Cango Inc. Announces Closing of Share-Settled Crypto Mining Assets Acquisitions
Cango (NYSE:CANG) has completed its previously announced acquisition of crypto mining machines with a total hashrate of 18 Exahash per second through the issuance of 146,670,925 Class A ordinary shares. The transaction, which closed on June 27, 2025, resulted in Golden TechGen Limited becoming a significant shareholder with 19.85% ownership, while all sellers collectively now own 41.38% of Cango's total outstanding shares.
The acquired mining machines are currently operational in data centers outside China, primarily in the U.S. Cango will maintain the existing hosting arrangements and has engaged a service provider for operational and maintenance services. This acquisition marks a significant step in Cango's expansion into the crypto asset space.
Cango (NYSE:CANG) ha completato l'acquisizione precedentemente annunciata di macchine per il mining di criptovalute con un hashrate totale di 18 Exahash al secondo, tramite l'emissione di 146.670.925 azioni ordinarie di Classe A. La transazione, conclusa il 27 giugno 2025, ha portato Golden TechGen Limited a diventare un azionista significativo con una quota del 19,85%, mentre tutti i venditori detengono complessivamente il 41,38% del totale delle azioni in circolazione di Cango.
Le macchine da mining acquisite sono attualmente operative in data center al di fuori della Cina, principalmente negli Stati Uniti. Cango manterrà gli accordi di hosting esistenti e ha incaricato un fornitore di servizi per le attività operative e di manutenzione. Questa acquisizione rappresenta un passo importante nell'espansione di Cango nel settore degli asset cripto.
Cango (NYSE:CANG) ha completado la adquisición previamente anunciada de máquinas de minería de criptomonedas con una tasa de hash total de 18 Exahashes por segundo mediante la emisión de 146.670.925 acciones ordinarias Clase A. La transacción, que se cerró el 27 de junio de 2025, convirtió a Golden TechGen Limited en un accionista significativo con una participación del 19,85%, mientras que todos los vendedores juntos poseen ahora el 41,38% del total de acciones en circulación de Cango.
Las máquinas de minería adquiridas están actualmente operativas en centros de datos fuera de China, principalmente en Estados Unidos. Cango mantendrá los acuerdos de alojamiento existentes y ha contratado a un proveedor de servicios para las operaciones y el mantenimiento. Esta adquisición representa un paso importante en la expansión de Cango en el espacio de activos criptográficos.
Cango (NYSE:CANG)는 총 해시레이트 18 엑사해시/초의 암호화폐 채굴 장비 인수를 이전에 발표한 대로 완료했으며, 146,670,925주 클래스 A 보통주를 발행했습니다. 2025년 6월 27일에 완료된 이번 거래로 Golden TechGen Limited는 19.85%의 지분을 보유한 주요 주주가 되었으며, 모든 판매자는 합쳐서 Cango 총 발행 주식의 41.38%를 보유하게 되었습니다.
인수한 채굴 장비들은 현재 주로 미국을 포함한 중국 외 지역의 데이터 센터에서 운영 중입니다. Cango는 기존 호스팅 계약을 유지하며 운영 및 유지보수 서비스를 위해 서비스 제공업체와 계약을 체결했습니다. 이번 인수는 Cango가 암호자산 분야로 확장하는 중요한 발걸음입니다.
Cango (NYSE:CANG) a finalisé l'acquisition précédemment annoncée de machines de minage de cryptomonnaies avec un taux de hachage total de 18 Exahash par seconde via l'émission de 146 670 925 actions ordinaires de classe A. La transaction, conclue le 27 juin 2025, a fait de Golden TechGen Limited un actionnaire important détenant 19,85% des parts, tandis que tous les vendeurs détiennent désormais collectivement 41,38% du total des actions en circulation de Cango.
Les machines de minage acquises sont actuellement opérationnelles dans des centres de données hors de Chine, principalement aux États-Unis. Cango maintiendra les accords d'hébergement existants et a engagé un prestataire de services pour les opérations et la maintenance. Cette acquisition marque une étape importante dans l'expansion de Cango dans le secteur des actifs cryptographiques.
Cango (NYSE:CANG) hat die zuvor angekündigte Übernahme von Kryptowährungs-Mining-Geräten mit einer Gesamt-Hashrate von 18 Exahash pro Sekunde abgeschlossen, indem 146.670.925 Class-A-Stammaktien ausgegeben wurden. Die Transaktion, die am 27. Juni 2025 abgeschlossen wurde, führte dazu, dass Golden TechGen Limited mit einem Anteil von 19,85% zu einem bedeutenden Aktionär wurde, während alle Verkäufer zusammen nun 41,38% der insgesamt ausstehenden Aktien von Cango besitzen.
Die erworbenen Mining-Geräte sind derzeit in Rechenzentren außerhalb Chinas, hauptsächlich in den USA, in Betrieb. Cango wird die bestehenden Hosting-Vereinbarungen beibehalten und hat einen Dienstleister für Betrieb und Wartung beauftragt. Diese Akquisition stellt einen bedeutenden Schritt in Cangos Expansion im Bereich der Krypto-Assets dar.
- Acquisition adds significant mining capacity with 18 Exahash per second hashrate
- Mining machines are already operational, enabling immediate revenue generation
- Strategic expansion into crypto asset space with established infrastructure
- Geographic diversification with operations primarily in the U.S.
- Significant shareholder dilution with sellers acquiring 41.38% of total outstanding shares
- Potential governance concerns with Golden TechGen Limited acquiring 19.85% ownership stake
- Exposure to volatile crypto mining sector
- Dependence on third-party service providers for operations and maintenance
Insights
Cango completes major crypto mining acquisition via stock issuance, dramatically shifting business focus with substantial shareholder dilution.
Cango has finalized its previously announced acquisition of crypto mining assets with 18 Exahash per second (EH/s) of computing power, issuing 146.6 million Class A ordinary shares to complete the transaction. This represents a significant technical footprint in the mining space, as global Bitcoin network hashrate currently stands around 700 EH/s, potentially giving Cango control of approximately 2.5% of global Bitcoin mining capacity.
The transaction fundamentally transforms Cango's ownership structure, with the sellers collectively gaining 41.38% ownership of the company. Golden TechGen Limited alone now owns 19.85% of Cango's shares, becoming a major influential stakeholder. This level of dilution for existing shareholders is substantial and represents a dramatic pivot in business strategy.
The mining equipment is strategically positioned in data centers outside China (primarily in the US), which provides regulatory stability compared to China's historical restrictions on crypto mining. Cango's decision to maintain the existing data center arrangements while engaging a third-party service provider for operations suggests they're leveraging experienced operators rather than attempting to develop mining expertise internally.
This acquisition completes Cango's transformation from its original auto financing business model to cryptocurrency mining, representing a complete strategic overhaul. The scale of this acquisition indicates Cango is making an aggressive, all-in move into the volatile crypto mining sector, tying its future financial performance directly to Bitcoin price movements and network difficulty adjustments.
The Company announced signing of the On-Rack Sales and Purchase Agreement for the Share-Settled Transactions (the "Purchase Agreement") on November 6, 2024, and amendments to the Purchase Agreement on March 26, 2025, April 3, 2025, June 4, 2025 and June 23, 2025. All closing conditions for the Share-Settled Transactions were satisfied or waived in accordance with the Purchase Agreement, including NYSE's authorization of the Company's supplemental listing application with respect to the Class A ordinary shares issued at the closing of the Share-Settled Transactions, and the transactions were closed on June 27, 2025.
With closing of the Share-Settled Transactions, Golden TechGen Limited ("GT"), which is the largest seller in the Share-Settled Transactions, currently owns approximately
The mining machines that the Company purchases in the Share-Settled Transactions are currently in active mining operation and hosted in data centers in several countries outside
About Cango Inc.
Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across
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
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
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SOURCE Cango Inc.
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