Greenridge Capital Initiates Cango Coverage With Buy Rating on Bitcoin Mining Strength

Font: Financial Modeling Prep  • Dec 22, 2025

Greenridge Capital initiated coverage on Cango Inc. (NYSE: CANG) with a Buy rating and a $4.00 price target, arguing that the company was undervalued and overlooked given its scale in Bitcoin mining and asset-light entry into high-performance computing.

The analyst said Cango held a market-leading position in Bitcoin mining through ownership of mining equipment that placed it among the largest global miners. The firm was also noted to hold more than $600 million in Bitcoin, recently acquired its first infrastructure facility, and had two energy generation projects underway. In addition, the company was said to possess sufficient cash and equity resources to pursue further strategic expansion.

Greenridge Capital expected management to provide additional details on expansion initiatives in the coming months, which could serve as a catalyst for a valuation re-rating. The $4.00 price target was derived from an average of a 7x EV-to-adjusted EBITDA multiple applied to a 2026 adjusted EBITDA estimate of $335.4 million and a 15x price-to-earnings multiple applied to a projected 2026 diluted EPS of $0.34, both of which were below industry peer multiples.