Cango Inc. Releases 2025 Letter to Shareholders

DALLAS, Feb. 9, 2026 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today released a letter to shareholders highlighting its strategic transformation and roadmap to evolve from a global Bitcoin miner into an AI compute infrastructure platform.

Throughout the past year, Cango executed a disciplined entry into the industry, balancing speed with operational prudence to build its position as a leading Bitcoin miner with a global footprint across four key regions. Key commitments were delivered, including acquiring and enhancing hashrate efficiency of 50 EH/s of on-rack machines, adopting a strategic treasury approach, divesting legacy operations, securing 50 MW of energy infrastructure, and completing the transition to a direct NYSE listing. These milestones established the foundation for Cango's transition from hosted hashpower toward a global distributed inference compute grid.

In response to market conditions, Cango made a treasury adjustment to strengthen the balance sheet and reduce financial leverage, creating increased capacity to fund strategic expansion into AI compute infrastructure.

The Strategic Logic behind the Proposed Pivot

Cango's global mining operations, operational experience, and infrastructure provide a practical pathway toward AI compute objectives. The rapidly growing AI era continues to face a "Power Gap"—a disconnect between rising compute demand and existing grid capacity. By leveraging globally accessed, grid-connected infrastructure, Cango is positioned to deliver flexible, high-performance compute capacity to meet long-tail inference demand through a scalable business model.

This transition follows a disciplined three-phase roadmap:

Near Term: Standardization and efficient deployment of modular, containerized GPU nodes for rapid deployment, offering on-demand compute capacity.

Medium Term: Deployment of a proprietary software platform for orchestration, evolving Cango into an integrated, enterprise-grade network enabler.

Long Term: Global scaling into a mature AI infrastructure platform, activating underutilized power to establish durable, recurring revenue streams.

To accelerate this transition, Cango has established EcoHash Technology LLC, a wholly-owned subsidiary based in Dallas, Texas, dedicated to advancing AI compute initiatives under the leadership of a newly appointed AI CTO.

The Company also positions itself as an "Ecosystem Enabler" for the wider mining industry, providing a practical technical path to adapt existing energy infrastructure for AI operations with manageable upfront commitment.

Cango acknowledges this shift is a multi-year journey, but believes its infrastructure and operational experience provide a clear path to open new, durable revenue streams while complementing its core mining operations.

View original content: https://ir-image.cangoonline.com/ir-documents/2026-02-09_Cango-Inc-Releases-2025-Letter-to-Shareholders.pdf

Investor Relations Contact

Juliet YE, Head of Communications

Cango Inc.

Email: ir@cangoonline.com 

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