Financial Data and Key Metrics Changes - The company reported total revenue of RMB 1 billion in Q2 2025, with Bitcoin mining contributing RMB 989.4 million [3][10] - The company incurred a net loss of RMB 2.1 billion, primarily due to a one-off loss from discontinued operations and non-cash impairment loss [11] - Adjusted EBITDA for the quarter was RMB 710.1 million, a significant increase from RMB 5.4 million in the same period last year [11] Business Line Data and Key Metrics Changes - Bitcoin mining produced 1,404.4 Bitcoins in Q2 2025, with an average cash cost of $83,091 per coin and all-in costs at $98,636 per coin [10][11] - Revenue from automobile trading was RMB 12.4 million, indicating a minor contribution compared to Bitcoin mining [10] Market Data and Key Metrics Changes - The company achieved a hash rate of 50 exahash, representing approximately 6% of the global Bitcoin network's hash rate as of June 30, 2025 [4] - Bitcoin production in July reached 650.5 BTC, a 44.4% increase from June, driven by the full deployment of mining equipment [4] Company Strategy and Development Direction - The company has transformed into a leading Bitcoin mining company and aims to maximize value from its current mining capacity while exploring renewable energy storage projects [2][6] - The strategic focus includes selective acquisition of low-cost mining sites and enhancing operational efficiency [16][22] - The company plans to build a dynamic computing platform that balances Bitcoin mining and AI workloads [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, emphasizing the importance of strategic decisions made during the transformation [2][8] - The company is focused on maintaining a fortress balance sheet with $118 million in cash and cash equivalents as of June 30, 2025, to fund strategic expansion [5] Other Important Information - The company plans to change its reporting currency from RMB to US dollars starting from Q3 2025, reflecting its revenue profile post-divestiture of its China asset [12] - The legacy business, AutoCango.com, has attracted over 6 million visits and surpassed 456,000 registered users, indicating growth potential in the used car export platform [8] Q&A Session Summary Question: Roadmap for computing power and capital expenditure plans - The company aims to fully unlock the value of its 50 exahash computing power by improving operational efficiency and selectively acquiring mining sites with low electricity costs [16][17] Question: Update on green energy and storage progress - The company is pursuing M&A targets globally for rapid deployment and investing in pilot projects with experienced partners [18] Question: Shift towards integrated operations - The company clarified that acquiring mining sites is about stable energy supply and operational expertise, not solely cost reduction [21][22] Question: Maintaining computing power market share - The company focuses on optimizing computing power efficiency and has established a unique asset-led model for rapid, low-cost mining capacity expansion [27] Question: U.S. infrastructure investment and policy risks - The company monitors policy changes and has local compliance teams to mitigate risks, noting that most computing power-friendly states have no restrictive policies [29] Question: Expected cost profile as the year ends - The company anticipates improvements in cost metrics due to increased scale and efficiency, but also acknowledges upward pressure on mining costs across the sector [33] Question: Stock repurchase plans - The company prioritizes cash for operational expansion while considering share repurchase programs to create long-term value for shareholders [34]

Core Insights - Cango Inc. reported its first full quarter results following a strategic transformation, establishing itself as one of the largest Bitcoin miners globally, with a total mining capacity of 50 EH/s by the end of Q2 2025 [3][11] - The company achieved a significant increase in Bitcoin production, with a 44% rise in July 2025, producing 650.5 Bitcoins compared to June [3] - Cango's revenue for Q2 2025 reached RMB1.0 billion (US$139.8 million), primarily driven by its Bitcoin mining operations [4][11] Financial Performance - Total revenue for the second quarter of 2025 was RMB1.0 billion (US$139.8 million), with Bitcoin mining revenue contributing RMB989.4 million (US$138.1 million) from 1,404.4 Bitcoins mined [4][11] - Adjusted EBITDA for the quarter was RMB710.1 million (US$99.1 million), a substantial increase from RMB5.4 million in the same period last year, indicating strong operational performance [8][11] - The company reported a net loss of RMB2.1 billion (US$295.4 million) for Q2 2025, compared to a net income of RMB86.0 million in Q2 2024, largely due to one-off losses and non-cash impairment charges [7][11] Operational Highlights - Cango's asset-light strategy allows for rapid scaling of operations by acquiring plug-and-play mining rigs with minimal upfront capital, enhancing capital efficiency [3] - The company acquired a 50 MW mining facility in Georgia, USA, which is expected to improve energy security and lower power costs [3] - The average cost to mine Bitcoin, excluding depreciation, was US$83,091 per Bitcoin, with all-in costs at US$98,636 per Bitcoin [11] Future Roadmap - Cango plans to optimize its mining capacity and develop energy and high-performance computing (HPC) expertise through renewable energy projects [10][24] - The long-term strategy includes building a dynamic computing platform that integrates Bitcoin mining, HPC services, and green-energy trading [24] Balance Sheet Overview - As of June 30, 2025, Cango had cash and cash equivalents of RMB843.8 million (US$117.8 million), an increase from RMB660.1 million at the end of 2024 [9][11] - The company’s total assets reached RMB8.05 billion (US$1.12 billion) as of June 30, 2025, reflecting growth in its mining operations [25]

Core Insights - MARA Holdings, Inc. produced 208 blocks in August 2025, maintaining the same output as the previous month despite a 6% increase in global hashrate to an average of 949 EH/s [3][6] - The company strategically increased its bitcoin holdings to 52,477 BTC, opting not to sell any BTC during the month [3][7] - MARA's energized hashrate grew by 1% month-over-month, with all containers and miners at its Texas wind farm on-site and connected, aiming for full operational status in Q4 2025 [4][6] Operational Highlights - Number of Blocks Won: 208 in August, compared to 207 in July [6] - BTC Produced: 705 BTC in August, slightly up from 703 BTC in July [6] - Average BTC Produced per Day: Remained stable at 22.7 BTC [6] - Share of Available Miner Rewards: 4.9%, unchanged from the previous month [6] - Transaction Fees as Percentage of Total: Decreased from 1.1% to 0.8% [6] - Energized Hashrate: Increased from 58.9 EH/s in July to 59.4 EH/s in August [6] Strategic Developments - MARA signed an investment agreement to acquire a 64% stake in Exaion, a subsidiary of EDF, with an option to increase ownership to 75% by 2027, expected to close in Q4 2025 [5] - The establishment of a European headquarters in Paris aims to accelerate international growth and reinforce energy partnerships [5]

Eric Jackson, founder of EMJ Capital, is known for his bullish view on Opendoor Technologies, Inc. OPEN which he has targeted as a potential “100-bagger,” projecting targets as high as $82 per share. OPEN stock has gained 140% over the past month. See the chart here. Jackson also has a set of other high-conviction stocks that he lists as "longs" in his social media profile. Here's a look at what other stocks Jackson is holding. iShares Ethereum Trust ETF – ETHAJackson says he holds iShares Ethereum Trust ET ...

BitFuFu held 1,899 BTC as of August 31, 2025, an increase of 115 BTC from July 31, 2025.Self-owned hashrate grew 31.6% month-over-month to 5.0 EH/s, out of a total 35.6 EH/s under management.Average fleet efficiency improved to 17.5 J/TH. SINGAPORE, Sept. 04, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced its unaudited production and mining operation updates for August 2025. “Our Bitcoin holdings ...

据最新消息，American Bitcoin在开盘后不久触发波动性临时停牌，停牌前上涨31%，报9.04美元/股。随后，American Bitcoin涨幅扩大至90%，再度触发停 牌，报13.2美元/股。截至收盘，American Bitcoin股价报8.04美元/股。 | us American Bitcoin Corp-A (Ai) [2 Q く 気 ABTC | | --- | | 8.040 今开 9.220 最高 14.520 最低 6.700 | | 0.62% 总量 3059万股 金额 2.91亿 16.52% 1.140 狭手 | | 昨收 6.900 总值 395.8亿 市盈™ -2317.03 更多 | | DE OAEO 0 440 E 400/ 00.00 == = = | 本文字数：1060，阅读时长大约1.5分钟 来源：第一财经 2025.09.04 由特朗普的两个儿子支持的比特币矿企"American Bitcoin"在完成与数字矿业公司Gryphon Digital Mining的合并后，于当地时间周三在纳斯达克证券交易所 挂牌交易。合并后的新公司使用的股票代码为"ABTC" ...

与美国总统特朗普有关的比特币矿商American Bitcoin(ABTC.US)周三首次在美挂牌上市，盘中股价一度 飙升110%报14.52美元，盘中因波动性过大而多次临时停牌，尾盘还一度轻微倒跌，最终收涨16.52%， 报8.04美元。在目前的夜盘交易中，该股再度涨近7%报8.59港元。 根据美国证券交易委员会(SEC)文件，American Bitcoin申请于9月3日以市价发行21亿美元股票。 American Bitcoin早前透过与同业Gryphon Digital Mining合并进行IPO，由特朗普儿子Eric Trump担任联 合创始人兼首席策略官，特朗普另一名儿子Donald Trump Jr.亦是持股股东，该公司主要由Hut 8拥有。 ...

Key Takeaways IREN posted Q4 EPS of $0.08, net income of $176.9M and revenue growth of 29.4% to $187.3M.Bitcoin revenues rose 27.7% to $180.3M, while AI Cloud Services more than doubled to $7M.IREN expects $1.25B annualized revenues by Dec. 2025, with major GPU and AI expansion ahead.IREN Limited (IREN) shares jumped 9.93% to close at $29.11 on Sept. 2. Following the fourth-quarter fiscal 2025 results reported on Aug. 28, shares have rallied 26.3% in the past two trading sessions. IREN reported fourth-quart ...

IREN TodayIRENIREN$28.70 -0.41 (-1.39%) 52-Week Range$5.13▼$30.02P/E Ratio48.97Price Target$30.44Add to WatchlistAlthough IREN Limited NASDAQ: IREN is one of the best-performing stocks over the past 12 months, this mid-cap gem may be flying under the radar of many investors. And even those who know of IREN may not fully grasp the bullish opportunity. Prior to 2025, IREN Limited (then known as Iris Energy Limited) built its business on profitable Bitcoin mining, taking advantage of low‑cost hydroelectric po ...

Advisors with clients interested in bitcoin investing but leery of direct exposure risk should consider the CoinShares Valkyrie Bitcoin Miners ETF (WGMI). The fund’s strategy creates lower correlation opportunities within equities while benefiting from growing bitcoin demand.As equities flounder and bond yields rise to start September trading, alternatives appear increasingly attractive. While broad equity indexes plummeted on a fresh wave of tariff uncertainty, bitcoin prices rose. With growing foundationa ...