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Cango Inc (NYSE: CANG), a leading automotive transaction platform and emerging digital asset operator, provides this centralized hub for all official corporate announcements and market developments. Track the company's dual focus on automotive financing innovation and cryptocurrency mining expansion through verified press releases and financial updates.
Investors and industry observers will find timely updates on quarterly earnings, strategic partnerships, technology implementations, and crypto mining operations. The curated news feed serves as an essential resource for understanding Cango's position at the intersection of traditional automotive services and blockchain-powered digital assets.
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Cango Inc. (NYSE: CANG) has completed the sale of its PRC Business to Ursalpha Digital Limited for $351.94 million in cash on May 27, 2025. This strategic divestment marks Cango's complete transition to focus on global Bitcoin mining operations across North America, the Middle East, South America, and East Africa.
The company has strengthened its Board of Directors with two new appointments, bringing expertise in Fintech, AI, Web 3.0, and global capital markets. Following shareholder approval on May 16, 2025, Cango will apply to terminate its "China Concept Stock" status with the China Securities Regulatory Commission (CSRC).
Cango Inc. (NYSE: CANG) has completed the disposal of its entire PRC Business to Ursalpha Digital Limited for US$351.94 million in cash on May 27, 2025. The transaction, previously announced on April 3 and approved by shareholders on May 16, included a waiver agreement preventing the reversal of the disposal.
Following the closure, significant management changes occurred: Four directors resigned, including CFO Yongyi Zhang. The company appointed Yanjun Lin and Haitian Lu as independent directors, with Jiayuan Lin becoming interim CFO. With no remaining PRC business, Cango will file for termination of its "China Concept Stock" status with the CSRC.
Cango Inc. (NYSE: CANG) reported Q1 2025 Bitcoin mining revenue of RMB 1,046 million, aligning with Apollo Insights' expectations. The company achieved a deployed hash rate of 32 EH/s by Q1 end, with industry-leading productivity of 16.6 Bitcoin mined per EH/s in March 2025. During Q1, Cango mined 1,541 Bitcoins and held 2,475 Bitcoins as of March 31, 2025.
Apollo Insights projects Cango's hash rate to reach 42 EH/s by end-2025 and 54 EH/s by end-2026, including a planned 18 EH/s acquisition by July 2025. Despite Q1 adjusted EBITDA losses due to Bitcoin price volatility and legacy auto business expenses, Apollo raised its 2025 revenue forecast to RMB 5,173 million.
Cango Inc. (NYSE: CANG) has scheduled its first quarter 2025 financial results announcement for May 14, 2025 after market close. The company will host a conference call on May 14, 2025, at 9:00 P.M. Eastern Time (May 15, 2025, at 9:00 A.M. Beijing Time) to discuss the results. The earnings release will be available on Cango's investor relations website. The conference call will be accessible via various toll-free numbers for international, US, mainland China, and Hong Kong participants. A replay of the call will be available through May 21, 2025, and a live and archived webcast will be accessible on the company's investor relations website.
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