The company relies on Bitmain and other third-party hosting service providers for a substantial portion of its energy and hosting costs, with Bitmain accounting for approximately 81% in the last month of 2025. It also depends significantly on financing from Antalpha Digital Pte. Ltd., a wholly owned subsidiary of Antalpha Platform Holding Company (NASDAQ: ANTA), which provides various mining-related financing arrangements. As of December 31, 2025, the outstanding principal balance under these arrangements was approximately US$557.6 million, representing about 50% of the company's total assets. Antalpha is partially funded by Northstar Digital Holding Limited and its affiliates, which have significant influence over Antalpha. The company's financing arrangements with Antalpha are secured by its Bitcoin holdings, mining machines, and the 100% equity interests of its wholly owned subsidiary, GreenVolt Technology LLC.
Cango Inc's Comment on Supply Chain
The company relies on Bitmain and other third-party hosting service providers for a substantial portion of its energy and hosting costs, with Bitmain accounting for approximately 81% in the last month of 2025. It also depends significantly on financing from Antalpha Digital Pte. Ltd., a wholly owned subsidiary of Antalpha Platform Holding Company (NASDAQ: ANTA), which provides various mining-related financing arrangements. As of December 31, 2025, the outstanding principal balance under these arrangements was approximately US$557.6 million, representing about 50% of the company's total assets. Antalpha is partially funded by Northstar Digital Holding Limited and its affiliates, which have significant influence over Antalpha. The company's financing arrangements with Antalpha are secured by its Bitcoin holdings, mining machines, and the 100% equity interests of its wholly owned subsidiary, GreenVolt Technology LLC.
Sources:
Cango inc 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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