Cango Corporation has reached a definitive agreement with Bitmain affiliate Ursalpha Digital Limited to sell its Chinese auto finance business for $352 million, marking the company's comprehensive transformation into the bitcoin mining sector. The transaction includes a down payment of $210.60 million, with the remainder to be paid under certain conditions.
Cango is now among the top five publicly traded bitcoin mining companies, generating 530 bitcoins in March and holding 2,475 bitcoins at the end of the month, with a computing power of 29.13 EH/s. Behind the deal, Bitmain may be planning a double acquisition through its affiliate Antalpha to bring its proprietary bitcoin mining assets to the public market.
Cango sells car business for $352 million, fully transforms bitcoin mining
2025-04-03 14:01:33
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