Latest news with #Cango
Cision Canada
a day ago
- Business
- Cision Canada
Cango Inc. Acquires 50 MW Bitcoin Mining Facility in Georgia, Laying Groundwork for Future Energy Strategy
HONG KONG, Aug. 11, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), today announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for a total cash consideration of US$19.5 million – a pivotal step marking the Company's transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure. This transaction represents Cango's first step to steadily increase its portfolio of owned and operated mining facilities. By selectively acquiring low-cost power operations, Cango aims to enhance operational efficiency, cost discipline, and long-term financial resilience—while establishing the foundation for a more advanced energy strategy in the future. The facility has hosted Cango's miners under a third-party hosting agreement. Following this acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. Fully equipped with essential mining infrastructure, accommodation, and support facilities, the facility enables a seamless transition for Cango. With this acquisition, Cango will begin developing in-house operational expertise required for managing self-owned mining sites, strengthening the Company's technical and managerial foundation. As this infrastructure is put in place, Cango is also laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining while leveraging operational and technical expertise developed in-house. Mr. Peng Yu, CEO of Cango, said, "This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider."
Associated Press
a day ago
- Business
- Associated Press
Cango Inc. Acquires 50 MW Bitcoin Mining Facility in Georgia, Laying Groundwork for Future Energy Strategy
HONG KONG, Aug. 11, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ('Cango' or the 'Company'), today announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for a total cash consideration of US$19.5 million – a pivotal step marking the Company's transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure. This transaction represents Cango's first step to steadily increase its portfolio of owned and operated mining facilities. By selectively acquiring low-cost power operations, Cango aims to enhance operational efficiency, cost discipline, and long-term financial resilience—while establishing the foundation for a more advanced energy strategy in the future. The facility has hosted Cango's miners under a third-party hosting agreement. Following this acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. Fully equipped with essential mining infrastructure, accommodation, and support facilities, the facility enables a seamless transition for Cango. With this acquisition, Cango will begin developing in-house operational expertise required for managing self-owned mining sites, strengthening the Company's technical and managerial foundation. As this infrastructure is put in place, Cango is also laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining while leveraging operational and technical expertise developed in-house. Mr. Peng Yu, CEO of Cango, said, 'This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider.' About Cango Inc. Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, 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 making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the completion, amendment or reversal of any transactions entered into, proposed or considered by Cango; Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact Juliet YE, Head of Communications Cango Inc. Email: [email protected] View original content to download multimedia: SOURCE Cango Inc.
Yahoo
6 days ago
- Business
- Yahoo
Cango cements Bitcoin mining pivot, Antalpha CEO takes Chair
Cango (CANG) has finalized a secondary sale of Class B shares and installed an entirely new leadership team as it completes its transformation into a global Bitcoin miner, according to a press release. Of note, the Hong Kong-based miner appointed Xin Jin as Chairman and Non-Executive Director, Founder and CEO of Bitmain-backed financial service firm Antalpha. Cango also appointed Peng Yu as Chief Executive Officer and Director, Chang-Wei Chiu as Director, Yongyi Zhang as Chief Financial Officer, and Simon Ming Yeung Tang as Chief Investment Officer. The board also added Chi Ming Lee, Yanjun Lin and Haitian Lu to key committee roles, while co-founders Xiaojun Zhang and Jiayuan Lin resigned from their executive and director positions. Under the secondary transaction, the co-founders sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited for $70 million and converted their remaining Class B shares into Class A shares. Post-transaction, Enduring Wealth holds 2.82% of outstanding shares but controls 36.73% of voting power, while the founders retain 18.54% ownership and 12.07% voting power. Since entering the crypto space in November 2024, Cango has deployed 50 EH/s of hashrate and amassed a treasury of over 4,000 BTC, positioning it among the world's largest publicly traded bitcoin miners. The new leadership team brings deep expertise in digital assets, finance, and energy investments to drive the next phase of time of publication, CANG is up 2.5% during pre-market hours. Update July 23 10:40 AM ET: Information about Xin Jin's role with Antalpha added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Cango sees 45% surge in July bitcoin production, hashrate expands to 50 EH/s
Cango (NASDAQ: CANG) announced today that it mined 650.5 Bitcoin in July, up 45% from 450 BTC in June. Cango's deployed hashrate increased from June's 32 EH/s to 50 EH/s, while its average operating hashrate climbed to 40.91 EH/s in July from 29.92 EH/s in June. Cango's bitcoin treasury grew to 4,529.7 BTC by month's end, up from 3,879.2 BTC in June, and Cango did not sell any bitcoin during the month. Paul Yu, CEO and Director of Cango, said, 'With a new and experienced management team now onboard and growing Bitcoin treasury holdings from mining operations, we are now focused on laying the foundation for our vertical integration to transition towards a more diversified and resilient portfolio of mining sites and energy infrastructure.' Recently Cango went through a major leadership shakeup which placed several industry veterans in charge of the time of publication, CANG hasn't moved in pre-market hours. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
7 days ago
- Business
- Cision Canada
Cango Inc. Announces July 2025 Bitcoin Production and Mining Operations Update
HONG KONG, Aug. 5, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today published its Bitcoin production and mining operations update for July 2025. 1. Unaudited, estimated. 2. As of month-end. 3. Average over the month. Note: Cango holds Bitcoin for the long term and does not currently intend to sell any of its Bitcoin holdings. Paul Yu, CEO and Director of Cango, commented, "With the addition of 18 EH/s at the end of June, our deployed hashrate expanded to 50 EH/s in July and allowed us to deliver a 45% month-over-month increase in Bitcoin producted to 650.5. Average operating hashrate of 40.91 EH/s throughout the month underscores our robust operational efficiency and significant growth potential as we continue to scale. This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production." "With a new and experienced management team now onboard and growing Bitcoin treasury holdings from mining operations, we are now focused on laying the foundation for our vertical integration to transition towards a more diversified and resilient portfolio of mining sites and energy infrastructure." About Cango Inc. Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, 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 making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: Investor Relations Contact
