- Cango Inc. (CANG, Financial) receives coverage initiation from Apollo Insights, projecting significant growth in the Bitcoin mining sector.
- The company holds 2,475 Bitcoin valued at approximately US$211 million as of April 17, 2025.
- Projected revenue for 2026 is RMB4,644.6 million, an 18.7% increase year-over-year.
Cango Inc. (CANG), a rapidly emerging leader in Bitcoin mining, has been covered by Apollo Insights, an independent equity research firm. As of April 22, 2025, Cango boasts a market capitalization of $387.1 million, with its stock trading between $1.33 and $8.00. Since its foray into Bitcoin mining in November 2024, Cango has made significant strides in the industry.
Apollo Insights' report projects Cango's fiscal 2025E revenue and adjusted EBITDA to be RMB3,913.2 million and RMB665.6 million, respectively. By 2026E, these figures are expected to rise to RMB4,644.6 million in revenue and RMB1,185.2 million in adjusted EBITDA, indicating year-over-year growth of 18.7% and 78.1%, respectively. This strong financial outlook has been bolstered by Cango's efficient operational scaling and strategic partnerships.
In March 2025, Cango's average operating hash rate reached 30.3 exahash/second (EH/s), placing it joint second in the industry for that month. The company currently ranks as the fifth-largest Bitcoin mining player globally, having achieved a deployed hash rate of 32 EH/s within just four months of entering the market. It is expected to further grow its hash rate to 42 EH/s by the end of fiscal year 2025.
With strategic mining operations spanning the U.S. (38%), East Africa (37%), Oman (15%), Paraguay (9%), and Canada (1%), Cango is well-positioned to mitigate regional risks. The company holds 2,475 Bitcoin, valued at roughly US$211 million as of mid-April 2025, contributing significantly to its balance sheet. Cango's capital-light model and geographic diversification play crucial roles in its rapid expansion and operational efficiency.
