Finance

Cango’s Bitcoin Holdings Soar Past 6,400 BTC Despite Slight Dip in October Production

Cango’s October Bitcoin production dipped slightly, but holdings surged past 6,400 BTC.

November 3, 2025, 11:05 AM

Close-up of a smartphone screen showing the live Bitcoin price at $104,253.13 and a price increase of 0.64% over an orange line chart.

A close-up view of a smartphone displaying the live price and performance of Bitcoin (BTC). By PJ McDonnell / Shutterstock.com.

Executive Summary

Cango’s October Bitcoin production decreased by 2.3% to 602.6 BTC, but its total Bitcoin holdings significantly grew by 10% to 6,412.6 BTC.

The company improved operational efficiency in October, with its average operating hashrate increasing to 46.09 EH/s and exceeding 90% utilization.

Cango plans to complete a direct listing of its ordinary shares on the New York Stock Exchange this month, following the termination of its American Depositary Receipt (ADR) program.

The Story So Far

Cango, originally a Chinese auto export business, recently pivoted into the Bitcoin mining sector in November by acquiring Bitmain-affiliated facilities across North America, a move that solidified Bitmain’s influence over the company and has since focused its strategy on expanding Bitcoin reserves and optimizing hashrate efficiency.

Why This Matters

Cango’s strategic accumulation of over 6,400 BTC, despite a minor dip in monthly production, signals a strong focus on growing its digital asset reserves, potentially reflecting confidence in Bitcoin’s long-term value. This, combined with improved operational efficiency and a planned direct listing on the NYSE, is set to enhance the company’s market visibility and could attract greater institutional investment into the Bitcoin mining sector, further solidifying Bitmain’s influence within the publicly traded entity.

Who Thinks What?

Cango’s CEO, Paul Yu, highlighted the strategic importance of the company’s Bitcoin holdings surpassing 6,000 BTC for the first time and noted that the average operating hashrate exceeded 90% in October, with plans to complete a direct listing on the New York Stock Exchange.

The article indicates that Cango’s focus on expanding its Bitcoin reserves and optimizing hashrate efficiency, despite a slight dip in monthly production, positions it as a significant player in the Bitcoin mining industry.

Cango (NYSE: CANG), a Bitcoin miner affiliated with Bitmain, reported a slight dip in its October Bitcoin production but achieved a significant milestone by surpassing 6,400 BTC in total holdings by month-end. The company produced 602.6 bitcoins in October, a 2.3% decrease from September’s 616.6 bitcoins, while its total Bitcoin reserves grew by approximately 10% to 6,412.6 BTC.

Operational Performance

The average daily output for Cango in October stood at 19.44 bitcoins, down from 20.55 bitcoins in the preceding month. Despite the minor decline in monthly production, the increase in overall Bitcoin holdings marks a strategic focus for the company.

Cango maintained a deployed hashrate of 50 exahashes per second (EH/s) throughout October. Its average operating hashrate saw an increase, rising to 46.09 EH/s from 44.85 EH/s in September, indicating improved operational efficiency.

CEO Comments and Future Plans

Chief Executive Paul Yu highlighted that the average operating hashrate exceeded 90% in October, and the company’s Bitcoin holdings surpassed the 6,000 BTC mark for the first time. Yu also announced plans to complete a direct listing of Cango’s ordinary shares on the New York Stock Exchange this month, following the termination of its American Depositary Receipt (ADR) program.

Company Background

Cango, which previously operated as an auto export business based in China, made its entry into the Bitcoin mining sector in November 2024. This move involved acquiring Bitmain-affiliated facilities across North America, a deal that solidified Bitmain’s influence over the Nasdaq-listed entity.

Outlook

Since its pivot into mining, Cango has concentrated on expanding its Bitcoin reserves and optimizing hashrate efficiency. The recent report underscores its ongoing growth in holdings and operational improvements, positioning it as a significant player in the Bitcoin mining industry.