From Yahoo Finance: 2025-06-10 08:20:00

Cango Inc. (NYSE:CANG) refocuses on cryptocurrency mining with operational overhaul, ownership changes, and new leadership. The Hong Kong-based firm exits business in mainland China, boosts Bitcoin mining capacity, and repositions itself as a stronger player in the global crypto industry.

On May 27, 2025, Cango sells China-based businesses for $352 million to Ursalpha Digital Limited. Shareholder-approved move allows focus on growth in North America, Middle East, and Africa. Plans to deregister as “China Concept Stock” align with international strategy for expansion and development.

Leadership shifts post-divestment include CFO resignation and CEO stepping in as interim CFO. Two new independent directors with expertise in FinTech and AI added to the board. Co-founders and affiliates sell 10 million Class B shares to Enduring Wealth Capital Limited for $70 million, marking a significant control change.

Cango acquires 18 EH/s of mining capacity through share issuance to Golden TechGen Limited and partners on June 4. Deal adds 146.7 million Class A shares to the market, strengthens mining power to 50 EH/s. Deal includes potential bonus shares based on post-deal performance, solidifying the company’s position in global Bitcoin mining. CANG shares were trading higher by 3.68% to $5.35 premarket at last check Tuesday.

Read more: Cango Sheds Chinese Operations In Pivot To Global Bitcoin Mining