All 50 EH/s of Mining Power Now Fully Deployed. On June 27, 2025, Cango (NYSE:

CANG) announced the completion of its previously disclosed share-settled acquisition of

on-rack crypto mining machines totaling 18 exahash per second (EH/s). As consideration,

the company issued 146,670,925 Class A ordinary shares to the sellers, proportionate to

the hashrate each provided. This follows the company’s initial announcement in

November 2024 to acquire 32 EH/s from Bitmain in a cash transaction—completed the

same month—and an additional 18 EH/s through equity issuance. To recall, In March

2025, Cango received a Letter of Intent from Enduring Wealth Capital Limited (EWCL)

proposing to acquire the founders’ controlling stake, contingent on the divestment of its

PRC business and a full pivot to Bitcoin. In May 2025, Cango completed the US$352

million sale of its China-based operations and restructured its board and management

team to include executives with deep crypto expertise. In June 2025, the company

entered into a definitive agreement with EWCL and the founders, valuing Cango at

US$14.00 per ADS. Figure 1 outlines Cango’s strategic transformation toward becoming a

global Bitcoin mining leader.

Now the Second Largest Public Bitcoin Miner Globally. With total hashrate ramping up

from 32 EH/s to 50 EH/s, we estimate Cango’s monthly Bitcoin production to reach 800–

900 BTC. This expansion makes it the second-largest publicly listed Bitcoin mining

company globally—trailing only Marathon Digital Holdings (NASDAQ: MARA).

Cash and Bitcoin Cow. The old adage “Cash is king” still holds true—but in crypto, Bitcoin

reigns supreme. As of 1Q25, Cango held US$352 million in cash and US$116 million in

debt, resulting in a net cash position of US$236 million. The sale of its PRC business in

May 2025 added another US$352 million, significantly enhancing liquidity. By June 30,

2025, the company had accumulated 3,879.2 BTC, valued at approximately US$421

million. With the full 50 EH/s operational, Gelonghui projects Cango will hold 8,587 BTC

by year-end 2025 and 19,087 BTC by year-end 2026, equivalent to US$859 million and

US$1.9 billion respectively, assuming a BTC price of US$100,000. Despite these holdings,

Cango currently trades at a market capitalization of just US$928 million. For context, with

projected revenues of US$822 million in CY2025 and US$1.05 billion in CY2026, the stock

trades at only 1.1x and 0.9x price-to-sales (P/S), significantly below peers such as

Marathon Digital (6.8x) and Riot Platforms 6.7x). With improving execution and greater

strategic clarity, we believe Cango offers meaningful upside potential through multiple

re-rating.