Cango Posts $285M Q4 Loss as Mining Costs Hit $106K per BTC
Cango Inc. reported a $285 million Q4 2025 loss on March 16, 2026, as all-in Bitcoin mining costs reached $106,251 per coin, exceeding the current BTC price of $73,655 by 45%.
- 01Cango's mining costs surged to $84,552 per BTC (excluding depreciation) in Q4 2025, up from a full-year average of $79,707
- 02The company's pivot to Bitcoin mining resulted in 98% of its 2025 revenue ($675.5M out of $688.1M) coming from the crypto sector
- 03A massive $171.4 million loss was recorded in Q4 2025 alone due to fair value changes in receivables for Bitcoin collateral
What Happened
Cango Inc. (NYSE: CANG) reported a net loss from continuing operations of $285.0 million for the fourth quarter of 2025 on March 16, 2026 SEC Form 6-K. Bitcoin trades at $73,655 as of March 17, 2026, down 2.3% in 24 hours.
The company mined 1,718.3 BTC in Q4 2025 and 6,594.6 BTC for the full year 2025 Cango Q4 Earnings Release. Cango's all-in cost to mine Bitcoin reached $106,251 per coin in Q4 2025, significantly exceeding the market price Investing.com.
In February 2026, Cango sold 4,451 BTC from its treasury to repay loans and reduce leverage PANews. The company recorded a full-year 2025 net loss of $622 million, driven by $257 million in mining equipment impairments and $96.5 million in fair-value losses on Bitcoin MarketBeat.
Background
Cango's pivot to Bitcoin mining resulted in 98% of its 2025 revenue ($675.5M out of $688.1M) coming from the crypto sector as of December 31, 2025. The company's mining costs surged to $84,552 per BTC (excluding depreciation) in Q4 2025, up from a full-year average of $79,707 Investing.com.
As of December 31, 2025, Cango held $41.2 million in cash and equivalents against $557.6 million in long-term debt, creating a significant balance sheet imbalance SEC Form 6-K.
The Bull Case
Peng Yu, CEO of Cango, argues that 2025 was a "landmark year" of transformation, successfully establishing a global 50 EH/s mining footprint and pivoting toward high-margin AI compute via the "EcoHash" initiative MarketBeat.
Michael Zhang, CFO of Cango, highlights that the company achieved a positive full-year adjusted EBITDA of $24.5 million, suggesting underlying operational cash flow despite heavy non-cash impairments MarketBeat.
The Bear Case
Equity & Crypto Infrastructure Analysts at Stock Titan note that massive losses and rising balance-sheet risk overshadow revenue growth, making the company highly sensitive to BTC price volatility Stock Titan.
Market sentiment reflects concern that the all-in mining cost of $106,251 per BTC in Q4 is nearly 45% higher than the current market price of $73,655, indicating severe operational inefficiency for older rigs Investing.com.
A massive $171.4 million loss was recorded in Q4 2025 alone due to fair value changes in receivables for Bitcoin collateral MarketBeat.
What to Watch
- Cango's debt repayment progress following the 4,451 BTC treasury sale in February 2026
- Mining cost per BTC trends in Q1 2026 earnings (expected May 2026)
- BTC price movement relative to the $106,251 breakeven threshold
- EcoHash AI compute initiative revenue contribution in upcoming quarters
:::chart BTC 30d