Cango's stock fell over 21% on Tuesday after the company reported a net loss of $81.6 million in the second quarter, with total revenue of $50.8 million, down approximately 50% from the first quarter. The company stated it is "right-sizing its mining operations" by phasing out older equipment and transitioning to a hosted leasing model to improve efficiency. Cango currently holds 1,065 Bitcoins and has begun hedging its Bitcoin exposure while seeking to diversify into AI infrastructure, having converted its Georgia mining site to support GPU computing.