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Cango Inc., a Chinese auto marketplace, has announced its financial results for the first quarter of 2023. The company reported a total revenue of RMB 1.2 billion, a 15% increase year-on-year. Cango's gross merchandise volume (GMV) reached RMB 10.5 billion, up 17% compared to the same period last year. The company's net loss narrowed to RMB 140 million, a significant improvement from the RMB 240 million loss in the first quarter of 2022. Cango also revealed that it has successfully raised RMB 500 million in a Series D funding round, led by Tencent.

Cango Inc. has announced an update to its Bitcoin production and mining operations for July 2025. The company has reported a 'massive' Bitcoin haul in July, significantly boosting its corporate treasury. This update is part of Cango's ongoing efforts to enhance its cryptocurrency mining operations.