Cango Completes Acquisition of 18 EH/s Mining, Exceeding 50 EH/s as Ties Deepen with Antalpha
Cango has completed its previously announced acquisition of 18 EH/s of active Bitcoin hashrate from Bitmain's financial division, Antalpha, increasing its total installed hashrate to 50 EH/s.
This article from Theminermag, a specialized publication for the cryptocurrency mining industry, is dedicated to the latest news and research from institutional companies involved in Bitcoin mining.
According to a press release issued on Friday, the deal was completed through the issuance of approximately 146.7 million Class A common shares to multiple sellers, distributed based on the hashrate provided by each party. The mining rigs involved in the deal are already operational and located in data centers — primarily in the United States — operated by Bitmain.
Golden Techgen Limited (GT), the largest participant in the transaction, now owns approximately 19.85% of Cango's outstanding shares. In total, all participants in the transaction collectively control approximately 41.38% of the company's share capital, excluding any bonus or adjustment share issues.
GT was previously controlled by Max Hua, Bitmain’s former CFO. Earlier this month, Cango reported that ownership of GT had been transferred to three individuals — Ning Wang, Young-gil Kim, and Wai Sheng Kong — who now each hold one-third of GT’s total voting power. At least two of the three, Wang and Kong, appear to be Antalpha employees.
The change in ownership further strengthens the ties between Cango and Antalpha. Antalpha had already created a separate entity, Ursalpha, to acquire Cango's legacy auto finance business. Another Antalpha affiliate, EWCL, had previously taken control of Cango's voting shares.
This latest deal follows Cango’s acquisition of 32 EH/s of on-rack hashrate from Bitmain in 2024, a key step in its transformation from an auto-funder to a publicly traded mining proxy for Bitmain. By managing over 50 EH/s, Cango becomes the third publicly listed Bitcoin mining operator — after MARA and Cleanspark — to surpass this milestone, highlighting its rapid growth in the mining sector.
The original article can be viewed here.
Source: cryptonews.net
