Cango Inc. Completes Strategic Crypto Mining Acquisitions
Introduction: A New Chapter in Crypto Mining
In a significant move within the cryptocurrency landscape, Cango Inc. (NYSE: CANG) recently announced the conclusion of its acquisitions of on-rack crypto mining machines. With an impressive total hashrate of 18 Exahash per second, these transactions are expected to greatly enhance Cango’s position in the thriving crypto asset market.
Details of the Acquisition
On June 27, 2025, Cango successfully completed the Share-Settled Transactions, issuing 146,670,925 Class A ordinary shares to various sellers based on the aggregate hashrate of the machines acquired. This significant acquisition not only adds substantial resources to Cango’s portfolio but also indicates the company’s commitment to capitalizing on the booming blockchain technology sector.
The groundwork for this acquisition was laid when Cango signed the On-Rack Sales and Purchase Agreement on November 6, 2024. This agreement witnessed several amendments over the following months, culminating in the successful transaction on June 27, 2025. Alongside the requirement of NLSE’s authorization for the issuance of shares, all closing conditions outlined in the Purchase Agreement were duly met.
Shareholding Structure Post-Transaction
The recent transactions have resulted in notable changes in Cango’s shareholding structure. Golden TechGen Limited emerged as the largest seller, now holding approximately 19.85% of the Company’s total outstanding shares. Collectively, the sellers have acquired around 41.38% of the total shares before any Bonus Shares or Adjustment Shares are issued. This shift demonstrates a strategic consolidation, laying a robust foundation for future growth initiatives.
Active Business Operations
The mining machines acquired are currently operational and located in data centers spread across several countries, predominantly in the United States. Cango has plans to maintain these operations, ensuring that the machines continue functioning at optimum levels. Post-acquisition, the company has engaged a dedicated service provider to oversee operational and maintenance tasks, assuring the longevity and efficiency of the newly acquired assets.
Expansion in the Crypto Asset Space
The completion of the Share-Settled Transactions is a pivotal step in Cango’s expansion strategy within the crypto asset space. By integrating these mining machines into its operations, Cango aims to enhance its overall capabilities and output in the crypto mining sector — a rapidly evolving and competitive market.
About Cango Inc.
Founded with a mission to revolutionize the automotive and crypto industries, Cango Inc. has established its presence in the Bitcoin mining business. The company’s operations extend across North America, the Middle East, South America, and East Africa. Cango ventured into the crypto asset ecosystem in late 2024, recognizing the transformative potential of blockchain technology and digital assets. Alongside its crypto endeavors, Cango also runs an online international used car export platform, AutoCango.com, facilitating access to high-quality vehicles from China for global customers.
The Importance of Forward-Looking Statements
Cango’s announcements are accompanied by forward-looking statements — a vital aspect for investors and stakeholders to understand the company’s trajectory. These statements reflect the company’s projections regarding its expansion, financial health, and overall market acceptance of its products and services. Potential risks associated with these projections highlight the volatility that often characterizes the cryptocurrency market and business endeavors.
Investor Relations and Inquiries
For individuals interested in learning more about Cango Inc. or engaging with its investor relations team, contact details are readily available. Yihe Liu and Helen Wu represent Cango’s investor communications, offering a direct line for inquiries related to the recent developments or the company’s overall strategy.
Cango Inc. is positioned uniquely at the intersection of the automotive and cryptocurrency industries, and its recent acquisitions mark a strategic expansion into the dynamic world of crypto mining. As the company navigates this new landscape, it will be interesting to monitor its growth trajectory and the impact of its recent investments on its overall business model.
