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 atypical 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 providers group, for $10 million in principal. The notice carries no curiosity below regular circumstances, matures April 1, 2028, and converts to Class A atypical 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 by way of April 2028. Each events signed a memorandum of understanding for potential further strategic funding as much as $10 million in crypto mining and AI services.
Cango entered bitcoin mining in November 2024 after working as an automotive providers 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 earnings.
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 worth 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 by way of its Ecohash subsidiary, in accordance with as we speak’s announcement. Pilot tasks for built-in power and distributed AI inference are underway, with website 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 line 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 present 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 worth 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 by way of most of 2025. The contemporary financing provides capital, however the share worth alerts traders 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 by way of its EcoHash platform. Who invested in Cango’s newest spherical? Firm insiders managed by Chairman Xin Jin and Director Chang-Wei Chiu offered $65 million, whereas DL Holdings Group offered a $10 million convertible notice. What’s Cango’s Ecohash platform? EcoHash is Cango’s subsidiary targeted on utilizing Bitcoin mining website infrastructure to ship versatile AI inference and distributed computing providers. 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 coming into the sector in late 2024.
