Cango is a Bitcoin mining company listed on the NYSE. Cango owns approximately 50 EH/s of mining machines — acquired from Bitmain in two tranches in late 2024 and mid-2025 — and deploys them across 40+ hosted sites in North America, Africa, Asia, and elsewhere. Cango mines Bitcoin by contributing hash computation to Antpool, a mining pool, which rewards Cango with Bitcoin proportional to its share of the pool's total hash power. Cango follows a "mine and hold" strategy, retaining mined Bitcoin as a treasury reserve rather than selling it routinely. Cango uses an asset-light model, relying primarily on Bitmain and its affiliates to provide power, rack space, and maintenance rather than operating its own data centers. Profitability is driven by Bitcoin price, network difficulty, electricity costs, and hardware efficiency. Cango uses its Bitcoin holdings as collateral to borrow from Antalpha, a related-party lender — as of year-end 2025, Cango had pledged essentially all of its Bitcoin holdings as collateral against ~$558M in outstanding loans. Cango also operates AutoCango, a small legacy used-car export platform connecting Chinese sellers with buyers in Africa, the Middle East, and Eastern Europe, though this business is negligible relative to mining. Cango was originally founded as an automotive financing intermediary in China, divested that business in May 2025, and pivoted entirely to digital assets. Early-stage initiatives include renewable energy pilots and a distributed GPU compute network targeting small and mid-sized enterprises.