Cango

Cango Inc.

Treasury Qualification

Treasury classificationBitcoin Miner with Strategic Holdings

Qualification tierPending qualification

Directory statusNeeds Review

Ownership statusHistorical-only zero attributable BTC at December 31, 2025 under Form 20-F accounting policy 2.12: year-end BTC was derecognized into collateral receivables. This is NOT a current-zero finding or evidence of a current treasury exit. The June 30, 2026 reserve headline of 1,056 BTC is separately reported and eligible ownership remains unresolved. No BTC units are inferred from collateral-receivable dollars; BTC assets, collateral claims and derivatives remain distinct. The May 31 headline of 1,065.11 BTC is legacy provenance only. HOLD - methodology review required; Needs Review / pending, not Excluded. The unchanged btc_total_reported of 1,065.11 retains the May 31, 2026 legacy headline scope, not the December eligible balance.

Strategic intent

Cango retains Bitcoin produced through its mining operations and reports the balance as treasury holdings. Its policy is actively managed rather than accumulation-only: the company may retain mined Bitcoin, sell holdings to reduce leverage, or deploy capital toward mining, energy, and AI infrastructure.

Bitcoin Treasury

Last verified attributable BTC0 BTC

Balance dateDecember 31, 2025

Estimated valueUnavailable

Average purchase priceNot disclosed

Not included in totals

Historical balance only — current eligible balance not established

Newer reported BTC — not used in totals

1,056 BTC · Balance date: June 30, 2026

Historical-only zero attributable BTC at December 31, 2025 under Form 20-F accounting policy 2.12: year-end BTC was derecognized into collateral receivables. This is NOT a current-zero finding or evidence of a current treasury exit. The June 30, 2026 reserve headline of 1,056 BTC is separately reported and eligible ownership remains unresolved. No BTC units are inferred from collateral-receivable dollars; BTC assets, collateral claims and derivatives remain distinct. The May 31 headline of 1,065.11 BTC is legacy provenance only. HOLD - methodology review required; Needs Review / pending, not Excluded. The unchanged btc_total_reported of 1,065.11 retains the May 31, 2026 legacy headline scope, not the December eligible balance.

Reported BTC source

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported1,065.11

Unencumbered / unrestrictedNot separately disclosed

Pledged as collateralNot separately disclosed

Loaned to third parties0

Subsidiary-ownedNot separately disclosed

Other restricted owned BTCNot separately disclosed

Latest Financial Results

Reporting period: Three months ended June 30, 2026

Revenue$50,780,771

Operating income/loss$-80,615,139

Net income/loss$-81,632,165

Cash$10,121,719

Management

Chief executive officer: Paul Yu
Chief financial officer: Simon Tang
Executive chair: None

Research Notes

Cango reported 1,065.11 BTC in total Bitcoin holdings as of May 31, 2026, after producing 237.59 BTC during May, including 236.5 BTC from self-mining. The company held 1,026 BTC at March 31, 2026. Cango previously held 7,528.3 BTC at December 31, 2025, but sold an aggregate 6,451 BTC by March 31, 2026 to generate liquidity, retire Bitcoin-backed debt, and support its expansion into AI compute infrastructure. This makes Cango an actively managed mining treasury rather than an accumulation-only holder. The May 31 balance remains company-attributable and is explicitly presented by management as treasury holdings. No current amount was identified as pledged, borrowed, loaned, customer-owned, or restricted, but because the latest update does not provide an encumbrance reconciliation, the record does not assume that all 1,065.11 BTC are unencumbered. For the first quarter of 2026, Cango reported revenue of $102.0 million, operating loss of $254.4 million, net loss of $261.1 million, cash and cash equivalents of $7.2 million, and long-term debt of $30.6 million. September 29, 2026 methodology and financial refresh: Historical-only zero attributable BTC at December 31, 2025 under Form 20-F accounting policy 2.12: year-end BTC was derecognized into collateral receivables. This is NOT a current-zero finding or evidence of a current treasury exit. The June 30, 2026 reserve headline of 1,056 BTC is separately reported and eligible ownership remains unresolved. No BTC units are inferred from collateral-receivable dollars; BTC assets, collateral claims and derivatives remain distinct. The May 31 headline of 1,065.11 BTC is legacy provenance only. HOLD - methodology review required; Needs Review / pending, not Excluded. The unchanged btc_total_reported of 1,065.11 retains the May 31, 2026 legacy headline scope, not the December eligible balance. USD, Q2 2026 (three months ended June 30; balance sheet June 30). 'Revenues' 50,780,771; operating loss -80,615,139. 'Net loss attributable to Cango Inc.'s shareholders' -81,632,165 retains its shareholder-attributable basis even though it equals continuing-operations loss this quarter. Cash and equivalents 10,121,719; assets 294,385,232; liabilities 163,640,711. Paul Yu, Simon Tang and identity unchanged. Financial source: https://www.sec.gov/Archives/edgar/data/1725123/000149315226040816/ex99-1.htm (published August 31, 2026). Eligible historical/current evidence source: https://www.sec.gov/Archives/edgar/data/1725123/000110465926041972/cang-20251231x20f.htm (source date: 2025 Form 20-F; balance December 31, 2025; publication day not established in approved changeset). Separate headline source: https://www.sec.gov/Archives/edgar/data/1725123/000149315226040816/ex99-1.htm (published August 31, 2026; balance June 30, 2026). Historical notes above are preserved as dated history; earlier eligibility descriptions do not override this review. The existing last_verified date is unchanged and is not a blanket verification of unresolved fields.