A Chinese company that has not only successfully expanded overseas but also transformed into a Bitcoin mining company, and is now heavily investing in AI computing power, is definitely worth studying in depth. Recently, I came across a Chinese company called Cango, which has successfully completed a three-stage leap: The first leap was overseas expansion, shifting from domestic Chinese business to global operations and listing directly on the US stock market; The second leap was transformation into a Bitcoin mining company, fully entering mining in November 2024 and quickly becoming one of the top three globally; The third leap was investing in AI computing power, leveraging its mining foundation to build a globally distributed AI computing infrastructure. Why was this company able to achieve this three-stage leap? @Cango_Group After studying the company's development history, the core can be summarized in one sentence: It is a Chinese team that is extremely cash-driven, extremely sensitive to regulatory red lines, and willing to start over. Break down this sentence, there are actually five truly decisive factors: 1️⃣ Sufficient cash on hand: In May 2025, the sale of its Chinese automotive business to Ursalpha for $352 million in cash is the origin of Cango's three-stage leap. 2️⃣ Determined to start from scratch: Zhang Xiaojun, the original founder of the automotive business, voluntarily stepped down at the end of 2024, handing over the CEO role to Paul Yu, a true expert in crypto and energy. 3️⃣ Highly sensitive to regulation: From day one, they have maintained 100% overseas deployment, 100% overseas electricity supply, and 100% overseas hosting, leaving not a single mining machine in China. 4️⃣ They treat Bitcoin as a long-term asset: They don't sell the mined Bitcoin; instead, they use it as collateral to borrow US dollars to pay for electricity, with interest rates as low as 3-5%, while Bitcoin's value increases by over 100% annually, resulting in very impressive financial statements. 5️⃣ They seized the historic window of opportunity in 2024-2025: the Bitcoin halving, Trump's election, and the explosion of AI big data models. They first quickly transformed into a Bitcoin mining company, then began deploying AI computing power, perfectly timing each step. Therefore, we can see that opportunities are not always in the hands of the companies with the most resources, but rather in the hands of the companies that react most quickly to the market and dare to seize opportunities. We are now at the crossroads of encryption and AI, and we can continue to pay attention to companies that combine Bitcoin mining with AI computing power.