Cango (NYSE:CANG) announced a strategic shift in its operational focus on Friday, detailing plans to transform from a dedicated Bitcoin miner into an integrated energy and artificial intelligence compute platform.
The company, which produced 454.83 BTC in February, is moving to diversify its revenue streams as it navigates a volatile digital asset landscape.
Cango ended the month with a treasury of 3,313.4 BTC, valued at approximately $215 million based on current market prices.
The transition comes amid a period of significant fleet restructuring.
While Cango’s total deployed hashrate reached 50 EH/s, its average operating hashrate for February was lower at 34.55 EH/s.
Management attributed this gap to intentional downtime for equipment upgrades, rig divestitures, and the ongoing relocation of units to lower-cost power regions.
To support this pivot, Cango updated its treasury policy, allowing the company to utilize Bitcoin liquidity for operational expenses and strategic investments into AI hosting capabilities.