Cango Inc. Secures US$10.5 Million Investment from EWCL to Accelerate Growth

Cango (NYSE: CANG) announced a US$10.5 million investment from Enduring Wealth Capital Limited (EWCL) under an Investment Agreement dated December 29, 2025.

Rhea-AI Summary

Cango (NYSE: CANG) announced a US$10.5 million investment from Enduring Wealth Capital Limited (EWCL) under an Investment Agreement dated December 29, 2025. EWCL will subscribe for 7 million Class B ordinary shares at US$1.50 per share, with each Class B share carrying 20 votes. After closing, EWCL's equity stake is expected to rise from ~2.81% to ~4.69% while its voting power is expected to increase from ~36.68% to ~49.61%. Closing is subject to customary conditions, including New York Stock Exchange approval, and the company expects to close in January 2026. The company said proceeds will accelerate Bitcoin mining efficiency upgrades and development of energy and AI compute initiatives.

Positive

• Capital injection of US$10.5 million
• Issuance of 7 million Class B shares at US$1.50
• Proceeds designated for mining, energy, and AI compute initiatives

Negative

• EWCL voting power expected to reach ~49.61%
• Issuance of 7 million new shares increases outstanding shares (dilution)
• Closing conditioned on NYSE approval, possible timing risk

Argus Dec 30 session

-6.62% close to close Open Argus

Details

News Market Reaction – CANG

On Dec 30, the day this news came out, CANG closed 6.62% below the previous close.

Data tracked by StockTitan Argus for the Dec 30 session.

Key Figures

EWCL investment size: US$10.5 million Subscription price: US$1.50 per share New Class B shares: 7,000,000 shares +5 more

EWCL investment size

US$10.5 million

Cash commitment to subscribe for additional Class B ordinary shares

Subscription price

US$1.50 per share

Cash subscription price for new Class B ordinary shares

New Class B shares

7,000,000 shares

Number of additional Class B ordinary shares to be issued to EWCL

Voting rights per Class B

20 votes per share

Each Class B ordinary share carries 20 votes

EWCL ownership before

2.81%

Approximate stake in total outstanding shares prior to investment

EWCL ownership after

4.69%

Expected stake in total outstanding shares post-closing

Voting power before

36.68%

Approximate voting power in company before proposed investment

Voting power after

49.61%

Expected voting power after completion of proposed investment

Historical Context

5 past events · Latest: Dec 24

5 events

1. Dec 24

   Analyst initiation

   24h Move

   +2.2%

   Buy rating and $4.00 target citing asset-light mining and AI potential.

2. Dec 05

   Operations update

   24h Move

   -6.2%

   November bitcoin production metrics and strategy toward green energy AI compute.

3. Dec 02

   Earnings results

   24h Move

   -9.7%

   Q3 2025 revenue and bitcoin mining growth with improved operating metrics.

4. Dec 01

   Earnings results

   24h Move

   -3.3%

   Detailed Q3 2025 financials, BTC production, costs and balance sheet metrics.

5. Nov 25

   Earnings date

   24h Move

   +0.0%

   Announcement of date and call details for upcoming Q3 2025 results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

bitcoin miner, ai compute, class b ordinary shares, voting power, +1 more

5 terms

bitcoin miner technical

"Cango Inc. (NYSE: CANG) ("Cango" ), a leading Bitcoin miner leveraging its global operations"

A bitcoin miner is a person or company that runs specialized computers to verify Bitcoin transactions and add them to the public ledger, earning newly created bitcoins and transaction fees as payment. Think of it like a stamp office that processes and certifies mail: miners use electricity and hardware to compete to complete the job, so their costs, efficiency and access to cheap power affect profitability and signal supply dynamics, regulatory risk and capital needs that matter to investors.

ai compute technical

"integrated energy and AI compute platform, announced that Enduring Wealth Capital Limited"

AI compute is the total processing power, memory and energy needed to train and run artificial intelligence models, delivered by specialized chips and large data‑center servers. It matters to investors because compute determines how fast and cheaply a company can develop and scale AI products — like the engine and fuel for those products — so its availability and cost directly affect margins, capital needs and competitive edge.

class b ordinary shares financial

"EWCL will subscribe for additional Class B ordinary shares in cash at US$1.50 per share."

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

voting power financial

"EWCL's voting power is expected to rise from approximately 36.68% to approximately 49.61%"

Voting power is the ability shareholders have to influence a company's major decisions—like electing the board, approving mergers, or changing corporate rules—based on the voting rights attached to the shares they hold. For investors it matters because greater voting power is like holding more keys to a building: it gives you a stronger say over management choices and the company’s strategy, which can affect future value and risk.

hashrate efficiency technical

"focus on improving hashrate efficiency, upgrading our mining fleet, and selectively acquiring"

Hashrate efficiency measures how much useful computing work a cryptocurrency miner gets for each unit of energy or equipment capacity — think of it as the “miles per gallon” for a mining rig. For investors, higher efficiency means lower electricity and hardware costs per coin mined, improving profit margins and competitiveness; it also affects operating risks, capital needs and environmental impact, all of which influence valuation decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, Dec. 30, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, announced that Enduring Wealth Capital Limited ("EWCL") increased its investment in the Company with a US$10.5 million commitment. EWCL will subscribe for additional Class B ordinary shares in cash at US$1.50 per share. This transaction underscores a strong, aligned vision for Cango's future and provides substantial capital to accelerate its core growth initiatives.

Under the terms of this agreement:

• Pursuant to an Investment Agreement dated December 29, 2025, between the Company and EWCL, the Company will issue and deliver to EWCL 7 million Class B ordinary shares, each carrying 20 votes per share.
• Upon closing of the Proposed Investment, EWCL's shareholding in the Company is expected to increase from approximately 2.81% to approximately 4.69% of the total outstanding shares.
• Correspondingly, EWCL's voting power is expected to rise from approximately 36.68% to approximately 49.61% of the total voting power of the Company's outstanding shares.

Paul Yu, CEO and Director of Cango, commented, "The increased investment from EWCL is a powerful vote of confidence in our strategic roadmap. The strengthened alignment with a major shareholder who thoroughly understands our vision enables us to execute with greater certainty and ambition. In 2026, we will continue to strengthen our Bitcoin mining operational capabilities, with a focus on improving hashrate efficiency, upgrading our mining fleet, and selectively acquiring strategic mining assets. Beyond our core mining business, this capital also supports the parallel development of our strategic pillars in energy and AI compute. We are actively exploring and investing in synergistic opportunities in these areas as we build toward our long-term goal: establishing an integrated, global infrastructure platform capable of powering the future digital economy."

Closing of the Proposed Investment is subject to certain customary closing conditions, including the requisite approval by the New York Stock Exchange. The Company expects to close the transaction in January 2026. This step is expected to support the Company's progress on its strategic priorities and provide capital to implement key initiatives in the year ahead.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span over 40 sites across North America, the Middle East, South America, and East Africa.

Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.

For more information, please visit: www.cangoonline.com.

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. Among other things, the "Roadmap Forward" section and quotations from management in this announcement, contain forward-looking 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: 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; 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: ir@cangoonline.com 

Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com

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SOURCE Cango Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cango (CANG) announce on December 30, 2025?

Cango announced a US$10.5 million investment from EWCL to subscribe for 7 million Class B shares at US$1.50 per share.

How will the EWCL investment affect EWCL's ownership and voting power in Cango (CANG)?

EWCL's ownership is expected to rise from ~2.81% to ~4.69%, and voting power from ~36.68% to ~49.61% after closing.

When does Cango (CANG) expect the EWCL investment to close?

The company expects to close the transaction in January 2026, subject to customary conditions and NYSE approval.

What price per share did EWCL agree to pay for Cango (CANG) Class B shares?

EWCL will pay US$1.50 per Class B ordinary share.

What will Cango (CANG) use the US$10.5 million investment for?

Proceeds are intended to accelerate Bitcoin mining upgrades and support development of energy and AI compute initiatives.

Does the EWCL investment require regulatory or exchange approval for Cango (CANG)?

Yes; closing is subject to customary closing conditions, including approval by the New York Stock Exchange.