Bitcoin miner Cango lands $75 million in equity backing amid AI expansion strategy

Quick Take

• Cango has closed a previously announced $10.5 million equity investment from EWCL.
• The company also secured an additional $65 million in equity commitments from entities linked to its chairman and a board director.
• Proceeds are expected to support Cango’s AI and computing infrastructure expansion.

Bitcoin miner Cango Inc. (NYSE: CANG) said it has closed a previously announced $10.5 million equity investment and entered into agreements securing an additional $65 million in equity commitments to support its AI push.

According to a Thursday statement, the company said it completed the $10.5 million investment from Enduring Wealth Capital Limited, issuing 7 million Class B ordinary shares at $1.50 per share. The Class B shares carry 20 votes each. Following the transaction, EWCL’s beneficial ownership rose to approximately 4.7% of total outstanding shares and roughly 49.7% of total voting power.

Separately, entities wholly owned by Cango Chairman Xin Jin and board director Chang-Wei Chiu agreed to invest a combined $65 million in Class A ordinary shares, which carry one vote per share. The implied purchase price of $1.32 per share was determined with reference to the closing price of Cango’s Class A shares over the preceding four weeks. The transactions remain subject to customary closing conditions, including New York Stock Exchange approval, and are expected to close in February.

Cango said it intends to use the proceeds to support expansion into AI and computing infrastructure while strengthening its balance sheet.

The capital raise follows a recent repositioning of the company’s treasury.

Earlier this month, Cango sold 4,451 BTC for approximately $305 million to reinforce liquidity and fund its AI initiatives. The miner had ended 2025 with reserves above 7,500 BTC, reflecting an aggressive accumulation strategy prior to the partial divestment.

Cango, which entered bitcoin mining in late 2024, operates across more than 40 sites globally and has been developing integrated energy and distributed AI computing projects alongside its mining operations.

Original Article: https://www.theblock.co/post/389601/bitcoin-miner-cango-lands-75-million-in-equity-backing-amid-ai-expansion-strategy