Cango sells legacy China enterprise, goes all-in on Bitcoin mining: Report
Cango, a publicly traded Chinese conglomerate, has agreed to promote its legacy China operations to an entity related to peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, in response to a report by The Miner Mag.
Cango agreed to promote its legacy Chinese auto financing enterprise to Ursalpha Digital Limited in a $352 million deal, in response to the report.
Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal successfully brings Bitmain’s mining property to the general public market, The Miner Mag mentioned.
Exahashes measure a miner’s contribution to the Bitcoin community’s hashrate, the full computing energy securing the community.
The Miner Mag mentioned Ursalpha Digital Limited has the identical company deal with and founding director as Antalpha, an entity in the end managed by the chairman of Bitcoin miner Bitmain.
Proxies for Cango’s shares on the NYSE are up 25% this month. Source: Google Finance
Related: Analysts eye Bitcoin miners’ AI, chip gross sales forward of This autumn earnings
Trump-family connection
Bitmain has skilled US scrutiny after the nation blacklisted its synthetic intelligence affiliate Sopghgo, Bloomberg reported.
According to Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as a part of a take care of Hut 8, a supplier of energy and computing infrastructure.
On March 31, Hut 8 purchased a majority possession curiosity in American Bitcoin (previously American Data Centers), whose founders embrace US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
Hut 8 has transferred its Bitcoin mining gear to American Bitcoin, which is reportedly mulling an preliminary public providing (IPO), in response to Bloomberg.
The corporations mentioned that American Bitcoin will focus on crypto mining, whereas Hut 8 targets knowledge heart infrastructure for purposes equivalent to high-performance computing.
In 2025, Bitcoin mining shares have struggled amid declining cryptocurrency costs and strain on enterprise fashions brought on by the Bitcoin community’s April halving, in response to a JPMorgan analysis observe shared with Cointelegraph.
Every 4 years, the quantity of BTC mined per “block” — a bundle of transaction knowledge saved on the chain — is minimize in half. April’s halving slashed mining rewards from 6.25 BTC to three.125 BTC per block.
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