Posts tagged “Miner”

Bitcoin mining company MARA Holdings (MARA) is launching a fresh $2 billion stock offering to buy more bitcoin, continuing its plan of buying BTC in the open market through capital raise while sticking to its “Hodl” strategy.

According to a Form 8-K and a new prospectus filed with the U.S. Securities and Exchange Commission (SEC), MARA entered into an at-the-market (ATM) equity program with a group of investment banks including Barclays, BMO Capital Markets, BTIG, Cantor Fitzgerald, and others. The proceeds of the offering, which will see brokers selling shares of the miner from time to time, will be used mainly for the acquisition of bitcoin in the open market.

“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” MARA said in its prospectus.

This new fresh stock sales plan follows a previous ATM offering that targeted up to $1.5 billion for the miner.

MARA has adopted Michael Saylor’s strategy of raising funds through equity and convertible bond offerings and buying bitcoin in the open market. The miner now holds 46,376 BTC in its treasury, making it the second-largest bitcoin stash among publicly traded companies, behind Strategy’s 506,137 BTC.

The plan to buy bitcoin in the open market was adopted by the miner last year, even though a miner can theoretically mine bitcoin at a discount to the spot price. The industry became challenging after last year’s halving cut mining rewards by half, squeezing profit margins on the back of rising costs. This made buying bitcoin in the open market, alongside mining, a relatively better strategy for the miners.
Read more: Bitcoin Mining Is So Rough a Miner Adopted Michael Saylor’s Successful BTC Strategy

SHANGHAI, March 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase. 

Fourth Quarter & Full Year 2024 Financial Performance

The Company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin mining business, which generated RMB653.0 million (US$89.5 million) in revenues. Net income for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a net loss of RMB103.8 million in Q4 2023. Cango maintained strong liquidity with cash, cash equivalents, and short-term investments totaling RMB2.5 billion (US$345.3 million) as of December 31, 2024. 

For the full year, Cango reported total revenues of RMB804.5 million (US$110.2 million), with net income reaching RMB299.8 million (US$41.1 million), a significant turnaround from a net loss of RMB37.9 million in 2023. The results reflect the successful integration of Bitcoin mining operations alongside ongoing optimization of its legacy automotive services. 

Bitcoin Mining Operational Highlights

Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin, achieving an industry-leading efficiency of 17.81 BTC per EH/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$67,769.9 per Bitcoin (excluding depreciation). As of December 31, 2024, Cango held a total of 933.8 Bitcoin, aligning with its long-term accumulation strategy. 

Cango’s mining operations span five countries, including the United States (38% of total hashrate), East Africa (37%), Oman, Paraguay, and Canada. Approximately 90% of its fleet comprises water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency and operational stability. 

Looking ahead, the Company plans to expand its hashrate to 50 EH/s by the end of July 2025 through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin holdings. 

Media Contact

Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

View original content:https://www.prnewswire.com/news-releases/cango-inc-presents-key-highlights-of-its-filed-annual-report-302413093.html

SOURCE Cango Inc.