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Cango receives a buy rating, with its light-asset mining model and artificial intelligence potential highly regarded.
Greenridge Capital has initiated coverage on Cango Inc. (NYSE: CANG) with a “Buy” rating, a target price of $4.00, and noted that the company is “mispriced and undervalued.” The report highlights that Cango is a market leader in Bitcoin mining, employing a light-asset high-performance computing (HPC) business model, with assets including over $600 million worth of Bitcoin, 50 EH/s of mining farms, and a data center in the United States. Its “Energy + High-Performance Computing” strategy includes pilot power projects in Oman and Indonesia. The valuation is based on expectations for 2026, using a conservative 7x enterprise value/EBITDA and 15x P/E ratio, not yet accounting for the potential value of energy infrastructure projects.