Cango Sells Automotive Business for $352 Million, Transitions Fully to Bitcoin Mining

On 3 April, Cango Inc. has entered into a definitive agreement with Bitmain affiliate Ursalpha Digital Limited to sell its Chinese auto finance business for $352 million, marking the company's full transition into bitcoin mining, according to official reports. The transaction includes a down payment of $210.6 million, with the remaining amount to be paid under certain conditions.

Cango is now among the top five publicly traded bitcoin mining companies, producing 530 bitcoins in March and holding 2,475 bitcoins at month-end, with 29.13 EH/s. Behind the deal is an indication that Bitmain may be orchestrating a double takeover through its affiliate Antalpha to bring its proprietary bitcoin mining assets to the public market.