DALLAS, Texas, Dec. 24, 2025 — Greenridge Capital has initiated coverage on Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), assigning a buy rating and a US$4.00 target price. The firm noted that Cango appears to be “undervalued and overlooked by the market, given its leading position in Bitcoin mining and asset-light model for entering the high-performance computing (HPC) market.”

According to the Greenridge Capital report, Cango is trading below the value of its assets, which include liquid cash holdings, over US$600 million in BTC held under a strict HODL strategy, a 50 EH/s globally distributed mining portfolio, and a 50MW data center in the U.S. state of Georgia (acquired in Q3 of 2025). The report also highlights ongoing cost reduction measures, reflecting operational discipline, and Cango’s ability to capitalize on future opportunities through its strong financial position.

Looking ahead, Cango’s strategy to diversify revenue and enhance profitability focuses on securing control over its own power supply—a key strategic step for future AI data center or Bitcoin mining operations. The report emphasizes Cango’s “Energy + HPC” plan, which aims to expand into flexible energy and data infrastructure projects offering higher margin opportunities and cash generation potential. Supporting this expansion are two pilot projects already in progress: a solar generation and storage pilot project in Oman, and a 150MW power generation facility in Indonesia (developed with a partner, which could potentially be expanded to 300MW in the future). Further updates from management are expected in the coming months.

Greenridge Capital’s US$4.00 price target is based on a blended valuation approach using two methodologies: (1) a 7x EV/Adjusted EBITDA multiple applied to a 2026 adjusted EBITDA estimate of US$335.4 million, and (2) a 15x P/E multiple applied to a 2026 diluted EPS estimate of US$0.34. Both multiples are conservative relative to industry peers. Notably, this valuation does not yet assign value to Cango’s developing energy infrastructure projects, which could unlock substantial value in the future as project milestones are achieved.

About Cango Inc.

Cango Inc. (NYSE: CANG) primarily engages in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. Concurrently, Cango continues to operate an online international used car export business through AutoCango.com, simplifying global customers’ access to high-quality vehicle inventory from China. For more information, please visit: .

Safe Harbor Statement

This announcement includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions. Among other elements, the “Roadmap Forward” section and management quotations in this announcement contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic SEC reports, annual shareholder reports, press releases, other written materials, and oral statements by its officers, directors, or employees to third parties. Statements that are not historical facts—including those about Cango’s beliefs and expectations—are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those in any forward-looking statement, including but not limited to: Cango’s plan to terminate its ADR program and list its Class A ordinary shares directly on the NYSE, and potential benefits from this change; Cango’s goals and strategies; its expansion plans; future business development, financial condition, and operating results; expectations regarding demand for and market acceptance of its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the above. Additional information on these and other risks is included in Cango’s SEC filings. All information in this press release and attachments is as of the date of this release, and Cango does not assume any obligation to update forward-looking statements, except as required by applicable law.

Investor Relations Contact

Juliet Ye, Head of Communications
Cango Inc.
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Christensen Advisory
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SOURCE Cango Inc.