Cango reports increased Bitcoin production in March

SHANGHAI - Cango Inc. (NYSE: CANG), a company primarily engaged in Bitcoin mining, released its production figures for March 2025 today, indicating a rise in its cryptocurrency mining operations. The Shanghai-based firm, which ventured into the crypto assets market in November 2024, has reported an increase in the number of Bitcoins mined last month compared to February 2025. With a market capitalization of $395.54 million and an impressive gross profit margin of 55.31%, InvestingPro data shows the company maintains strong financial health with an overall score of "GREAT."

Cango mined a total of 530.1 Bitcoins in March, marking an increase from the 472.7 Bitcoins produced in February. On average, the company extracted approximately 17.1 Bitcoins per day in March, slightly up from the daily average of 16.9 in the previous month. The total number of Bitcoins held by Cango as of the end of March was 2,474.8, a substantial accumulation given that no Bitcoins were sold during the month. Trading at a P/E ratio of 12.31, the stock has delivered an impressive 154.36% return over the past year.

The deployed hashrate, which is a measure of the computational power used for mining and processing, remained steady at 32 EH/s (exahash per second). However, the average operating hashrate saw a slight improvement, rising from 29.7 EH/s in February to 30.3 EH/s in March.

Cango’s entry into the crypto market aligns with the growing trend of digital assets and blockchain technology. The company has strategically positioned its mining operations across various global locations including North America, the Middle East, South America, and East Africa. In addition to its Bitcoin mining business, Cango has been operating an automotive transaction service in China since 2010.

This production update is based on a press release statement from Cango Inc. and reflects the company’s recent activities in the cryptocurrency mining sector. As the crypto market continues to evolve, Cango’s production updates offer insights into its operational performance within this dynamic industry. Analysts expect revenue growth of 7.65% this year. For deeper insights into Cango’s financial health and growth prospects, including 13 additional ProTips and comprehensive valuation metrics, visit InvestingPro.

In other recent news, Cango Inc. reported a remarkable 400% year-over-year increase in revenue for Q4 2024, reaching RMB 668 million, largely due to its strategic pivot to cryptocurrency mining. The company also achieved a net income of RMB 55.9 million, reversing a loss from the previous year. In addition to these financial results, Cango announced the initiation of a $30 million share repurchase program, reflecting its commitment to maximizing shareholder value. Furthermore, Cango has extended the deadline for closing its acquisition of crypto mining assets, a move that aligns with its diversification strategy into the blockchain and cryptocurrency sectors.

The company has also received a preliminary non-binding letter of intent for a potential buyout, leading to the formation of a special committee to evaluate the proposal. In another development, Cango’s inclusion in the Bitwise Bitcoin Standard Corporations ETF underscores its growing presence in the Bitcoin mining industry. The ETF provides investors with exposure to companies holding significant Bitcoin assets, marking a significant recognition of Cango’s strategic shift. These recent developments highlight Cango’s ongoing efforts to expand its footprint in the cryptocurrency market while maintaining its core automotive transaction services.

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