First selling cars, then mining crypto, and now diving into AI. Cango, a Chinese auto finance company listed in the U.S., pivoted to Bitcoin mining at the end of 2024. After a full year of mining, their 2025 financial report showed: $600M in revenue, $400M in net losses. The gap between mining costs and market prices was so big that even the revenue couldn’t cover it. Now, they’re planning to sell off 60% of their Bitcoin holdings, cash out $300M to pay off debts, rebrand as EcoHash, and shift to AI inference infrastructure. Every move they’ve made has been riding the hottest trends of the time, but they still haven’t managed to turn a profit. One narrative comes along, they jump in, costs don’t get recovered, and then the next narrative arrives. Doesn’t it feel like us in web3, constantly chasing narratives and running in circles…?