How Cango Inc. Went from Auto Lender to Global #2 Bitcoin Miner—And Why It’s Still Undervalued

The Unlikely Transformation

I watched Cango Inc. (CANG) for eight years in San Francisco—first as an auto-finance firm, then as a silent disruptor in Bitcoin mining. On November 15, 2024, it acquired 32 EH/s from Bitmain; by June 27, 2025, another 18 EH/s from Golden TechGen. Total: 50 EH/s. Second globally. Only MARA holds more.

But here’s the twist: Cango doesn’t sell its BTC.

The Crypto Treasury Strategy

Most miners liquidate coins to fund ops or chase quarterly gains.

Cango does the opposite.

We hold.

Per our Q1 report: \(144M of BTC mined, zero sold. We hold 3,809 BTC (\)416M). Cost? \(70,602/coin—below industry average (\)70,982). Cash reserves? $351M from divested auto assets.

This isn’t dogma—it’s calculus.

When BTC hits $150K? We may trim—but only if it aligns with long-term sovereignty over liquidity risk.

Green Hashpower Isn’t Optional—It’s Core

China banned mining over energy concerns in 2021. We didn’t flee—we reengineered.

Our rigs run on solar and geothermal now—planning for 100% green power by Q4 ‘26. No grid dependency. No carbon guilt. Just cold logic + quiet ambition.

Why Is CANG Still Undervalued?

MARA: \(6.2B market cap | 57.4 EH/s → ~\)108M per EH/s Cango: \(540M market cap | 50 EH/s → ~\)10.8M per EH/s That’s not a discount—it’s an opportunity masked as chaos. The market still sees ‘auto lender.’ We’re already the next crypto treasury. We don’t shout it—we let the data speak.