Compressing long chains of thought (CoT) into compact latent tokens is crucial for efficient reasoning with large language models (LLMs). Recent studies employ autoencoders to achieve this by reconstructing textual CoT from latent tokens, thus encoding CoT semantics. However, treating textual CoT as the reconstruction target forces latent tokens to preserve surface-level linguistic features (e.g., word choice and syntax), introducing a strong linguistic inductive bias that prioritizes linguistic form over reasoning structure and limits logical abstraction. Thus, we propose ImgCoT that replaces the reconstruction target from textual CoT to the visual CoT obtained by rendering CoT into images. This substitutes linguistic bias with spatial inductive bias, i.e., a tendency to model spatial layouts of the reasoning steps in visual CoT, enabling latent tokens to better capture global reasoning structure. Moreover, although visual latent tokens encode abstract reasoning structure, they may blur reasoning details. We thus propose a loose ImgCoT, a hybrid reasoning that augments visual latent tokens with a few key textual reasoning steps, selected based on low token log-likelihood. This design allows LLMs to retain both global reasoning structure and fine-grained reasoning details with fewer tokens than the complete CoT. Extensive experiments across multiple datasets and LLMs demonstrate the effectiveness of the two versions of ImgCoT.