Cango has completed the share-settled portion of its November 6, 2024 agreement to acquire on-rack bitcoin miners, issuing 146,670,925 Class A ordinary shares (worth roughly $657 million) to purchase the remaining 18 EH/s of rigs. The purchase lifts the company’s total deployed hashrate to 50 EH/s.
The transaction closed on June 27, 2025, and it follows Cango’s original deal with Bitmain and other sellers to acquire 50 EH/s of mining capacity (32 EH/s with cash and 18 EH/s with equity). The cash-settled tranche, costing approximately $256 million, closed on November 15, 2024.
Golden TechGen Limited, one of the share-settled sellers, now owns 19.85% of Cango’s total outstanding shares. On an aggregate basis, the sellers in the share-settled transactions own approximately 41.38% of the Cango’s total outstanding shares.
While it acquired these mining asset, Cango also overhauled its corporate profile. On May 27, 2025, it completed the sale of its China-based used-car financing business, exiting that segment to concentrate fully on bitcoin mining. Shortly thereafter, on June 2, the company’s co-founders and affiliates sold 10 million Class B shares to Enduring Wealth Capital Limited for $70 million.
Operationally, Cango’s 32 EH/s of cash-acquired machines delivered 484.5 BTC in May 2025, a 3.1% increase month-over-month. The company held 3,429.3 BTC on its balance sheet as of May 31, 2025.
Cango management describes the closing as the capstone of its strategic pivot from its auto finance business to become a pure-play bitcoin miner. With nearly 50 EH/s of capacity, the company is now positioned among the world’s leading public miners by hashrate under management.
