Cango earned over $100M after switching to Bitcoin mining

After pivoting to Bitcoin mining, Cango produced 954.5 BTC worth over $100 million in April and May 2025.

Strong production after business shift

Cango announced it mined 954.5 BTC worth more than $100.5 million across April and May 2025. This output follows the company’s full transition into Bitcoin mining.

In April, Cango mined 470 BTC, while May’s production reached 484.5 BTC. The company previously sold its legacy China operations to focus entirely on crypto mining.

Earlier in May, Cango also reported mining 1,541 BTC in Q1 2025, valued at around $162 million at the time.

Expanding hashrate and mining power

During April and May, Cango operated at an average hashrate of nearly 30 exahashes per second. In Bitcoin mining, a higher hashrate increases the odds of solving a block and earning rewards.

Miners calculate countless hashes, adjusting small data points, until finding a valid solution to confirm new blocks on the blockchain.

Enduring Wealth secures voting control

Beyond mining results, Cango announced its co-founders signed a deal to sell 10 million Class B shares to Enduring Wealth Capital for $70 million, pending shareholder approval.

Upon completion, Enduring Wealth Capital will gain voting control while holding less than 5% of economic equity. All remaining Class B shares will convert to Class A stock with single voting rights.