Cango secures $10.5 million in financing to strengthen global mining deployment, with AI computing infrastructure becoming a new growth driver

Cango Inc. as a publicly listed Bitcoin mining company has recently completed a key equity financing, further consolidating its position in the global digital infrastructure sector. The main investor, Enduring Wealth Capital Limited (EWCL), subscribed for 7 million Class B common shares at a price of $1.50 per share, with a total transaction amount of $15.5 million, demonstrating market recognition of the company’s strategic direction.

Reshaping Voting Rights Structure, Significantly Enhancing Shareholder Influence

This investment not only injects capital but more importantly changes the company’s governance structure. After the transaction, EWCL’s circulating equity will increase from 2.81% to approximately 4.69%, but its voting rights will grow significantly to about 49.61%, up from 36.68% before the transaction. This is because Class B shares are specially designed, with each share enjoying 20 enhanced voting rights, making EWCL the second-largest power center after the controlling party. As the current sole holder of Class B shares, EWCL’s influence on company decisions approaches 50%, essentially reaching a joint control level.

The transaction was signed on December 29 but still requires routine approval procedures from the New York Stock Exchange, with settlement expected to be completed by January 2026. Despite regulatory uncertainties, the signing of the agreement itself reflects both parties’ shared vision for future development.

Dual-Drive of Mining and AI, Expanding Global Infrastructure Footprint

Cango’s strategic transformation is progressing clearly. The company has established Bitcoin mining networks in North America, the Middle East, South America, and East Africa, and has systematically expanded into energy and AI computing fields since the end of 2024. Multiple pilot projects have been launched, integrating energy solutions and distributed AI computing capabilities, reflecting the company’s transition from traditional single mining to a diversified infrastructure service provider.

The new financing will focus on three directions: first, advancing a light-asset mining model to reduce capital burden; second, developing energy optimization solutions to improve operational efficiency; third, exploring the synergy between Bitcoin mining and AI computing services to achieve coordinated growth. This combined strategy aims to build an energy-efficient, multi-business collaborative digital infrastructure platform.

The Final Step of Complete Transformation

It is worth noting that Cango sold its traditional business in China for $351.94 million to Ursalpha Digital Limited in May this year, completing its strategic transformation from a geographically limited business to a global digital infrastructure enterprise. This new financing marks the company’s entry into a capital-intensive expansion phase post-transformation, further strengthening its competitiveness in Bitcoin mining and AI computing through support from EWCL.