Cango sells Bitcoin, raises $75.5M for AI expansion

Cango sold $305M in Bitcoin and raised $75.5M to reduce loan risk and expand into AI, while continuing its Bitcoin mining operations.

Cango Inc., a Bitcoin mining company listed on the New York Stock Exchange, has sold 4,451 Bitcoin for $305 million. This move aims to reduce loan risk and accelerate the company’s transition into artificial intelligence (AI) infrastructure. The proceeds were used to repay a Bitcoin-backed loan and support Cango’s expansion into AI computing services. In addition, Cango secured $75.5 million in new funding. This includes a completed $10.5 million equity investment from Enduring Wealth Capital Limited and agreements for an additional $65 million from entities owned by its chairman and a director. These investments involve issuing Class B and Class A shares, increasing Enduring Wealth Capital’s voting power to nearly 50%. The new funds will strengthen Cango’s balance sheet and enhance its AI and computing infrastructure. The transactions are expected to close this month, pending approval from the New York Stock Exchange. Despite this strategic shift, Cango will continue its Bitcoin mining operations while expanding into AI and high-performance computing.