Bitcoin miner Cango (NYSE: CANG) closed a $10.5 million round and secured an additional $65 million in equity commitments on Thursday. The Bitcoin miner will use the capital to fund its expansion into AI/HPC and strengthen its balance sheet.
Enduring Wealth Capital, a financial firm with ties to Bitmain, purchased 7 million Class B ordinary shares at $1.50 per share per the deal, which Cango originally announced on December 29, 2025. This transaction increased EWCL’s voting power over Cango from 36.68% to roughly 49.71%, as each Class B share gives 20 votes per share. Enduring Wealth Capital is Cango’s sole Class B shareholder.
Cango also entered definitive agreements with entities owned by Chairman Xin Jin and Director Chang-Wei Chiu for $65 million in Class A shares. The deal prices the shares at $1.32 each based on CANG’s trailing four-week closing price.
Fortune Peak, owned by Chiu, agreed to subscribe for nearly 30 million shares for $39.6 million. Armada Network, owned by Jin, will purchase over 19 million shares for $25.4 million.
The company sold $305 million in Bitcoin earlier this month to repay debt, and it previously mined 569 Bitcoin in December 2025.
Cango also liquidated 550.3 Bitcoin in January as winter storms impacted hashrate production. The capital from these sales and the new equity will support infrastructure buildouts for AI and HPC business lines, Cango’s management says.
The former automotive services company completed a share conversion on the NYSE in November 2025. This move solidified its transition from its previous business model to cryptocurrency mining and computing.
Header image via Cango.
