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HONG KONG - Cango Inc. (NYSE:CANG), whose stock has surged ~148% over the past year according to InvestingPro data, mined 616.6 bitcoin in September 2025, according to a production update released by the company on Friday.
The mining output represents a decrease from August’s production of 663.7 bitcoin. Daily production averaged 20.55 bitcoin in September compared to 21.41 bitcoin per day in August. The company, now valued at approximately $808 million, has maintained strong operational metrics despite recent production fluctuations.
Despite the monthly decline in production, Cango increased its total bitcoin holdings to 5,810 as of September 30, up from 5,193.4 at the end of August, as the company continues its strategy of holding all mined bitcoin for the long term.
The company maintained its deployed hashrate at 50 EH/s, while its average operating hashrate improved slightly to 44.85 EH/s in September from 43.74 EH/s in August, representing an operational efficiency of approximately 89.7%. With a healthy current ratio of 1.64 and moderate debt levels, Cango maintains a solid financial foundation for its mining operations.
"Our relentless focus on operational excellence and fleet efficiency continues to deliver results across our global mining operations," said Paul Yu, CEO and Director of Cango, in the press release.
Cango entered the bitcoin mining business in November 2024 and operates mining facilities across North America, the Middle East, South America, and East Africa. The company also maintains an online international used car export business through AutoCango.com.
The production figures reported are unaudited estimates provided by the company. For a deeper understanding of Cango’s financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 8 additional ProTips and detailed financial metrics in our Pro Research Report.
In other recent news, Cango Inc. reported its second-quarter 2025 financial results, revealing significant developments. The company announced a revenue of $139.8 million, which was a decrease from the previous quarter’s $145.2 million. Additionally, Cango faced an unexpected loss with earnings per share at -$2.76, significantly missing the forecasted -$0.23. Analysts had expected revenue to reach $1.44 billion, making the actual figures notably lower. Despite these results, H.C. Wainwright reiterated a Buy rating for Cango, maintaining an $8.00 price target. The company has transitioned from car purchase financing to bitcoin mining and reported operating at 43.7 exahash per second, achieving 87% efficiency of its 50 Eh/s deployed capacity. These recent developments highlight the challenges Cango faces in its financial performance and operational transition.
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