A former car dealer turned bitcoin miner just lost $450 million and is pivoting to AI

Cango (CANG), a bitcoin mining company that has transitioned from automotive services, reported full year 2025 revenue of $688.1 million and a net loss of $452.8 million. While, it sold 4,451 BTC in February 2026 to reduce debt and help finance its pivot into AI infrastructure.

The company rapidly scaled its mining operations in 2025, with $675.5 million of revenue coming from bitcoin and 6,594 BTC produced during the year. Despite this growth, profitability deteriorated sharply due to impairment charges on mining machines, fair value losses, and high production costs, which reached roughly $97,000 per Bitcoin on an all-in basis.

The bitcoin sale marks a strategic shift. Rather than accumulating BTC, Cango is now deploying it as a treasury asset. The company said the sale was used to “reduce the overall finance leverage and strengthen the balance sheet,” freeing up capital for new initiatives.

Management is now focused on repositioning the business toward AI. CEO Paul Yu said the firm is “advancing our pivot to become an AI infrastructure provider,” adding that its EcoHash platform aims to deliver “flexible, cost-effective AI inference solutions.” CFO Michael Zhang said losses were “primarily due to non-recurring transformation costs,” while emphasizing efforts to secure capital for AI investments.

This Bitcoin-to-AI pivot reflects a broader industry trend. CoinDesk research shows public miners have continue to sell bitcoin to fund AI developments. This shift is being driven by declining mining margins and the rising demand for high performance computing, prompting miners to repurpose infrastructure and monetize BTC holdings to access the faster growing AI market.

Cango shares trade around $0.68, down 43% over the past three months.