U.S.-Listed Bitcoin Miner Cango Closes $75M Financing Spherical for AI Enlargement
The $65 million fairness placement was bought by entities managed by Chairman Xin Jin and Director Chang-Wei Chiu. The transaction issued 49,242,424 Class A strange shares, with proceeds settled in USDT. The deal fulfilled definitive agreements the corporate introduced Feb. 12, 2026, and closed as scheduled.
On April 1, Cango (NYSE: CANG) executed a separate convertible notice with DL Holdings Group Restricted (HKEX: 1709), a Hong Kong-listed monetary companies group, for $10 million in principal. The notice carries no curiosity below regular circumstances, matures April 1, 2028, and converts to Class A strange shares at $1.62 per share on the holder’s choice starting April 1, 2027.
DL Holdings additionally acquired a warrant to buy 370,370 Class A shares at $2.70, exercisable instantly via April 2028. Each events signed a memorandum of understanding for potential extra strategic funding as much as $10 million in crypto mining and AI amenities.
Cango entered bitcoin mining in November 2024 after working as an automotive companies firm. The corporate mined 6,594.6 BTC in full-year 2025 throughout greater than 40 websites in North America, the Center East, South America, and East Africa. Full-year income reached $688.1 million, pushed by $675.5 million in bitcoin mining revenue.
Nonetheless, the corporate posted a web lack of $452.8 million amid post-halving strain and ongoing funding in new infrastructure. In February 2026, Cango bought 4,451 BTC at a median value of roughly $68,524 per coin, producing roughly $305 million in web proceeds. The complete sum repaid a bitcoin-collateralized mortgage, slicing into long-term related-party debt that stood at $557.6 million as of Dec. 31, 2025.
The corporate is directing proceeds from the brand new financing towards upstream acquisitions and AI computing infrastructure via its Ecohash subsidiary, in line with right this moment’s announcement. Pilot initiatives for built-in power and distributed AI inference are underway, with web site retrofits in progress.
The mixed financing rounds whole roughly $75 million and comply with a $10.5 million fairness funding from Enduring Wealth Capital Restricted accomplished earlier in February. Cango’s administration has described AI and power infrastructure as its main 2026 progress technique, utilizing its bitcoin mining operations as a base for higher-value computing income.
In accordance with bitcoinminingstock.io, Cango ranks 18th amongst publicly traded bitcoin miners globally, working a hash charge of 34.55 exahash per second (EH/s) throughout its community of greater than 40 websites. The corporate produced 455 BTC in February 2026 and at the moment holds 3,313 BTC in treasury, valued at roughly $227.1 million — or 956.66 satoshis per share.
The treasury place displays Cango’s twin classification as each an energetic bitcoin miner and a bitcoin treasury firm, a construction that ties its steadiness sheet on to BTC value actions. Regardless of the capital raises, CANG shares are below strain. The inventory traded at $0.40 on April 1, down 5.18% on the day, and has misplaced 73.65% year-to-date and 89.73% over the previous 12 months.
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The corporate’s market capitalization stands at roughly $136.9 million with 346.35 million shares excellent. Its 50-day transferring common sits at $0.81 and its 200-day at $2.94, reflecting the depth of the selloff relative to the place the inventory traded via most of 2025. The recent financing provides capital, however the share value alerts buyers are ready on execution.
FAQ 🧭
What did Cango elevate cash for? Cango raised $75 million in mixed fairness and convertible notice financing to fund AI infrastructure improvement and cut back debt via its EcoHash platform. Who invested in Cango’s newest spherical? Firm insiders managed by Chairman Xin Jin and Director Chang-Wei Chiu supplied $65 million, whereas DL Holdings Group supplied a $10 million convertible notice. What’s Cango’s Ecohash platform? EcoHash is Cango’s subsidiary centered on utilizing Bitcoin mining web site infrastructure to ship versatile AI inference and distributed computing companies. How a lot bitcoin has Cango mined? Cango mined 6,594.6 BTC in full-year 2025 and has cumulatively mined 7,528.4 BTC since getting into the sector in late 2024.
