Cango Inc. (NYSE: CANG) has received a buy rating from Greenridge Capital, which has set a target price of US$4.00 for the company. The investment firm notes that Cango is currently undervalued in the market, particularly highlighting its leading position in Bitcoin mining and its innovative asset-light model aimed at entering the high-performance computing (HPC) sector.
According to the report from Greenridge Capital, Cango’s stock is trading below the intrinsic value of its assets. These assets include significant cash reserves and over US$600 million in Bitcoin held under a strict HODL strategy. The company operates a globally distributed mining portfolio with a capacity of 50 EH/s and has recently acquired a 50MW data center located in Georgia during the third quarter of 2025.
The report emphasizes ongoing cost reduction measures, which reflect Cango’s operational discipline. With a robust financial position, the company is well poised to capitalize on future opportunities. Cango’s strategic focus on diversifying revenue streams aims to enhance profitability, particularly through securing control over its power supply—an essential component for future AI data center or Bitcoin mining operations.
Expansion Plans for Energy and Data Infrastructure
Cango’s ambitious “Energy + HPC” plan targets an expansion into flexible energy and data infrastructure projects that promise higher margins and cash generation potential. The company is currently developing two pilot projects: a solar generation and storage initiative in Oman and a 150MW power generation facility in Indonesia. This Indonesian project, developed in partnership, has potential for future expansion to 300MW.
Greenridge Capital’s price target of US$4.00 is derived from a blended valuation approach, utilizing two methodologies. The first is an enterprise value to adjusted EBITDA multiple of 7x, applied to an estimated adjusted EBITDA of US$335.4 million for 2026. The second is a price-to-earnings multiple of 15x applied to a diluted earnings per share estimate of US$0.34 for the same year. Both multiples are considered conservative compared to industry peers.
Importantly, this valuation does not yet account for the potential value of Cango’s developing energy infrastructure projects, which could significantly enhance the company’s overall worth as project milestones are achieved.
About Cango Inc.
Cango Inc. primarily engages in Bitcoin mining, with operations strategically located across North America, the Middle East, South America, and East Africa. The company entered the cryptocurrency sector in November 2024, driven by advancements in blockchain technology and a growing acceptance of digital assets. Alongside its crypto ventures, Cango continues to operate AutoCango.com, an online platform facilitating international used car exports from China.
As the company moves forward, further updates from management are expected in the coming months. Cango’s ongoing commitment to innovation and its strategic initiatives position it well for future growth in the evolving landscape of digital assets and technology infrastructure.
