Cango Inc. (NYSE:CANG) has sharpened its focus on cryptocurrency mining through a sweeping overhaul of its operations, ownership, and leadership.
The Hong Kong-based firm exited its legacy business in mainland China, added new shareholders, and scaled up its Bitcoin (CRYPTO: BTC/USD) mining capacity via a major acquisition.
The changes reposition Cango as a more nimble and better-capitalized competitor in the evolving global crypto industry.
Also Read: Peter Schiff Left Unfazed As Bitcoin Spikes Above $110,000, Doesn’t Agree His Legacy Is Destroyed: ‘I’ll Eventually Be Proven Right’
On May 27, 2025, Cango sold its China-based businesses to Ursalpha Digital Limited for about $352 million. Approved by shareholders, the move enables the company to concentrate on growth regions, including North America, the Middle East, and Africa. It also plans to deregister from the CSRC as a “China Concept Stock” to align with its international strategy.
Leadership changes followed the divestment, including the resignation of CFO Yongyi Zhang. Co-founder and CEO Jiayuan Lin has stepped in as interim CFO, and two new independent directors with expertise in FinTech and AI have joined the board.
On June 2, Cango’s co-founders and affiliates sold 10 million Class B shares to Enduring Wealth Capital Limited (EWCL) for $70 million. EWCL gained substantial voting power, while the founders will convert their remaining high-vote Class B shares into lower-vote Class A shares, marking a significant shift in control.
Continuing its transformation, the company acquired 18 EH/s of additional mining capacity on June 4 through a share issuance to Golden TechGen Limited (GT) and partners. The deal adds 146.7 million Class A shares to the market, equivalent to 73 million ADS, with a potential 97.8 million bonus shares based on post-deal performance. The acquisition increases Cango’s mining power to 50 EH/s, further cementing its place in global Bitcoin mining.
Related ETFs: Amplify Transformational Data Sharing ETF (NYSE:BLOK), Bitwise Crypto Industry Innovators ETF (NYSE:BITQ).
Price Action: CANG shares were trading higher by 3.68% to $5.35 premarket at last check Tuesday.
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This article Cango Sheds Chinese Operations In Pivot To Global Bitcoin Mining originally appeared on Benzinga.com
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