Cango has completed the previously announced acquisition of an active Bitcoin hashrate of 18 EH/s from Bitmain’s Financial Services Affiliate Antalpha, pushing its total installation hashrate to 50 Eh/s.
This article comes from Theminermag, an industry publication of cryptocurrency mining, and focuses on the latest news and research on the institutional Bitcoin mining company.
The transaction was finalised through the issuance of approximately 146.7 million Class A common stock to multiple sellers allocated based on the hash rates contributed by each party, according to a release on Friday. Mining rigs involved in transactions are already operational and are primarily hosted in data centers managed by Bitmain.
Golden Techgen Limited (GT), the largest seller in the transaction, holds approximately 19.85% of Cango’s outstanding shares. In total, all participating sellers collectively own approximately 41.38% of the company’s capital, excluding the issuance of potential bonuses or adjusted stocks.
GT was previously managed by Max Hua, former CFO of Bitmain. Earlier this month, CANGO revealed that GT ownership had been transferred to three individuals (Wang, Youngil Kim and Wye Sheng Kong). At least two of the three, King and Kong, appear to be employees of Antalpha.
Changes in ownership further deepen the relationship between Cango and Antalpha. Antalpha had already established another entity, Ursalpha, to acquire Cango’s Legacy Auto Financing business. EWCL, a company belonging to another Antalfa, previously assumed control of Cango’s voting shares.
This latest transaction follows Cango’s acquisition of 32 EH/s on-rack hashrate from Bitmain in 2024. This is an important step to moving away from automotive finance and becoming a publicly traded mining agent for Bitmain. With over 50 EH/s currently under management, Cango has become the third publicly available Bitcoin mining operator (after Mara and Cleanspark), crossing its milestones and highlighting its rapid emergence in the mining sector.
The original article can be found here.