{"id":858818,"date":"2025-06-10T06:05:00","date_gmt":"2025-06-10T10:05:00","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/"},"modified":"2025-06-10T06:05:00","modified_gmt":"2025-06-10T10:05:00","slug":"cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/","title":{"rendered":"Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">HONG KONG<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">June 10, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Cango Inc. (NYSE: CANG) (&#8220;Cango&#8221; or the &#8220;Company&#8221;), a rapidly-expanding leader in <span>Bitcoin<\/span> mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global <span>Bitcoin<\/span> mining sector.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/2675436\/CANG_LOGO_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/2675436\/CANG_LOGO_Logo.jpg\" title=\"(PRNewsfoto\/Cango Inc.)\" alt=\"(PRNewsfoto\/Cango Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Key Transformation Initiatives and Timeline:<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b><br \/>\n            <span class=\"xn-chron\">May 27, 2025<\/span>:<\/b> Cango divested all PRC-based operations and announced changes to the board and management, including the appointment of co-founder and CEO Mr. <span class=\"xn-person\">Jiayuan Lin<\/span> as interim CFO.<\/li>\n<li>\n          <b><br \/>\n            <span class=\"xn-chron\">June 2, 2025<\/span>:<\/b> Cango announced a definitive agreement under which the Company&#8217;s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (&#8220;EWCL&#8221;) for a total purchase price of <span class=\"xn-money\">US$70 million<\/span> (<span class=\"xn-money\">US$15 million<\/span> of which is subject to certain conditions).<\/li>\n<li>\n          <b>June <\/b><br \/>\n          <b>4<\/b><br \/>\n          <b>, 2025:<\/b> Cango entered into the third amendment to acquire an additional 18 EH\/s in <span>crypto<\/span> mining capacity through the issuance of Class A ordinary shares of the Company to a group of Sellers, led by Golden TechGen Limited (&#8220;GT&#8221;) (the &#8220;Share-Settled Transactions&#8221;).<\/li>\n<\/ul>\n<p>\n        <span class=\"xn-person\">Xiaojun Zhang<\/span>, co-founder and executive chairman of Cango, commented, &#8220;Exiting our legacy PRC business marks a defining moment in Cango&#8217;s journey. By comprehensively repositioning ourselves as a focused global <span>Bitcoin<\/span> mining company, we&#8217;ve unlocked the flexibility, capital, and clarity of purpose needed to lead in the next era of digital finance. With a refreshed shareholder structure and expert governance, we are ready to capture the enormous opportunities emerging across global <span>crypto<\/span> markets.&#8221;<\/p>\n<p>\n        <b>Divestiture of PRC Business and Governance Changes<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">May 27, 2025<\/span>, Cango completed the sale of all of its PRC-based operations to Ursalpha Digital Limited for a total cash consideration of approximately <span class=\"xn-money\">US$351.94 million<\/span>. This transaction, approved by shareholders on <span class=\"xn-chron\">May 16, 2025<\/span>, allows the Company to fully redeploy its financial and operational resources toward high-growth areas outside <span class=\"xn-location\">China<\/span>. As a result of the sale, Cango will apply to the China Securities Regulatory Commission (CSRC) for deregistration as a &#8220;China Concept Stock,&#8221; enabling Cango to accelerate its entry into <span>Bitcoin<\/span> mining across <span class=\"xn-location\">North America<\/span>, the <span class=\"xn-location\">Middle East<\/span>, <span class=\"xn-location\">South America<\/span>, and <span class=\"xn-location\">East Africa<\/span>.<\/p>\n<p>In connection\u00a0with the transaction, Cango announced a series of changes to its board and executive leadership, including the resignation of CFO Mr. <span class=\"xn-person\">Yongyi Zhang<\/span> and the addition of two new independent directors with extensive experience in FinTech, Web 3.0, AI, and global capital markets. Mr. <span class=\"xn-person\">Jiayuan Lin<\/span>, the Company&#8217;s co-founder and CEO, was appointed interim CFO.<\/p>\n<p>\n        <b>New Shareholder and Governance Structure<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">June 2, 2025<\/span>, Cango announced a definitive agreement under which the Company&#8217;s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (&#8220;EWCL&#8221;) for a total purchase price of <span class=\"xn-money\">US$70 million<\/span> (<span class=\"xn-money\">US$15 million<\/span> of which is subject to certain conditions). As part of the transaction, EWCL will gain substantial voting control (subject to various closing conditions), and the Founders will convert their remaining high-vote Class B shares into single-vote Class A shares. Additional governance and board restructuring will occur in parallel with closing.<\/p>\n<p>Following the consummation of the Share-Settled Transactions detailed below, EWCL is expected to hold approximately 2.82% of the Company&#8217;s outstanding shares and 36.74% of the total voting power of the outstanding shares of the Company.\u00a0The Founders collectively will hold 18.54% of the Company&#8217;s total outstanding shares and 12.07% of the total voting power of the outstanding shares of the Company.<\/p>\n<p>\n        <b>Finalized Share-Settled Acquisition Agreement<\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">June 4, 2025<\/span>, Cango entered the third amendment to acquire 18 EH\/s in <span>crypto<\/span> mining capacity, through the issuance of Class A ordinary shares of the Company to the Sellers, led by Golden TechGen Limited (&#8220;GT&#8221;) (the &#8220;Share-Settled Transactions&#8221;). Upon closing, this acquisition will bring the Company&#8217;s total mining capacity to 50 EH\/s. The Company will issue 146.7 million Class A ordinary shares, equivalent to 73 million ADS, at closing, subject to a six-month lock-up period to avoid any immediate market impact.<\/p>\n<p>An additional 97.8 million bonus shares may be issued if certain post-closing price thresholds are met. Furthermore, a final <span class=\"xn-money\">US$7 million<\/span> holdback for the PRC business disposal is mainly reserved to cover FA fees, legal fees, and taxes, with minimal risk of equity issuance.<\/p>\n<p>Post-closing, the Sellers will collectively own approximately 41.38% of the Company&#8217;s shares before any bonus or adjustment shares are issued, creating a strong, unified shareholder base focused on Cango&#8217;s <span>Bitcoin<\/span>-centric future. GT will hold approximately 18.79% of Cango&#8217;s outstanding shares and 12.23% of total voting power. Notably, control of GT recently changed hands, with three new shareholders, Mr. <span class=\"xn-person\">Ning Wang<\/span>, Mr. <span class=\"xn-person\">Youngil Kim<\/span> and Mr. Wye <span class=\"xn-person\">Sheng Kong<\/span>, each assuming one third of GT&#8217;s total voting power.<\/p>\n<p>\n        <span class=\"xn-person\">Jiayuan Lin<\/span>, Co-founder, CEO and interim CFO of Cango, stated, &#8220;These strategic transactions and our new shareholders empower us to pursue unmatched scale and efficiency in <span>Bitcoin<\/span> mining. Our expansion plans are already underway across key regions, and we remain committed to driving innovation and creating value for all of our stakeholders. With the PRC divestiture completed, seasoned leadership in place, and a strong foundation for growth in digital asset infrastructure, Cango is poised to become a leading force in global <span>Bitcoin<\/span> mining.&#8221;<\/p>\n<p>\n        <b>About Cango Inc.<\/b>\n      <\/p>\n<p>Cango Inc. (NYSE: CANG) is primarily engaged in the <span>Bitcoin<\/span> mining business, with operations strategically deployed across <span class=\"xn-location\">North America<\/span>, the <span class=\"xn-location\">Middle East<\/span>, <span class=\"xn-location\">South America<\/span>, and <span class=\"xn-location\">East Africa<\/span>. The Company entered the <span>crypto<\/span> asset space in <span class=\"xn-chron\">November 2024<\/span>, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from <span class=\"xn-location\">China<\/span>. For more information, please visit: <a href=\"https:\/\/www.cangoonline.com\/\" target=\"_blank\" rel=\"nofollow\">www.cangoonline.com<\/a>.<\/p>\n<p>\n        <b>Media Contact<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Juliet Ye<\/span><br \/>\n        <br \/>Cango Inc.<br \/>Tel: +86 21 3183 5088 ext.5581<br \/>Email: <a href=\"mailto:ir@cangoonline.com\" target=\"_blank\" rel=\"nofollow\">ir@cangoonline.com<\/a><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN06918&amp;sd=2025-06-10\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity-302477498.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity-302477498.html<\/a><\/p>\n<p>SOURCE  Cango Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN06918&amp;Transmission_Id=202506100600PR_NEWS_USPR_____CN06918&amp;DateId=20250610\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire HONG KONG , June 10, 2025 \/PRNewswire\/ &#8212; Cango Inc. (NYSE: CANG) (&#8220;Cango&#8221; or the &#8220;Company&#8221;), a rapidly-expanding leader in Bitcoin mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global Bitcoin mining sector. Key Transformation Initiatives and Timeline: May 27, 2025: Cango divested all PRC-based operations and announced changes to the board and management, including the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO. June 2, 2025: Cango announced a definitive agreement under which the Company&#8217;s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-858818","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HONG KONG , June 10, 2025 \/PRNewswire\/ &#8212; Cango Inc. (NYSE: CANG) (&#8220;Cango&#8221; or the &#8220;Company&#8221;), a rapidly-expanding leader in Bitcoin mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global Bitcoin mining sector. Key Transformation Initiatives and Timeline: May 27, 2025: Cango divested all PRC-based operations and announced changes to the board and management, including the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO. June 2, 2025: Cango announced a definitive agreement under which the Company&#8217;s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth &hellip; Continue reading &quot;Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-10T10:05:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/2675436\/CANG_LOGO_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity\",\"datePublished\":\"2025-06-10T10:05:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/\"},\"wordCount\":979,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/2675436\\\/CANG_LOGO_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\\\/\",\"name\":\"Cango Inc. 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(NYSE: CANG) (&#8220;Cango&#8221; or the &#8220;Company&#8221;), a rapidly-expanding leader in Bitcoin mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global Bitcoin mining sector. Key Transformation Initiatives and Timeline: May 27, 2025: Cango divested all PRC-based operations and announced changes to the board and management, including the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO. June 2, 2025: Cango announced a definitive agreement under which the Company&#8217;s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth &hellip; Continue reading \"Cango Inc. Accelerates Strategic Transformation into Global Bitcoin Mining with Divestiture of PRC Business, New Shareholders and Acquisition of Additional Mining Capacity\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/","og_site_name":"Market Newsdesk","article_published_time":"2025-06-10T10:05:00+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/2675436\/CANG_LOGO_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cango-inc-accelerates-strategic-transformation-into-global-bitcoin-mining-with-divestiture-of-prc-business-new-shareholders-and-acquisition-of-additional-mining-capacity\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cango Inc. 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