₿$71,114.99▼ 2.45%
Cango Inc.
CANG🇨🇳Reserve
Cango Inc. is a China-founded company that pivoted from auto finance to Bitcoin mining in late 2024, acquiring 50 EH/s of mining capacity from Bitmain for $400M. The company sold its legacy auto financing business for $352M to focus entirely on BTC mining and is expanding into AI compute infrastructure.
BTC Holdings
1,025.69 BTC
180d
Stock Price
$0.44
180d
Total financing
40.60M USD
180d
mNAV
2.53x
180d
Leverage
0.0%
180d
BTC Credit
0 bps>10x
Sats/Share
245
180d
Mkt capFD
184.26M USD
SharesFD
418.77M
Fiat reserve
41.24M USD
Total reserve
114.19M USD
Dilution
1.5%
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$1.1B▼81.0%
Total Liabilities$735.9M▼60.9%
Stockholders' Equity$397M▼90.3%
Cash & Equivalents$41.2M▼96.8%
Total Debt$557.6M
Digital Assets$663M▲7.4%
Income Statement
Revenue$688.1M▼14.5%
Operating Income$-437.1M▼344.3%
Net Income$-452.8M▼251.0%
Interest Expense$20M▲2928.7%
Cash Flow
Operating Cash Flow—
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| CANG-Apr28A | Apr '26 – Apr '28 | 0% | 10.00M USD | 10.00M USD | 1.62 USD | >10x |
| Total | 10.00M USD | |||||
Recent Changes
Wed, Apr 1, 2026
Debt OutstandingIssuanceCANG-Apr28A
10.0M
Form 6-K ($10M convertible note + $65M strategic investment)
Tue, Mar 31, 2026
BTC Holdings
3.3K→1.0K-2,287.71 BTC(-69.0%)
Sold 2,000 BTC in March 2026 to retire Bitcoin-backed loans; outstanding BTC-backed loan balance $30.6M
March 2026 Operations UpdateShares Outstanding
363.4M→412.6M+49.2M(+13.6%)
49,242,424 shares issued in $65M strategic investment from company leadership
Form 6-K ($10M convertible note + $65M strategic investment)Debt OutstandingRepaymentCANG-Apr28
557.6M→30.6M-527.0M(-94.5%)
Repaid using proceeds from 2,000 BTC sale in March 2026
March 2026 Operations UpdateFri, Mar 6, 2026
BTC Holdings
3.6K→3.3K-331.3 BTC(-9.1%)
BTC Holdings Tracker
Thu, Feb 12, 2026
Shares Outstanding
356.4M→363.4M+7.0M(+2.0%)
+7M Class B shares issued to EWCL
EWCL $10.5M Equity Investment ClosingMon, Feb 9, 2026
BTC Holdings
8.1K→3.6K-4,451 BTC(-55.0%)
After 4,451 BTC sale to repay loan
BTC Holdings TrackerFri, Feb 6, 2026
BTC Holdings
8.0K→8.1K+114 BTC(+1.4%)
BTC Holdings Tracker
Fri, Jan 30, 2026
BTC Holdings
7.5K→8.0K+453.4 BTC(+6.0%)
BTC Holdings Tracker
Mon, Jan 5, 2026
BTC Holdings
7.4K→7.5K+108.9 BTC(+1.5%)
BTC Holdings Tracker
Wed, Dec 31, 2025
Debt OutstandingDrawCANG-Apr28
405.1M→557.6M+152.4M(+37.6%)
Form 6-K (FY2025 Unaudited Financial Results)
Fiat Reserve
44.9M→41.2M-3.7M(-8.1%)USD
Form 6-K (FY2025 Unaudited Financial Results)
Fri, Dec 26, 2025
BTC Holdings
6.9K→7.4K+516.9 BTC(+7.5%)
BTC Holdings Tracker
Fri, Nov 28, 2025
BTC Holdings
6.4K→6.9K+508.2 BTC(+7.9%)
BTC Holdings Tracker
Fri, Oct 31, 2025
BTC Holdings
5.7K→6.4K+686 BTC(+12.0%)
BTC Holdings Tracker