Cango Inc. (CANG) Stock: Market Slips Despite Major Revenue Growth and Surging BTC Output

Wall Street yawns as a company actually makes money.

### The Contradiction No One Wants to Talk About

Cango Inc. just posted major revenue growth. Its Bitcoin mining operations are churning out more BTC. The fundamentals, on paper, scream 'buy.' Yet, the stock price slips. It's a classic market disconnect that leaves retail investors scratching their heads while institutional desks quietly adjust their algorithms.

### Decoding the 'Why' Behind the Slide

The market often trades on narrative, not spreadsheets. Positive earnings can trigger a 'sell the news' event if the growth was already priced in. Broader sector sentiment—perhaps a dip in crypto markets or regulatory jitters—can drown out strong individual performance. Sometimes, the street just focuses on a single weak metric, ignoring the rest of the report. It's a reminder that in the short term, the market is a voting machine, not a weighing machine—and today, the votes were cast by nervous hands.

### The Long Game for Digital Assets

For believers in the digital asset thesis, this is where conviction gets tested. A company increasing its Bitcoin treasury through operational output is building a hard asset base on its balance sheet. Major revenue growth funds that expansion. Short-term price action is noise; the signal is in the growing stack of sats and the expanding top line. While traders fret over daily charts, the company is busy laying infrastructure for the next cycle.

The finance world loves a simple story, and 'good numbers go up' is the simplest one of all. Reality, as usual, is more cynical—and more interesting.

TLDR

• Cango’s Q3 revenue jumps 60.6%, but market remains skeptical.
• Bitcoin mining drives Cango’s $224.6M revenue surge in Q3 2025.
• Stock dips 6.9% despite record BTC output and solid profits
• Mining efficiency tops 90% as Cango scales its crypto footprint.
• Cango eyes AI and renewable-powered compute for next growth phase.

Cango Inc. (CANG) traded sharply lower on Tuesday, dropping 6.9% to about $1.35 despite reporting strong third-quarter results.

Cango Inc., CANG

The company posted a notable rise in revenue and Bitcoin mining output, but market sentiment remained negative. The stock’s modest recovery near the close failed to offset heavy intraday losses.

Cango’s latest financial disclosure reflected a significant turnaround in operational momentum. Total revenues ROSE 60.6% quarter-over-quarter to reach US$224.6 million. The market, though, responded cautiously as trading volumes hinted at profit-taking and uncertain near-term outlooks.

At the same time, Cango’s pivot into bitcoin mining continued to define its performance trajectory. The firm recorded substantial production growth, mining 1,930.8 BTC during the period. This expansion positioned the company among emerging mid-scale miners with consistent hashrate increases.

Financial Performance Strengthens Amid Structural Shift

During the third quarter of 2025, Cango generated operating income of US$43.5 million and net income of US$37.3 million. Adjusted EBITDA reached US$80.1 million, reflecting higher operational efficiency and improved cost management. The quarter also showcased growing profitability across its mining segments.

Revenue from the bitcoin mining business accounted for US$220.9 million, emphasizing its importance within Cango’s evolving portfolio. The company attributed growth to improved mining capacity and infrastructure relocations. Operational upgrades and hardware improvements enhanced overall system reliability and scale.

The company maintained an average mining efficiency above 90%, marking a notable performance milestone. The average cost to mine stood at US$81,072 per BTC, excluding depreciation. All-in costs, including machine amortization, averaged US$99,383 per BTC, underlining strict cost discipline.

Operational Growth and Strategic Realignment Continue

Cango’s average operating hashrate increased from 40.91 EH/s in July to 44.85 EH/s in September. It further advanced to 46.09 EH/s in October, confirming consistent network expansion. These gains reflected ongoing hardware deployment and data center optimization efforts.

By the end of September 2025, Cango had mined a cumulative 5,810 BTC since entering the sector. The company also completed its ADR program termination, transitioning to a direct NYSE listing. This MOVE aimed to streamline its capital structure and improve transparency in line with its long-term strategy.

Looking ahead, Cango plans to expand its distributed computing network powered by renewable energy. The company continues aligning its bitcoin mining expertise with emerging AI compute infrastructure opportunities. Its management intends to sustain stable output while exploring cooperative partnerships for operational stability.

Background and Market Context

Originally known for automotive transaction services, Cango shifted its focus to cryptocurrency mining in late 2024. The transition marked a bold move to reposition the company within high-performance computing and digital asset ecosystems. Since then, it has rapidly scaled its mining operations through strategic investments in efficiency and technology.

However, market responses remain mixed due to volatility in bitcoin prices and broader sector uncertainty. Analysts point out that while Cango’s revenue surge signals operational strength, external price swings may affect profitability. The company’s latest results highlight its evolving resilience amid shifting global digital infrastructure trends.