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Bitcoin miner Cango raises $10.5 million to expand main shareholder voting rights to nearly 50%
Source: CryptoNewsNet Original Title: Bitcoin miner Cango plans $10.5M capital raise from major shareholder Original Link:
Main Content
Cango Inc. is a Chinese automotive service platform transitioning into a Bitcoin miner. Recently, it announced a financing plan led by Enduring Wealth Capital Limited (EWCL), amounting to $10.5 million, achieved through the issuance of 7 million Class B common shares.
Financing Details
After this round of financing, EWCL’s equity stake will increase to 4.7% of the total outstanding shares, with voting rights approaching 50%. The transaction is pending approval from the New York Stock Exchange (NYSE) and is expected to be completed by January 2026.
Operational Highlights
Cango reports holding 7,419 BTC as of December 25, valued at approximately $649 million. Last week, an additional 129 BTC were mined, marking a successful conclusion to 2025.
2026 Plans
The company states that in 2026, it will prioritize operational excellence and electricity supply control, supporting future AI data center expansion and Bitcoin mining growth, and advancing business development through disciplined strategic execution.