Cango Inc., a publicly listed firm listed on the New York Inventory Change, has accomplished its transformation right into a Bitcoin miner.
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- Based in China in 2010, Cango Inc. is listed within the NYSE.
- The corporate beforehand operated the automotive enterprise, however in November 2024 introduced its pivot for Bitcoin mining.
- CANGO holds over 4,000 BTC and has a fleet capability of fifty exahashes per second.
Cango, a US-listed Chinese language firm that introduced plans to pivot into Bitcoin (BTC) mining firms in November 2024, has confirmed it’s at the moment absolutely transitioned. The corporate introduced its milestone on July 23, 2025, noting that progress in direction of this objective contains notable development from the Bitcoin Treasury.
The corporate at the moment has over 4,000 BTC and says it plans to increase its capability by greater than 50 exhaush per second. Cango can also be mined with inexperienced vitality.
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New Management
To strengthen its Bitcoin mining operations, CANGO has been modified to board and senior administration positions, and has taken on a significant management overhaul.
Amongst those that will take management roles within the new staff are Peng Yu as CEO and Director, Board Chairman and Non-Govt Director Yongyi Zhang as Chief Monetary Officer.
In the meantime, Xiaojun Zhang and Jiayuan Lin have resigned as supervisors and chairman and chief executives, respectively.
“This management staff offers Cango the suitable mixture of abilities to hold out the subsequent part of development,” stated new CEO Peng. “Now we have already made unbelievable progress by turning into one of many world’s largest Bitcoin miners within the final seven months, as we efficiently transformed it to Bitcoin miners.”
Go away China and turn out to be a Bitcoin Miner
Based in 2010, Cango operates as a China-based automotive financing platform.
Nevertheless, since then, they’ve been promoting the automotive enterprise and have bought pivots to see the mining business increase its mining fleet considerably. The hashrate has risen to 50 EH/s, following the current acquisition. It’s being deployed for mining operations throughout 4 continents.
Minor means pivot and now competed with prime BTC mining firms equivalent to Mara, Riot and Cleanspark, managing 1,541 Bitcoin within the first quarter of 2025.
As compared, Bitcoin Treasuries information exhibits that Mara at the moment has 50,000 BTC.
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