Cango Bitcoin Mining Firm Transitions to NYSE Direct Listing
Cango Inc. advances its Bitcoin mining operations with a planned NYSE direct listing on November 17, 2025. The strategic move marks a significant milestone for the Shanghai-based company. The firm’s board of directors has approved the transition to enhance its capital structure.
The Bitcoin mining company currently holds approximately 6,400 BTC as of October 31, 2025. This positions Cango among notable players in the cryptocurrency mining sector. The company terminated its American Depositary Receipt program to facilitate the direct listing process.
Bitcoin Mining Operations Scale Rapidly Across Multiple Regions
Cango transformed its business model in November 2024 by entering the Bitcoin mining sector through a 32 EH/s acquisition. The company demonstrated aggressive expansion strategies throughout 2025. An additional 18 EH/s purchase in June 2025 brought total mining capacity to 50 EH/s.
The firm divested all China-based assets by May 2025 to concentrate resources on mining operations. This strategic pivot allowed management to focus exclusively on digital asset production. Mining operations now span North America, the Middle East, South America, and East Africa.
Cango acquired a 50 MW mining facility in Georgia for $19.5 million in August 2025. The purchase strengthened operational control and secured favorable power agreements. October 2025 production reached 602.6 BTC, averaging 19.44 BTC daily.
Financial Performance Reflects Bitcoin Mining Growth Strategy
Second quarter 2025 results showed $139.8 million in revenue and $99.1 million in adjusted EBITDA. The financial metrics demonstrate the company’s operational efficiency. Cash and equivalents totaled $117.8 million during the same period.
Average operating hashrate exceeded 90% efficiency throughout October 2025. This utilization rate reflects mature operational capabilities. Management emphasized that these achievements highlight the company’s transformation progress.
The company maintains a long-term holding strategy with no current intention to sell Bitcoin holdings. This approach aligns with corporate treasury strategies adopted by several mining firms. The accumulation strategy supports future growth initiatives.
AI and Energy Infrastructure Plans Shape Future Direction
CEO Paul Yu outlined plans for dual-track expansion into the energy and high-performance computing sectors. The Bitcoin mining foundation serves as the platform for this diversification. The company announced intentions to enter the AI HPC market through disciplined, phased pilots.
Plans include refreshing approximately 6 EH/s of mining equipment to maintain competitive operations. Management priorities focus on improved uptime and reduced energy costs. The strategy involves developing dual-purpose energy infrastructure to support both mining and computing services.
Cango aims to optimize its Bitcoin mining business while pursuing targeted AI HPC market entry. The convergence of energy access and computing power defines the company’s strategic vision. Leadership believes this positions the firm to capture emerging opportunities.
NYSE Direct Listing Reinforces US-Centric Operations
The transition from ADR to direct NYSE listing signals a strategic geographic focus. Management stated the move reinforces the commitment to operating as a US-centric organization. The direct listing structure provides enhanced flexibility compared to traditional IPO processes.
Shareholders can expect continued transparency as the company navigates this transition phase. The November 17 listing date approaches as Cango completes necessary regulatory requirements. Market observers will monitor how the direct listing impacts trading dynamics.
The company’s rapid scale-up from automotive services to Bitcoin mining demonstrates adaptability. Leadership assembled a new board with expertise in digital assets, finance, and energy. This team composition supports the ambitious transformation strategy.
Conclusion
Cango’s NYSE direct listing represents a pivotal moment for the Bitcoin mining company. The firm’s strategic positioning combines substantial mining capacity with diversification plans. Operational metrics and financial performance suggest a maturing business model ready for public market scrutiny.
