Operator
Good evening, and welcome to the Cango Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Paul Yu, Chief Executive Officer. Please go ahead.
Peng Yu
CEO & Director
Thank you. Hello, everyone, and welcome to Cango’s Fourth Quarter and Full Year 2025 Earnings Call. 2025 marks a landmark year in our company’s history, our first year of transformation since pivoting to Bitcoin mining in November 2024. It was a year of accelerated execution, and we accomplished several critical objectives. First, asset restructuring and global deployment through a series of transactions, we relocated our assets from traditional auto finance business to our Bitcoin mining operations within 6 months. This helped us build a global distributed mining network.
Second, leadership and management to align with our new strategy, we have strengthened our board and management team with seasoned industry professionals. They have both deep expertise and established networks in both digital assets and infrastructure which has sharpened our competitive edge in the sector. Third, listing structure optimization during the year, we transitioned from an ADR listing to a direct stock listing. This move lays a solid foundation for us to access a broader range of capital market tools, reach a broader base of investors and reduce holding costs for existing shareholders.
Operationally, 2025
