Cango Inc. Transforms into Bitcoin Miner

Cango Inc., a publicly traded company on the New York Stock Exchange, has successfully transitioned into a Bitcoin miner.

Overview

• Founded in 2010 in China, Cango was previously focused on the automotive sector and announced its pivot to Bitcoin mining in November 2024.
• As of July 23, 2025, the company holds over 4,000 BTC with a mining fleet capacity of 50 exahashes per second, aiming for further expansion using green energy.

Leadership Changes

To enhance its Bitcoin mining operations, Cango has revamped its leadership team:
* Peng Yu has been appointed as the Chief Executive Officer and Director.
* Xin Jin is now the Chairman of the Board and Non-Executive Director.
* Yongyi Zhang has taken on the role of Chief Financial Officer.
* Meanwhile, Xiaojun Zhang and Jiayuan Lin have resigned from their previous roles.

Peng Yu highlighted that the new leadership is well-equipped to guide the company through its next growth phase, noting that Cango has made significant strides in becoming one of the largest Bitcoin miners in the world.

Departure from Automotive Sector

Originally a car financing platform in China, Cango sold its automotive business and shifted focus entirely to Bitcoin mining. The recent acquisition has increased their hash rate to 50 EH/s, facilitating operations across four continents. In the first quarter of 2025, Cango mined 1,541 Bitcoin, raising its total to over 4,000 BTC, an increase from approximately 3,430 BTC in late May. In contrast, Marathon Digital Holdings (MARA) currently holds 50,000 BTC in its treasury.