision, with the used car business still chipping in.

Operating a global Bitcoin mining network with a 50 EH/s deployed hashrate

The primary activity is definitely running that global Bitcoin mining operation. Cango Inc. reports maintaining a deployed hashrate of 50 EH/s across its global footprint, which spans North America, the Middle East, South America, and East Africa. This scale positions them among the leading miners worldwide. For the third quarter ended September 30, 2025, the company mined a total of 1,930.8 BTC. That translated to an average daily production of 21.0 BTC per day for that quarter. The mining business was the clear revenue driver, bringing in $220.9 million in Q3 2025 revenue.

We can see the operational metrics shifting month-to-month, though. For November 2025 specifically, production was 546.7 BTC, averaging 18.22 BTC per day. This meant the average operating hashrate for November was 44.38 EH/s, which is about 90% of the total deployed capacity. Management is clearly focused on holding these assets, as Cango Inc. held 6,959.3 BTC as of the end of November 2025.

Here's a quick look at the Q3 2025 cost structure for that mining activity:

Cost Metric	Amount (USD)
Revenue from Bitcoin Mining (Q3 2025)	$220.9 million
Average Cost to Mine (Excluding Depreciation)	$81,072 per BTC
All-in Costs (Q3 2025)	$99,383 per BTC

Optimizing hashrate efficiency by refreshing to newer T21 and S21 miner models

A key activity supporting the mining revenue is the continuous optimization of the fleet. Management explicitly attributes efficiency improvements to phasing out older, less energy-efficient models in favor of the newer T21 and S21 series miners. This focus on hardware refresh helped push the efficiency past 90% of the deployed hashrate. The operating hashrate saw steady improvement through Q3 2025, moving from 40.91 EH/s in July to 44.85 EH/s in September, and further to 46.09 EH/s in October. The expansion earlier in the year saw the deployed hashrate grow from 32 EH/s to the current 50 EH/s.

Developing a distributed AI compute network, including pilot projects

Cango Inc. views Bitcoin mining as a 'practical on-ramp' toward its longer-term goal of building a global, distributed AI compute grid powered by green energy. This development activity is structured in phases, starting with an asset-light model of leasing GPU computing power. The company has also secured a 50 MW facility in Georgia to serve as a foundation for future high-performance computing (HPC) initiatives.

The execution of this vision involves tangible pilot projects:

• Initiated small-scale energy projects in Oman.
• Initiated small-scale energy projects in Indonesia.
• These energy projects are being evaluated against strict internal rate of return (IRR) thresholds.

The medium-term goal involves establishing self-operated regional AI compute network hubs.

Managing the online international used car export business via AutoCango.com

The legacy business activity, managing the online international used car export platform, AutoCango.com, continues to scale in an asset-light manner. This operation connects buyers across Africa, the Middle East, and Eastern Europe with vehicle inventory sourced from China. This segment delivered strong financial results in Q3 2025, generating $3.3 million in revenue. That figure represented a 90% sequential increase in revenue for the platform.

You should track the revenue contribution from this segment:

Business Segment	Revenue (Q3 2025)
Bitcoin Mining	$220.9 million
Used Car Export (AutoCango.com)	$3.3 million

Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Key Resources

You're looking at the core assets Cango Inc. (CANG) relies on to execute its Bitcoin mining strategy as of late 2025. These aren't just abstract figures; they represent tangible computational power and a substantial digital treasury that underpins their market position. Honestly, the shift from auto services to digital assets is stark, but the resources they've accumulated are what matter now.

The computational backbone is defined by their deployed global hashrate, which Cango Inc. maintained at a steady 50 exahash (EH/s) through November 2025. That capacity was a significant ramp-up, expanding from 32 EH/s earlier in the year. This massive hashing power is directly tied to their digital asset reserves. As of the end of November 2025, Cango Inc. held a significant Bitcoin treasury totaling 6,959.3 BTC. That's a healthy increase from the 6,412.6 BTC held at the close of October 2025, showing a clear accumulation strategy remains in place.

Here's a quick look at those critical operational metrics heading into December 2025:

Key Resource Metric	Value (November 2025)	Context
Deployed Hashrate	50 EH/s	Total installed capacity
Bitcoin Treasury Holdings	6,959.3 BTC	Month-end balance
Average Operating Hashrate	44.38 EH/s	Efficiency metric for the month
Georgia Facility Capacity	50 MW	Total power capacity owned

To control costs and build in-house operational knowledge, Cango Inc. secured a major physical asset. They owned a fully operational 50-megawatt (MW) mining facility in Georgia, U.S., acquired for a cash consideration of $19.5 million. This facility is strategically split: 30 MW is dedicated to Cango Inc.'s own mining equipment, while the remaining 20 MW is used for hosting services for third-party clients. This dual-use structure helps balance cash flow and exposure to market swings.

Beyond the hardware and the crypto, the human capital and logistical network are key. Cango Inc. has developed distributed operational expertise supporting its infrastructure. This expertise is spread across several key regions, which helps manage a geographically diverse footprint. You can see this operational reach in their deployment across:

• North America
• Middle East
• Africa

This global deployment, which also includes South America according to their updates, is vital for managing a distributed mining fleet and supporting their long-term vision to pivot toward supplying energy for high-performance computing applications.

Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Value Propositions

You're looking at the core value Cango Inc. is trying to deliver across its evolving business lines. It's a mix of digital asset accumulation, infrastructure build-out for the next wave of computing, and a legacy business that still generates cash. Honestly, the value proposition is about leveraging current operational strength in one area to fund a strategic pivot into another.

High-scale, operationally disciplined Bitcoin production is the foundation right now. Cango Inc. is clearly focused on efficiency, evidenced by their hardware upgrades and operational focus. For the third quarter ended September 30, 2025, the company reported an all-in cost to mine one Bitcoin of $99,383 per BTC. This cost figure, which includes depreciation, is a key measure of their operational discipline in a competitive mining landscape.

The scale and discipline are best seen when you look at the operational metrics from that same period:

Metric	Value (Q3 2025)	Context
Total Revenue	$224.6 million	Sequential increase of 60.6% over Q2 2025.
BTC Produced (Q3 2025)	1,930.8 BTC	Up 37.5% in total output versus Q2 2025.
Average Daily Production (Q3 2025)	21.0 BTC/day	Up 36% in daily production versus Q2 2025.
Deployed Hashrate	50 EH/s	Globally deployed capacity.
Average Operating Hashrate	46.09 EH/s (October 2025)	Efficiency surpassing 90% of deployed capacity.

Second, Cango Inc. offers long-term exposure to Bitcoin value through a mine-and-hold strategy. They aren't looking to trade the asset based on short-term price moves. As of the end of November 2025, the company's total Bitcoin holdings reached 6,959.3 BTC, an increase from 6,412.6 BTC the month prior. Management has reiterated they do not currently intend to sell any of these holdings.

Third, the vision includes future access to a global, distributed AI compute network powered by green energy. This is the pivot. They are using mining as the 'practical on-ramp' toward this goal. The infrastructure development includes specific steps, such as:

• Acquisition of a 50 megawatt mining facility in Georgia, U.S., to build dedicated energy infrastructure.
• Pilot projects underway in Oman and Indonesia.
• A focus on a distributed compute unit approach, integrating dispersed GPU resources.
• Aiming for operational efficiency exceeding 90% in their energy/compute alignment.

Finally, Cango Inc. maintains a value proposition in facilitating international access to high-quality used vehicle inventory from China via its AutoCango.com platform. This legacy business provides a non-crypto revenue stream. For the third quarter of 2025, revenue from this automotive segment was $3.3 million, representing a 90% sequential increase.

You can see the breakdown of the two main revenue-generating components for Q3 2025 here:

• Bitcoin Mining Revenue: $220.9 million.
• Automotive Business Revenue: $3.3 million.

Finance: draft the cash flow impact of the $3.3 million automotive revenue against the $35.4 million in Q3 depreciation by Monday.

Cango Inc. (CANG) - Canvas Business Model: Customer Relationships

You're looking at how Cango Inc. (CANG) interacts with its various customer groups following its strategic pivot. The relationships are now heavily skewed toward the digital asset/compute side, but the legacy auto platform still requires attention.

Transactional for Bitcoin Mining (Selling Mined Coins or Holding for Value)

The primary customer relationship here is transactional, centered on the output of the mining operations. Cango Inc. explicitly states it holds Bitcoin for the long term and does not currently intend to sell any of its Bitcoin holdings. This means the direct 'customer' for the mined asset is currently the company's own treasury, not an external buyer, which frames the relationship as value-holding rather than immediate sales. The scale of this operation is significant, with 1,930.8 BTC mined in the third quarter of 2025 alone. As of September 30, 2025, the total Bitcoin mined since entering the industry reached 5,810 BTC. The cost structure defines the economics of this holding strategy; the average cost to mine, excluding depreciation, was US$81,072 per BTC in Q3 2025, with all-in costs at US$99,383 per BTC. This relationship is underpinned by operational performance, with a deployed hashrate of 50 EH/s globally and an average operating hashrate of 44.85 EH/s in September 2025.

The transactional nature is best summarized by the output metrics:

• Q3 2025 Total Bitcoin Mined: 1,930.8 BTC
• Average Daily Production in Q3 2025: 21.0 BTC
• Total Bitcoin Held as of September 30, 2025: 5,810 BTC
• November 2025 Total Bitcoin Held: 6,959.3 BTC

Direct Sales and Platform-Based Interaction for the AutoCango.com Business

For the legacy business, AutoCango.com, the relationship is platform-based, facilitating direct sales interactions. This platform connects buyers from regions like Africa, the Middle East, and Eastern Europe with vehicle inventory originating from China. This segment generated US$3.3 million in revenue during the third quarter of 2025. This revenue represents a small fraction of the total, which was US$224.6 million for the quarter. The platform is described as remaining asset-light while continuing to scale.

Here is a snapshot of the AutoCango.com segment's recent financial interaction:

Metric	Value (Q3 2025)
Automobile Trading Revenue	US$3.3 million
Sequential Revenue Growth (Q2 to Q3 2025)	Up 90%
Total Company Revenue Share	Approximately 1.47% (3.3M / 224.6M)

Mid- to Long-Term Contracts for Future GPU Computing Power Leasing Clients

Cango Inc. is signaling a future relationship type centered on compute leasing, though concrete contract numbers aren't public yet. Management clarified its long-term strategy is building a global, distributed AI compute network powered by green energy, with Bitcoin mining serving as the practical on-ramp. This indicates that future customer relationships will involve leasing GPU computing power, which is the next phase after establishing the energy and compute foundation. The company is exploring partnership models to enhance operating stability in the near term, which suggests early-stage, non-transactional agreements might be forming now. This strategic direction is key for the next phase of customer engagement beyond pure mining.

Investor Relations Focus Due to the Public Listing and Strategic Transformation

Investor relationships are critical given the major corporate restructuring. Cango Inc. completed the termination of its ADR program and transitioned to a direct listing on the NYSE to enhance corporate transparency and align with its strategic focus. This move directly impacts how the company communicates with its shareholder base. The relationship focus involves providing detailed, timely updates, such as the Q3 2025 results released on December 1, 2025. The company reported operating income of US$43.5 million and net income of US$37.3 million for Q3 2025, aiming to demonstrate the profitability of the transformed core business to investors. However, the balance sheet requires investor understanding, showing cash and cash equivalents of US$44.9 million as of September 30, 2025, alongside long-term debts - related party of US$405.1 million. This financial structure is a central topic in investor communications.

• Investor Communication Focus: NYSE direct listing, AI transition roadmap.
• Q3 2025 Adjusted EBITDA: US$80.1 million
• Cash Position (Sept 30, 2025): US$44.9 million
• Long-Term Related-Party Debt: US$405.1 million

Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Channels

You're looking at how Cango Inc. (CANG) gets its value propositions to its customers as of late 2025. The channels are now heavily weighted toward digital infrastructure and away from the legacy automotive business, so the numbers reflect that pivot.

The primary channel for revenue generation is now the global Bitcoin mining infrastructure, which supports the long-term AI compute ambition. This physical network acts as the delivery mechanism for both digital asset revenue and future high-performance computing (HPC) services.

Here's a breakdown of the key channels Cango Inc. uses:

• Global network of owned and partnered Bitcoin mining facilities.
• Online platform AutoCango.com for international used car exports.
• Direct sales teams targeting small and mid-sized enterprises for AI compute leasing.
• New York Stock Exchange (NYSE) for capital markets access and direct share listing.

The scale of the Bitcoin mining channel, which serves as the foundation for the AI compute channel, is substantial based on Q3 and November 2025 operational data.

Metric	Value (As of Late 2025)	Period/Context
Deployed Hashrate	50 EH/s	Global Capacity
Average Operating Hashrate	46.09 EH/s	October 2025 Average
BTC Mined	1,930.8 BTC	Third Quarter 2025
BTC Mined	546.7 BTC	November 2025
Total BTC Mined	5,810 BTC	As of End of September 2025
Total BTC Holdings	6,959.3 BTC	As of November 30, 2025
All-in Cost to Mine	US$99,383 per BTC	Third Quarter 2025

The legacy automotive channel, AutoCango.com, still contributes, though it is dwarfed by mining revenue. This channel uses an asset-light model to connect specific geographic segments.

The revenue contribution from AutoCango.com in the third quarter of 2025 was:

• Revenue from international automobile trading income: US$3.3 million.
• Sequential revenue growth for this segment: 90%.
• Targeted buyer regions include Africa, the Middle East and Eastern Europe.

The direct sales effort for AI compute leasing is the near-term focus of the company's three-phase strategy, leveraging the existing infrastructure. This channel is designed to be asset-light to mitigate risks while deploying GPU computing power for compute platforms and AI startups. The physical assets supporting this channel include a 50 MW facility in Georgia and energy projects in Oman and Indonesia.

For capital markets access, Cango Inc. has completed a significant structural channel shift. The company transitioned to a direct listing on the NYSE, terminating its American Depositary Receipt (ADR) program. This move directly impacts how investors access the stock.

Key figures related to the capital markets channel as of late 2025 include:

• Current Market Cap: $264.3M.
• Share Conversion: Each former ADS holder received two Class A ordinary shares.
• NYSE Trading Start: After authorization on November 14, 2025.

Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Customer Segments

You're looking at Cango Inc. (CANG) as of late 2025, and the customer base has clearly fractured following the strategic pivot away from the legacy China auto finance model. The current segments are defined by their interaction with the company's two primary, yet distinct, operational pillars: global Bitcoin mining and the continuing, albeit smaller, international used vehicle export business, with a nascent third segment forming around future AI compute services.

The largest customer base, by revenue contribution, is now squarely within the digital asset ecosystem. These are the entities and individuals whose investment thesis is tied directly to Cango Inc.'s success as a Bitcoin miner. This segment is highly sensitive to network difficulty, energy costs, and the spot price of Bitcoin, which is reflected in the operational metrics Cango reports to its shareholders.

For the Bitcoin network and cryptocurrency investors seeking exposure to mining operations, the numbers from the third quarter of 2025 tell a clear story of scale and output:

• Revenue from the bitcoin mining business in the third quarter of 2025 was US$220.9 million.
• The company produced a total of 1,930.8 BTC during the third quarter of 2025.
• This production averaged 21.0 BTC per day over the quarter.
• Cango Inc.'s deployed hashrate stood at 50 EH/s globally.
• The average operating hashrate in September 2025 was 44.85 EH/s.
• As of September 30, 2025, the Company held 5,810 BTC.

Next, you have the global customers for high-quality used vehicles from China, served through the AutoCango.com platform. This segment represents the legacy business that Cango Inc. has kept running, described as an asset-light operation connecting buyers in specific regions with inventory.

Here is the financial snapshot for the international automobile trading segment as of the third quarter of 2025:

Metric	Value (Q3 2025)
Revenue from International Automobile Trading	US$3.3 million
Sequential Revenue Growth (vs. Q2 2025)	90%
Primary Buyer Regions	Africa, the Middle East, and Eastern Europe

The third group is the institutional investors focused on digital asset and AI infrastructure plays. These investors are looking at Cango Inc.'s balance sheet strength and its stated long-term roadmap to transition into a compute provider. They are assessing the underlying assets and the company's ability to generate cash flow to fund this evolution, even as the core revenue is Bitcoin-denominated.

The financial structure as of September 30, 2025, which informs this investor segment's view, includes:

• Total revenues for Q3 2025 were US$224.6 million.
• Net income for Q3 2025 was US$37.3 million.
• Cash and cash equivalents stood at US$44.9 million.
• A significant non-current receivable for Bitcoin collateral, net, related party, was US$660.0 million.
• Long-term debts owed to a related party totaled US$405.1 million.

Finally, the emerging customer segment is the one Cango Inc. is actively preparing for: Small and mid-sized enterprises (SMEs) requiring flexible, distributed GPU compute power, alongside larger AI players. The near-term action for this segment involves leasing GPU compute power to AI startups and compute platforms, which is the first step in their three-phase AI roadmap.

• Near-term target service: GPU computing power leasing.
• Model for near-term: Asset-light, pure-play connectivity model.
• Medium-term target: Mid-sized technology firms and regional leaders for stable, low-latency inference services.

Finance: draft Q4 2025 cash flow projection by January 10, 2026.

Cango Inc. (CANG) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Cango Inc.'s operations as of late 2025, which are heavily weighted toward the Bitcoin mining segment following the strategic pivot. Honestly, these numbers tell you exactly where the money is going to keep the hashrate running and the AI transition funded.

The primary operational outlay, outside of asset write-downs, is the Cost of revenues, exclusive of depreciation, which was $162.6 million in Q3 2025. This figure captures the direct costs associated with generating revenue, predominantly the power consumption for the global Bitcoin mining fleet.

The cost structure for Q3 2025 is laid out clearly below, showing the major expense categories:

Cost Component	Q3 2025 Amount (USD)
Cost of Revenues (Excl. Depreciation)	$162.6 million
Depreciation Expenses	$35.4 million
General and Administrative Expenses	$6 million
Total Operating Costs and Expenses (Reported)	$181.2 million

Speaking of those direct costs, the high energy and power costs for global Bitcoin mining operations are a major factor. Here's the quick math on the cost to produce one Bitcoin during the quarter:

• Average cost to mine Bitcoin, excluding depreciation: $81,072 per coin.
• All-in costs to mine Bitcoin: $99,383 per coin.

What this estimate hides is the variability in power rates across their global footprint in the Americas, the Middle East, and Africa. Still, these per-unit costs are what management is focused on driving down through efficiency gains, like the move to T21 and S21 series miners.

Next, we have the non-cash charge related to the physical assets. Depreciation expenses totaled $35.4 million in the third quarter of 2025. This reflects the ongoing wear and tear and scheduled obsolescence of the massive fleet of specialized mining hardware. As of September 30, 2025, the net book value of their mining machines stood at $365.7 million after accounting for accumulated depreciation.

The overhead is relatively lean, which is expected for a company focused on asset-heavy, automated operations. General and administrative expenses were $6 million in Q3 2025. This covers the corporate structure supporting the global mining and the emerging AI compute strategy.

Finally, thinking about future costs, the capital expenditure for new mining machines and AI compute infrastructure is a forward-looking cost driver. While a specific Q3 2025 CapEx number isn't explicitly detailed in the required format, the strategic narrative points to significant future spending. Management highlighted plans to build a global, distributed AI compute network powered by green energy, with energy projects in Oman and Indonesia expected to commission within one to two years. Finance: draft 13-week cash view by Friday.

Cango Inc. (CANG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cango Inc. brings in cash right now, which, honestly, is a story of a massive pivot. As of late 2025, the business model is heavily weighted toward digital asset operations, though the legacy auto business still contributes a small amount. The numbers from the third quarter of 2025 really tell the tale of where the money is flowing.

The total revenue for the third quarter ended September 30, 2025, hit $224.6 million. That was a significant sequential jump of 60.6% compared to the second quarter of 2025. Here's the quick math on how that revenue broke down for Q3 2025:

Revenue Source	Q3 2025 Amount (USD)	Notes
Bitcoin Mining Revenue	$220.9 million	Accounted for over 98% of total revenue.
International Automobile Trading Revenue	$3.3 million	From the AutoCango.com used car export business.
Other Segments Revenue	$491,646	The remainder of the total revenue figure.

The Bitcoin mining operation is the engine. During that same quarter, Cango Inc. mined a total of 1,930.8 BTC. That output represented a 37.5% increase in total production compared to the second quarter of 2025. Since entering the crypto asset space in November 2024, the company had accumulated 5,810 BTC as of September 30, 2025.

Looking at the balance sheet as of September 30, 2025, you see a large asset related to their digital holdings: a Receivable for bitcoin collateral non-current, net - related party of $660.0 million. This isn't direct revenue, but it represents a significant asset base supporting their operations and future optionality.

The next phase of the business model is already being set up to diversify away from pure mining revenue, leveraging the energy infrastructure they've built. Management has outlined a clear, phased roadmap for future income generation:

• Future revenue from GPU computing power leasing, focusing on rapid node deployment for an asset-light market entry.
• Revenue from AI compute services, evolving from leasing to establishing self-operated regional data center hubs for inference services (medium-term goal).
• Potential gains from the sale of accumulated Bitcoin holdings, which the leadership views as a "practical on-ramp" toward their compute ambitions.
• The long-term vision includes creating a global, green-energy-powered AI compute grid.

The company has energy projects underway in Oman and Indonesia, which they expect to commission within the next one to two years to support this AI infrastructure development.