Cango (CANG) Stock News

Cango Inc. (NYSE: CANG) released its June 2025 crypto mining production update, reporting the production of 450.0 Bitcoins during the month, compared to 484.5 Bitcoins in May 2025. The company maintained a daily average production of 15.00 Bitcoins, slightly down from 15.63 in May.

The company's total Bitcoin holdings reached 3,879.2 by the end of June, up from 3,429.3 in May. Cango's deployed hashrate remained stable at 32 EH/s with an average operating hashrate of 29.92 EH/s.

Additionally, Cango completed its previously announced acquisition of crypto mining machines with 18 EH/s hashrate capacity on June 27, 2025, increasing the company's total hashrate to 50 EH/s.

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 Inc. (NYSE: CANG) has announced a fourth amendment to its November 2024 Purchase Agreement for acquiring crypto mining machines with 18 Exahash/second capacity through share issuance. The amendment modifies the hashrate distribution and corresponding Class A ordinary share allocation among sellers, including Golden TechGen Limited, Fortune Peak Limited, and Silver Crest Limited. Upon closing, Golden TechGen Limited will become the largest shareholder with approximately 19.85% ownership. The total hashrate (18 Exahash/s), total shares to be issued at closing, and potential bonus shares remain unchanged. The transaction's completion depends on satisfying certain closing conditions, with no guarantee of completion by the stipulated date.

Cango Inc. (NYSE: CANG) has announced a major strategic transformation into a global Bitcoin mining company through three key initiatives. First, the company completed the sale of its PRC-based operations to Ursalpha Digital Limited for US$351.94 million on May 27, 2025. Second, the company's co-founders agreed to sell 10 million Class B shares to Enduring Wealth Capital Limited for US$70 million, resulting in EWCL gaining 36.74% voting power. Third, Cango finalized an agreement to acquire 18 EH/s in crypto mining capacity through a share-settled transaction, which will increase its total mining capacity to 50 EH/s. The deal involves issuing 146.7 million Class A ordinary shares to sellers led by Golden TechGen Limited, who will collectively own 41.38% of the company post-closing. The transformation includes management changes, with CEO Jiayuan Lin assuming interim CFO duties and new independent directors joining the board.

Cango Inc. (NYSE: CANG) announced a third amendment to its Share-Settled Crypto Mining Assets Acquisitions agreement from November 2024. The amendment adjusts the share issuance structure, with 146,670,925 Class A ordinary shares to be issued at closing and potential 97,780,616 bonus shares upon trigger events. The amendment addresses changes due to Cango's PRC business disposal on May 27, 2025, modifying conditions for Adjustment Shares issuance based on a US$7.0 million threshold. Golden TechGen Limited (GT) will own 18.79% of shares post-closing, with all sellers collectively owning 41.38%. GT underwent ownership changes, with three new shareholders each holding one-third voting power: Ning Wang, Youngil Kim, and Wye Sheng Kong. The transaction's completion remains subject to closing conditions.

Cango Inc. (NYSE: CANG) released its crypto mining production update for May 2025, showing strong operational performance. The company produced 484.5 Bitcoins in May, up from 470.0 in April, with a daily average production of 15.63 Bitcoins. Cango's total Bitcoin holdings increased to 3,429.3 by month-end, compared to 2,944.8 in April, with no Bitcoins sold during the period. The company maintained a deployed hashrate of 32 EH/s, with an average operating hashrate of 29.86 EH/s in May, slightly down from 29.94 EH/s in April.

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.