Crypto mining company Cango purchases a 50MW mining facility within the United States
Cango Inc., a company that originally listed on the New York Stock Exchange in 2018 as a Chinese automotive services platform, has undergone a significant transformation in the past year. In a series of strategic moves, Cango has transitioned into a bitcoin mining outfit, marking a new chapter in its corporate history.
The transformation began in May 2025, when Cango's shareholders approved the sale of its original automotive services business to Ursalpha Digital Limited for approximately $352 million. This move provided the company with the financial resources to pursue its new direction.
In the same month, Cango made its first foray into the bitcoin mining sector by acquiring a 50 MW mining facility in Georgia, USA, for $19.5 million in cash. This acquisition marked the beginning of Cango's diversified portfolio in Bitcoin mining and energy infrastructure.
Three weeks ago, Cango's new leadership team was appointed, with Xin Jin as the new chairman, Peng Yu as the CEO, and Chang-wei Chiu as the director. Xin Jin, the founder and CEO of Antalpha Platform Holding Company, is described as the "primary lending partner of Bitmain." Peng Yu, previously the chief strategy officer for Antalpha, brings valuable insights and connections to his new role. Chang-wei Chiu, who was Antalpha's CIO from 2021 to 2022, adds expertise in strategic planning and operations.
Recently, Cango announced another significant acquisition, this time from Bitmain. The deal included a share-settled agreement for mining machines with an aggregate hashrate of 18EH. In addition, Cango acquired mining hardware with an aggregate hashrate of 32EH from Bitmain for $256 million in November 2024. As of the third quarter of 2025, Cango commands a deployed hashrate of 50 exahashes per second (EH/s).
Peng Yu, Cango's CEO, stated that these acquisitions align with the company's long-term vision to become a leading mining and energy solutions provider. He added that these moves affirm Cango's position as Bitmain's exclusive mining operator, transforming the company into an operational component of a larger and more powerful ecosystem.
The strategic nexus with Bitmain provides a significant potential advantage in hardware procurement and industry expertise. Cango's operational footprint spans North America, the Middle East, South America, and East Africa, positioning the company for global growth in the Bitcoin mining sector.
In its first month of operations, Cango's new mining facilities yielded 363.9 BTC in November 2024. The company also holds a corporate treasury of over 4,500 Bitcoin. The deal to acquire more mining facilities is the first step in Cango's plan to expand its operations and solidify its position as a leading player in the Bitcoin mining industry.
This transformation of Cango Inc. represents a fascinating case study in corporate evolution, demonstrating the potential for companies to adapt and thrive in rapidly changing markets. As the Bitcoin mining industry continues to evolve, it will be interesting to see how Cango's strategic moves position it for success in the years to come.
