Cango Inc Stock Price, News & Analysis

Cango Inc. (NYSE: CANG) announced a significant ownership restructuring through a securities purchase agreement between its co-founders and Enduring Wealth Capital Limited (EWCL). The founders will sell 10 million Class B shares to EWCL for $70 million, with $15 million contingent on certain conditions. This follows EWCL's March 2025 letter of intent and Cango's recent disposal of its PRC business. The deal includes maintaining EWCL's acquired shares as Class B shares (20 votes per share), while founders convert their remaining Class B shares to Class A shares (1 vote per share). Post-transaction, without Share-Settled Transactions, EWCL will control 50.28% voting power with 4.81% shares, while founders will hold 31.63% shares with 16.52% voting power. The agreement requires shareholder approval and includes board restructuring upon closing.

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) announced that shareholders approved all resolutions at its extraordinary general meeting on May 16, 2025. The key approval was for the company's sale of its existing PRC business to Ursalpha Digital Limited for $351.94 million in cash, as previously announced on April 3, 2025. Each resolution received overwhelming support with over 99.3% of total votes cast in favor, including more than 80% approval from non-affiliate shareholders. The meeting also approved procedural matters and authorized company officials to implement the approved resolutions. Details of the resolutions were filed with the SEC on Form 6-K on April 11, 2025.

Cango Inc. (NYSE: CANG) reported its Q1 2025 financial results, marking a significant transformation with its entry into Bitcoin mining. Total revenues surged to RMB1.1 billion (US$145.2 million), primarily driven by Bitcoin mining operations which contributed RMB1.0 billion (US$144.2 million). The company mined 1,541 Bitcoins during the quarter at an average cost of US$70,602.1 per Bitcoin. However, the company reported a net loss of RMB207.4 million (US$28.6 million) compared to a net income of RMB90.0 million in Q1 2024. Cango currently operates 32 EH/s of computing power and plans to add another 18 EH/s by July 2025. The company maintains a strong balance sheet with RMB2.5 billion (US$347.4 million) in cash and short-term investments as of March 31, 2025.

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.

Cango Inc. (NYSE: CANG) reported its April 2025 bitcoin mining performance, showing a 11.3% decrease in monthly production to 470.0 Bitcoins from 530.1 in March. Despite lower production, the company expanded its Bitcoin holdings to 2,944.8 BTC (valued at $279 million) as of April 30, up from 2,474.8 BTC in March.

The company maintained its deployed hashrate at 32 EH/s, with average operating hashrate slightly declining to 29.9 EH/s from 30.3 EH/s. CEO Jiayuan Lin attributed the production decline to a significant surge in global hashrate and an 8% increase in mining difficulty compared to March.

Cango Inc. (NYSE: CANG) has released its crypto mining production update for April 2025. The company produced 470.0 Bitcoins in April, down from 530.1 in March 2025, with daily production averaging 15.7 Bitcoins compared to 17.1 in the previous month. The company's total Bitcoin holdings increased to 2,944.8 by month-end, with no Bitcoins sold during the period. Cango maintained its deployed hashrate at 32 EH/s, while the average operating hashrate slightly decreased to 29.9 EH/s from 30.3 EH/s in March.