Cango has transitioned from automobile trading to Bitcoin mining, aiming for an impressive 50 EH/s by early 2025. Their current hash rate is 32 EH/s, indicating substantial investment in mining operations.

In Q4 2024, Cango’s revenues surged to 668 million RMB (91.5 million USD), largely due to Bitcoin mining, highlighting the sector’s potential, yet profitability remains constrained with a gross margin of only 17.6%.

Despite having 2.5 billion RMB (345 million USD) in liquidity, Cango’s rising liabilities from mining operations could impact its growth strategy. The non-binding buyout offer from Enduring Wealth Capital adds uncertainty about its direction.