Cango cements Bitcoin mining pivot, Antalpha CEO takes Chair

Jul 23, 2025

Cango (CANG) has finalized a secondary sale of Class B shares and installed an entirely new leadership team as it completes its transformation into a global Bitcoin miner, according to a press release. Of note, the Hong Kong-based miner appointed Xin Jin as Chairman and Non-Executive Director, Founder and CEO of Bitmain-backed financial service firm Antalpha.

Cango also appointed Peng Yu as Chief Executive Officer and Director, Chang-Wei Chiu as Director, Yongyi Zhang as Chief Financial Officer, and Simon Ming Yeung Tang as Chief Investment Officer. The board also added Chi Ming Lee, Yanjun Lin and Haitian Lu to key committee roles, while co-founders Xiaojun Zhang and Jiayuan Lin resigned from their executive and director positions.

Under the secondary transaction, the co-founders sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited for $70 million and converted their remaining Class B shares into Class A shares. Post-transaction, Enduring Wealth holds 2.82% of outstanding shares but controls 36.73% of voting power, while the founders retain 18.54% ownership and 12.07% voting power. 

Since entering the crypto space in November 2024, Cango has deployed 50 EH/s of hashrate and amassed a treasury of over 4,000 BTC, positioning it among the world’s largest publicly traded bitcoin miners. The new leadership team brings deep expertise in digital assets, finance,  and energy investments to drive the next phase of growth. 

Read More: Cango closes share-settled mining deal, brings total capacity to 50 EH/s

At time of publication, CANG is up 2.5% during pre-market hours.

Update July 23 10:40 AM ET: Information about Xin Jin’s role with Antalpha added.

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