Cango sells auto business for $352 million, fully transitions to Bitcoin mining

TechFlow news, April 3 — According to official reports, Cango has entered into a definitive agreement with Ursalpha Digital Limited, an affiliate of Bitmain, to sell its Chinese auto finance business for $352 million, marking the company's full transition into the Bitcoin mining sector. The deal includes an upfront payment of $210.6 million, with the remainder payable upon fulfillment of specific conditions.

Cango is now among the top five publicly traded Bitcoin mining companies, producing 530 bitcoins in March and holding 2,475 bitcoins at month-end, with a hash rate of 29.13 EH/s. This transaction suggests that Bitmain may be orchestrating a dual acquisition through its affiliated company Antalpha, aiming to bring its proprietary Bitcoin mining assets into the public market.