Bitcoin miner Cango (Nasdaq: CANG) completed a 2:1 share conversion on the New York Stock Exchange (NYSE) Monday. The company completed the mandatory conversion of American Depository Shares (ADS) for common shares, with each ADS worth two common shares.
Generally considered an arm of Bitcoin manufacturer Bitmain, Cango first entered the Bitcoin mining space in November 2024. The firm purchased 50 EH/s of turnkey Bitcoin mining equipment in two transactions from Bitmain from November 2024 to March 2025, rocketing it to the top of the Bitcoin mining production charts.
Since then, the company has moved to onshore its operations and management, including the recent decision to exchange its American Depository Shares (ADS) for ordinary shares.
The company also recently announced its decision to enter into the AI/HPC sector, per a company shareholder letter from CEO Paul Yu.
Correction (Tuesday, November 18 5:07 PM ET): The original version of this article incorrectly described a market sell-off of CANG shares on Monday, following the conversion event, which had a similar effect to a 2:1 stock split.
