19h fa
Cango reports $261.1M Q1 2026 loss, cuts long-term debt 94.5% and pilots EcoHash
Cango Inc. (NYSE: CANG) posted an unaudited Q1 2026 net loss of $261.1 million, which it attributed largely to non-cash bitcoin-related accounting items rather than core operations. The company reported $102.0 million in revenue and reduced long-term debt from $557.6 million to $30.6 million after selling roughly 4,451 BTC. It also said it began pilot deployments of its EcoHash GPU compute offering aimed at AI inference and high-performance computing workloads.
BTC
BTC-5.32%
19h fa
19h fa
Bitcoin slides under $70,000 as longs lose $455M and liquidations top $470M
Bitcoin fell below $70,000 on Tuesday, touching an eight-week low of $69,390 after dropping about $4,000 in under 48 hours and briefly pushing its market cap under $1.4 trillion. The move triggered more than $470 million in liquidations over 24 hours, with roughly $455 million coming from long positions. Traders also debated the impact of Strategy's 32 BTC sale for $2.5 million and whether the decline is a larger breakdown or a typical bull-market pullback.
BTC
BTC-5.32%
19h fa
20h fa
Nvidia’s $2B shift into AI networking puts Marvell Technology in focus
Nvidia is extending its AI push beyond GPUs into networking, photonics, and custom silicon, backing suppliers including Marvell Technology with about $2 billion. At Computex in Taiwan on June 2, CEO Jensen Huang called Marvell "the next trillion-dollar company," after which Marvell shares jumped more than 12%. Marvell is forecasting Q2 revenue of around $2.7 billion and sees custom-chip revenue topping $10 billion annually by fiscal 2029.
BTC
BTC-5.32%
20h fa