- Cango Inc. (CANG, Financial) has transitioned into a global Bitcoin mining company by divesting its PRC operations for $351.94 million.
- The company has acquired an additional 18 EH/s in mining capacity, increasing its total to 50 EH/s, through a share-settled transaction.
- New shareholder Enduring Wealth Capital Limited (EWCL) now holds 36.74% of voting power following a $70 million investment.
Cango Inc. (CANG) is undergoing a strategic transformation to become a major player in the global Bitcoin mining industry. This shift is highlighted by the sale of the company's PRC-based operations to Ursalpha Digital Limited for $351.94 million, finalized on May 27, 2025. The proceeds from this sale will be reinvested to expand the company's cryptocurrency mining capacity and operations worldwide.
In a significant move to bolster its mining capabilities, Cango has finalized an agreement to acquire 18 EH/s in additional mining capacity. This acquisition will elevate the company's total capacity to 50 EH/s, positioning it as a significant entity in the global Bitcoin mining landscape. The acquisition is structured as a share-settled transaction, resulting in the issuance of 146.7 million Class A ordinary shares to sellers led by Golden TechGen Limited, who will collectively own 41.38% of the company post-closing.
The restructuring also includes a notable change in the company's shareholder composition. Enduring Wealth Capital Limited has acquired 10 million Class B shares for $70 million, thereby gaining 36.74% of the voting power, while the co-founders have agreed to convert their remaining high-vote shares to single-vote Class A shares, reducing their influence to 12.07% of voting power.
With these strategic initiatives, Cango Inc. is set to channel its resources into digital asset infrastructure, aiming to capitalize on the burgeoning opportunities in the Bitcoin mining industry. The company is also expanding its reach across North America, the Middle East, South America, and East Africa, reducing its reliance on operations in China and diversifying its geographic risk.
