Cango Completes Transformation into Bitcoin Mining Company
New York Stock Exchange-listed Cango Inc. has completed its transformation into a Bitcoin miner.
Summary
- Cango Inc., founded in 2010 in China, is listed on the NYSE.
- The company previously specialized in the automotive business, but in November 2024 announced its transition to Bitcoin mining.
- Cango holds over 4,000 BTC and has a hashrate of 50 exahashes per second.
Cango, a U.S.-listed Chinese company that announced plans to become a Bitcoin (BTC) miner in November 2024, has confirmed that it has completed the transition. The company announced that it had achieved this goal on July 23, 2025, noting that the progress included a significant increase in its Bitcoin holdings.
The company currently claims to hold over 4,000 BTC and aims to increase its capacity to over 50 exahashes per second. Cango is also considering using green energy for mining.
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New management
To strengthen its Bitcoin mining operations, Cango has undergone a significant management reorganization, changing the composition of its board of directors and senior management.
The new management team includes Peng Yu as CEO and director, Xin Jin as chairman of the board and non-executive director, and Yongyi Zhang as CFO.
At the same time, Xiaojun Zhang and Jiayuan Lin stepped down from their positions as director, chairman and CEO respectively.
“This management team provides Cango with the necessary skills to take on the next stage of its development,” said new CEO Peng. “We have successfully transformed ourselves into a Bitcoin mining company and have made significant progress over the past seven months to become one of the largest BTC miners in the world.”
Exit from China and transition to Bitcoin mining
Founded in 2010, Cango operated as a Chinese auto financing platform.
However, after the sale of the automobile business, the shift in focus to mining has significantly expanded the fleet of mining equipment. After a recent acquisition, the hash rate has increased to 50 exahashes per second, and the equipment is now used for mining on four continents.
With the transition to the new format, the company now competes with leading BTC mining players such as MARA, Riot, and CleanSpark, having mined 1,541 BTC in Q1 2025. The total mined volume has exceeded 4,000 BTC, up from around 3,430 BTC at the end of May.
By comparison, Bitcoin Treasury bond data shows that MARA currently holds 50,000 BTC.
Read more: MARA Creates $850 Million Financial Flywheel to Drive Bitcoin Purchases
Source: cryptonews.net
