Chinese company Cango exits the auto finance sector to focus on Bitcoin mining with a $352 million deal.
According to The Miner Mag, the publicly traded Chinese company Cango is undergoing a strategic transformation, shifting away from its auto financing business to focus entirely on Bitcoin mining.
Cango has finalized a deal to sell its auto financing division in China to Ursalpha Digital Limited for $352 million. At the same time, Bitmain, the leading manufacturer of mining chips, will transfer 32 EH/s of mining capacity to Cango. This transaction effectively brings Bitmain’s mining operations to the public market through Cango.
Notably, Ursalpha Digital Limited shares the same corporate address and founding director as Antalpha, an entity controlled by Bitmain’s chairman.
According to a press release dated November 15, Cango also plans to acquire an additional 18 EH/s from Golden TechGen, a company controlled by former Bitmain CFO Max Hua, bringing its total capacity to approximately 50 EH/s.
Based on monthly production updates, in March, Cango mined 530.1 bitcoins, up from 472.7 in February.
Bitmain and its connection to the Trump family
According to Bloomberg, Bitmain maintains operational ties with American Bitcoin, a mining entity linked to the Trump family, recently established as part of a deal with Canadian company Hut 8. On March 31, Hut 8 acquired a majority stake in American Bitcoin (formerly known as American Data Centers), whose founders include the sons of the U.S. President, Donald Trump Jr. and Eric Trump.
