Bitcoin price today: nosedives to 6-mth low below $96k as Dec rate cut bets wane
HONG KONG - Cango Inc. (NYSE:CANG) mined 602.6 bitcoin in October 2025, slightly down from 616.6 bitcoin produced in September, according to a company press release issued Monday. The company, currently valued at $710 million, is scheduled to report its next quarterly earnings on December 1.
The bitcoin miner maintained its deployed hashrate at 50 EH/s while improving its average operating hashrate to 46.09 EH/s in October, up from 44.85 EH/s the previous month. This represents an operational efficiency of over 90% of deployed capacity.
Cango’s bitcoin holdings reached 6,412.6 BTC by the end of October, crossing the 6,000 BTC milestone. The company stated it holds bitcoin for the long term and does not currently intend to sell any of its holdings.Despite this milestone, InvestingPro analysis suggests the stock is currently overvalued compared to its Fair Value. The stock has declined 2.4% over the past week, though it maintains a solid 40.7% return over the past year.
"In October, we increased our average operating hashrate to over 90%, while our Bitcoin holdings surpassed the 6,000 BTC milestone," said Paul Yu, CEO and Director of Cango, in the press release.
The company also noted it is proceeding with plans to terminate its ADR program and complete a direct listing of its ordinary shares on the NYSE, expected to be finalized in November.
Cango entered the bitcoin mining business in November 2024 as part of a strategic transformation. The company operates mining facilities across North America, the Middle East, South America, and East Africa, while maintaining its online international used car export business through AutoCango.com. According to InvestingPro data, Cango maintains a healthy current ratio of 1.64, with liquid assets exceeding short-term obligations, while operating with moderate debt levels.
In other recent news, Cango Inc. has announced the termination of its American Depository Receipt (ADR) program, opting instead to list its Class A ordinary shares directly on the New York Stock Exchange. This transition is set to occur on November 17, 2025, when trading under the existing "CANG" symbol will begin. The company also reported mining 616.6 bitcoin in September, a slight decrease from the 663.7 bitcoin mined in August. Additionally, Cango’s second-quarter 2025 financial results revealed a significant loss, with earnings per share at -2.76 USD, which was much lower than the forecasted -0.23 USD. Revenue for the quarter was reported at $139.8 million, down from the previous quarter’s $145.2 million, and far below the expected $1.44 billion. Despite these financial challenges, H.C. Wainwright has reiterated its Buy rating on Cango’s stock, maintaining a price target of $8.00. Cango continues to operate with a bitcoin mining capacity of 43.7 exahash per second, achieving 87% efficiency of its deployed capacity. These developments reflect ongoing changes and challenges within the company as it navigates its business strategy.
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