Core Insights - CANG.US reported a significant increase in Bitcoin production in July 2025, producing 650.5 Bitcoins compared to 450 in June, marking a month-over-month growth of 45% [1][3] - The total number of Bitcoins held by CANG.US as of the end of July reached 4,529.7, up from 3.87 in June [1][2] - The company has expanded its deployed hashrate to 50 EH/s in July, up from 32 EH/s in June, with an average operating hashrate of 40.91 EH/s [2][3] Production Metrics - Bitcoin produced in July 2025: 650.5 [2] - Bitcoin produced in June 2025: 450 [2] - Average number of Bitcoins produced per day in July: 20.99 [2] - Average number of Bitcoins produced per day in June: 15.1 [2] Hashrate and Efficiency - Deployed hashrate in July: 50 EH/s [2] - Deployed hashrate in June: 32 EH/s [2] - Average operating hashrate in July: 40.91 EH/s [2] - Average operating hashrate in June: 29.92 EH/s [2] Strategic Direction - The company is focusing on building large-scale computing power operations, emphasizing energy value upgrades and exploring zero marginal cost power supply models [3] - CANG.US aims to enhance asset utilization and cyclical resilience by transitioning to a more diversified and flexible combination of mining and energy infrastructure [3]

| Metric | | July 2025 1 June 2025 1 | | --- | --- | --- | | Number of Bitcoin produced | 650.5 | 450.0 | | Average number of Bitcoin produced per day | 20.99 | 15.00 | | Total number of Bitcoin held 2 | 4,529.7 | 3,879.2 | | Deployed hashrate | | 50 EH/s 32 EH/s | | Average operating hashrate 3 | | 40.91 EH/s 29.92 EH/s | | 1. Unaudited, estimated. | | | | 2. As of month-end. | | | | 3. Average over the month. | | | Note: Cango holds Bitcoin for the long term and does not currently intend to sell any of it ...

Group 1 - The stock price of CANG increased by 5.41% on August 4, closing at $4.68 per share, with a total market capitalization of $853 million [1] - As of March 31, 2025, CANG reported total revenue of 1.054 billion RMB, representing a year-on-year growth of 1535.89%, while the net profit attributable to shareholders was -207 million RMB, a decrease of 330.33% year-on-year [1] Group 2 - CANG is a leading automotive trading service platform in China, connecting dealers, financial institutions, car buyers, and other industry participants [2] - Founded in 2010 by pioneers in the Chinese automotive finance industry, CANG is headquartered in Shanghai and attracts car buyers through a nationwide dealer network [2] - The company's services include facilitating automotive financing, trading, and after-sales services, leveraging its competitive advantages in technology, data insights, and cloud-based infrastructure [2] - CANG's platform model positions it uniquely to add value for its participants and business partners as the Chinese automotive and mobility markets continue to develop [2]

Group 1 - The stock price of CANG increased by 2.11% to $5.085 per share, with a total market capitalization of $926 million as of July 29 [1] - CANG reported total revenue of 1.054 billion RMB for the fiscal year ending March 31, 2025, representing a year-on-year growth of 1535.89%, while the net profit attributable to shareholders was -207 million RMB, a decrease of 330.33% year-on-year [1] Group 2 - CANG is a leading automotive trading service platform in China, connecting dealers, financial institutions, car buyers, and other industry participants [2] - Founded in 2010 by pioneers in the Chinese automotive finance industry, CANG is headquartered in Shanghai and attracts car buyers through a nationwide dealer network [2] - The company's services include facilitating automotive financing, trading, and after-sales services, leveraging its competitive advantages in technology, data insights, and cloud-based infrastructure [2] - CANG's platform model positions it uniquely to add value for its participants and business partners as the Chinese automotive and mobility markets continue to develop [2]

Bitcoin Mining Operations - Cango mined 147 BTC this week [1] - Total bitcoin holdings reached 4387.1 BTC [1] Company Strategy - Company is in full HODL mode (holding bitcoin) [1] - A new leadership team is now in place, signaling a new era for the company [1]

Core Viewpoint - Cango Inc. has successfully transformed into a global Bitcoin miner, appointing a new Board of Directors and senior management team with extensive expertise in digital-asset infrastructure, finance, and energy investments [1][2]. Management Changes - The Board appointed Mr. Xin Jin as Chairman, Mr. Peng Yu as CEO, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as Chief Investment Officer [2]. - Resignations included Mr. Xiaojun Zhang as Director and Chairman, and Mr. Jiayuan Lin as CEO and Interim CFO, effective immediately [2]. Leadership Expertise - Mr. Xin Jin has a background in the crypto mining industry and has grown Antalpha Platform Holding Company to over $1.6 billion in assets under management [3]. - Mr. Peng Yu has over 18 years of experience in BTC mining, energy, M&A, and asset management, with a strong track record in the Bitcoin mining ecosystem [4]. - Mr. Chang-Wei Chiu has served in various financial roles, including Chief Investment Officer at Antalpha Capital [5]. - Mr. Yongyi Zhang brings continuity and extensive capital markets experience from his previous role as CFO at Cango [6]. - Mr. Simon Ming Yeung Tang has a background in corporate finance and investment banking, previously working at Credit Suisse [7]. Company Progress and Strategy - Cango has made significant progress in the past 7 months, becoming one of the largest Bitcoin miners globally, with a current deployment of over 50 EH/s [8]. - The company aims to grow its treasury of more than 4,000 Bitcoins and develop sustainable, high-performance computing opportunities, focusing on green energy [9]. - Cango's transformation into Bitcoin mining aligns with its strategic goal of diversifying its business portfolio, while still operating its online international used car export business [10]. Shareholder Changes - The resignation of co-founders coincided with a secondary sale of 10 million Class B ordinary shares for $70 million, with the co-founders converting remaining shares to Class A [9]. - Post-conversion, the co-founders hold 18.54% of total outstanding shares and 12.07% of voting power, while Enduring Wealth Capital Limited holds approximately 2.82% of total shares and 36.73% of voting power [9].

Core Viewpoint - Cango Inc. successfully passed all resolutions at its extraordinary general meeting, enabling significant corporate actions including a secondary share sale and an increase in authorized share capital [1][2]. Group 1: Shareholder Meeting Outcomes - All resolutions presented at the extraordinary general meeting were approved with no less than 99.3% of total votes cast in favor, and at least 81% of non-affiliate shareholders supporting each resolution [1]. - The approved resolutions include the execution of a Securities Purchase Agreement for the secondary sale of 10 million Class B ordinary shares for US$70 million [2]. Group 2: Corporate Actions - The resolutions authorize the repurchase of automatically converted Class A ordinary shares and the issuance of an equivalent number of Class B ordinary shares [2]. - Shareholders also approved an increase in the Company's authorized share capital to support future financing and corporate needs [2]. Group 3: Future Steps - The Company plans to file the Fourth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar following the meeting [3]. - The closing of the secondary sale is anticipated around July 22, 2025, subject to customary closing conditions [3]. Group 4: Company Overview - Cango Inc. is primarily engaged in the Bitcoin mining business, with operations across North America, the Middle East, South America, and East Africa [5]. - The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology and the growing adoption of digital assets [5]. - Cango also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [5].

Core Insights - Cango Inc. reported a decrease in Bitcoin production in June 2025, producing 450 Bitcoins compared to 484.5 in May 2025, reflecting a decline of approximately 7.2% [2] - The total number of Bitcoins held by the company increased to 3,879.2 from 3,429.3, indicating a growth of about 13.1% [2] - Cango completed the acquisition of crypto mining machines with an aggregate hashrate of 18 Exahash per second, raising its total hashrate to 50 EH/s [2] Production Metrics - The average number of Bitcoins produced per day decreased to 15.00 in June from 15.63 in May [2] - The deployed hashrate remained stable at 32 EH/s, while the average operating hashrate slightly increased to 29.92 EH/s from 29.86 EH/s [2] Company Overview - Cango Inc. is primarily focused on Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa [3] - The company entered the crypto asset space in November 2024, motivated by advancements in blockchain technology and the growing adoption of digital assets [3] - In addition to its crypto mining operations, Cango also runs an online international used car export business through AutoCango.com [3]

Core Viewpoint - Cango Inc. has successfully completed the acquisition of on-rack crypto mining machines with a total hashrate of 18 Exahash per second, issuing 146,670,925 Class A ordinary shares to the sellers as part of the Share-Settled Transactions [1][2]. Group 1: Acquisition Details - The On-Rack Sales and Purchase Agreement for the Share-Settled Transactions was signed on November 6, 2024, with several amendments made leading up to the closing on June 27, 2025 [2]. - All closing conditions for the Share-Settled Transactions were satisfied or waived, including the NYSE's authorization for the supplemental listing application regarding the Class A ordinary shares [2]. Group 2: Ownership Structure - Following the completion of the Share-Settled Transactions, Golden TechGen Limited, the largest seller, now owns approximately 19.85% of Cango's total outstanding shares, while all sellers collectively own about 41.38% of the total outstanding shares before any Bonus Shares or Adjustment Shares are issued [3]. Group 3: Operational Aspects - The acquired mining machines are currently operational and located in data centers across several countries, predominantly in the U.S. Cango will continue to host these machines and has engaged a service provider for operational and maintenance services [4]. - The completion of these transactions is expected to bolster Cango's expansion and growth within the crypto asset sector [4]. Group 4: Company Overview - Cango Inc. is primarily focused on Bitcoin mining, with operations strategically located in North America, the Middle East, South America, and East Africa. The company entered the crypto asset space in November 2024, motivated by advancements in blockchain technology and the increasing adoption of digital assets [5].

Core Viewpoint - Cango Inc. has entered into the fourth amendment of its Purchase Agreement for acquiring on-rack crypto mining machines, which will be settled through the issuance of Class A ordinary shares to the sellers, with a total hashrate of 18 Exahash per second [1][2]. Group 1: Purchase Agreement Details - The Purchase Agreement was initially signed on November 6, 2024, with subsequent amendments on March 26, April 3, and June 4, 2025 [2]. - The Fourth Amendment modifies the hashrate distribution among sellers, including Golden TechGen Limited, Fortune Peak Limited, and Silver Crest Limited, and adjusts the corresponding Class A ordinary shares to be issued [2]. - Upon closing, Golden TechGen Limited is expected to own approximately 19.85% of Cango's total outstanding shares [2]. Group 2: Closing Conditions - The closing of the Share-Settled Transactions is contingent upon certain conditions that must be satisfied or waived, and the company is actively working towards meeting these conditions [3]. Group 3: Company Overview - Cango Inc. is primarily engaged in Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [4]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [4].