NEWS
Cango Inc. Announces Agreements to Acquire Crypto Mining Assets
Cango Inc. (NYSE: CANG) has announced agreements to acquire crypto mining assets with a total hashrate of 50 Exahash per second for US$400 million. The deal includes a US$256 million cash transaction with Bitmain for 32EH of mining capacity and share-based transactions worth US$144 million for 18EH with Golden TechGen and other sellers. The share settlement will result in sellers owning approximately 37.8% of Cango's outstanding shares. The mining machines are currently operational in data centers primarily located in the U.S. The transactions are expected to close by March 31, 2025, subject to conditions including U.S. antitrust clearance.
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