Cango Inc. Completes PRC Business Sale, Strengthens | Crypto Work Pro
SHANGHAI, May 29, 2025 /CNW/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a quickly increasing chief in Bitcoin mining, has finalized the divestment of all its business within the PRC (the “PRC Business”), a strategic transaction valued at roughly US$351.94 million in money with Ursalpha Digital Limited. The sale, which closed on May 27, 2025, decisively repositions Cango to pay attention its full financial and operational capabilities on accelerating its management within the world Bitcoin mining industry.
This pivotal transfer unlocks vital assets and facilitates Cango’s fast growth of its Bitcoin mining throughout key strategic areas, together with North America, the Middle East, South America, and East Africa, leveraging rising alternatives within the digital finance sector.
This transaction additionally represents a transformative step for Cango, cementing its strategic shift to a centered chief in world Bitcoin mining. The Company is now streamlined and higher capitalized, positioning it to aggressively pursue its growth goals and improve shareholder worth.
As half of this strategic realignment, the Company has additional restructured its Board of Directors with the appointment of two new members, efficient May 27, 2025, bringing deep experience in Fintech, AI, Web 3.0, and world capital markets to steer Cango’s Bitcoin-focused future. Looking forward, this enhanced board composition reinforces Cango’s dedication to innovation and strengthens its place for management within the quickly evolving digital finance panorama.
The initial agreements for the sale of PRC Business had been introduced on April 3, 2025, with shareholder approval obtained on May 16, 2025. Following the divestment, the Company will apply to the China Securities Regulatory Commission (“CSRC”) to terminate its “China Concept Stock” standing.
About Cango Inc.
Cango Inc. (NYSE: CANG) is primarily engaged within the Bitcoin mining business, with operations strategically deployed throughout North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, pushed by developments in blockchain technology, the growing adoption of digital belongings, and its dedication to diversifying its business portfolio. In parallel, Cango continues to operate an online worldwide used car export business by AutoCango.com, making it simpler for world prospects to entry high-quality vehicle stock from China. For more info, please go to: www.cangoonline.com.
Media Contact
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
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SOURCE Cango Inc.
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