Crypto mining company Cango receives $10.5 million investment from EWCL, with funds to be used to strengthen Bitcoin mining operations

TechFlow, Dec 30 — According to PRNewswire, bitcoin mining company Cango Inc. (NYSE: CANG) announced a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). Under the agreement, EWCL will subscribe for 7 million Class B ordinary shares at $1.50 per share, with each share carrying 20 votes.

Upon completion of the transaction, EWCL's ownership stake in Cango is expected to increase from approximately 2.81% to about 4.69%, while its voting power will rise from around 36.68% to approximately 49.61%. Cango CEO Paul Yu stated that the funds will be used to strengthen bitcoin mining operations, improve computing efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.