Hong Kong-based Bitcoin miner Cango announced that it mined 147 new BTC over the past week, pushing its Bitcoin treasury to 4,387.1 BTC valued at approximately $504.5 million.
#WeeklyUpdate Cango mined 147.0 #BTC this week, bringing our total bitcoin holdings to 4387.1 BTC.
Full #HODL mode + our new leadership team now in place, a new era begins.#CryptoMining #Bitcoin $CANG pic.twitter.com/TmZ1NIoWwY
— CANGO (@Cango_Group) July 25, 2025
Interestingly, Cango began as an automotive transaction and financing platform in China, serving over 1.7 million car buyers. By late 2024, leveraging its strong liquidity, the firm diversified into Bitcoin mining. In April 2025, the company pivoted to a pure bitcoin mining firm after selling its legacy business.
Cango Bolsters BTC Holdings
Via the announcement, Cango emphasized its transition into full “HODL mode,” which means that it plans to retain mined coins rather than selling them. Notably, the operational model is part of its plans to execute a long-term strategy. The company believes it can enhance shareholder value and better position itself in a sector that it anticipates will continue to grow.
Cango’s latest BTC Acquisition comes after its governance changes, which were approved in July. The company is now run by a new board and executive team, with deep expertise in digital assets, energy infrastructure, and finance. Together, the executives aim to make the firm one of the world’s largest Bitcoin miners.
The company’s acquisition of 147 BTC in the past week cements its position among other top productive public miners, including MARA Holdings and CleanSpark. The $16.8 million worth of weekly Bitcoin yield reinforces its confidence in the Bitcoin treasury-focused business model. Needless to say, some miners have shut down due to low block rewards.
Bitcoin Miners Invest in Altcoins
Bit Origin has taken an unconventional route by establishing a Dogecoin treasury, securing up to $500 million in equity and convertible debt to fund its acquisitions. The Singapore-based firm aims to increase crypto-per-share value and explore merchant-use integrations. It is the first publicly traded company on a major U.S. exchange to make Dogecoin a treasury asset.
BitMine has also been aggressively accumulating Ether. After raising $250 million in a private placement, BitMine boosted its ETH treasury to 566,776 ETH worth over $2 billion, aiming to stake and hold up to 5% of Ethereum’s circulating supply. Its pivot to ETH has earned support from investors, including Peter Thiel and ARK Invest.
Meanwhile, former rugby player Shane Donovan Moore was recently sentenced to 2.5 years in federal prison after running a $900,000 Ponzi-style mining scam. He defrauded over 40 investors by making them believe they were involved in crypto mining.
