Cango’s Strategic Pivot: From Auto Retail to Bitcoin Mining Powerhouse

In a remarkable corporate transformation, Chinese company Cango has reinvented itself from an automobile dealer to a major global Bitcoin mining operation within just twelve months. The company now holds over 6,000 Bitcoin on its balance sheet alongside skyrocketing revenue figures. Its next strategic move involves terminating its American Depository Receipt program and transitioning to direct trading on the New York Stock Exchange effective November 17, 2025.

The numbers reveal a dramatic business shift that has proven financially rewarding:

• Second quarter revenue reached $139.8 million, representing a twenty-fold increase compared to the same period last year
• Mining capacity expanded to 50 EH/s following an acquisition completed in June 2025
• Treasury holdings exceed 6,000 Bitcoin as of October 11, 2025
• Daily mining production averaged 20.55 Bitcoin throughout September

Cango initiated this radical strategic redirection in November 2024, completely exiting the Chinese automotive market to focus exclusively on cryptocurrency operations. The transformation accelerated in May 2025 when the company divested its China-based assets for $352 million, channeling all resources toward Bitcoin mining.

Direct Listing Strategy Aims to Broaden Investor Base

The upcoming NYSE direct listing marks a significant evolution in Cango's market presence. The current ADR program will conclude at market close on November 14, 2025, with shares trading directly on the exchange beginning November 17. This transition eliminates depository bank fees for investors and provides direct voting rights.

Should investors sell immediately? Or is it worth buying Cango?

Market observers are watching whether this maneuver will transform how U.S. institutional investors perceive the company. Cango's strategy appears focused on establishing a stronger American identity and appealing to wider investment audiences. The recent $19.5 million acquisition of a 50-megawatt mining facility in Georgia reinforces this U.S.-centric approach.

Share Performance and Future Outlook

Cango shares currently trade at $4.24, reflecting a 2.42 percent decline in the latest session. Over the past month, the stock has decreased 1.82 percent, though October has brought modest recovery with a 0.47 percent gain thus far.

The critical question for investors is whether the NYSE direct listing could reverse the recent trend by attracting fresh institutional capital. Additionally, markets are anticipating the November 3, 2025, third-quarter earnings report with considerable interest. With Bitcoin prices maintaining strength and mining capacity expanding, Cango could emerge as an unexpected standout performer in the cryptocurrency sector.