Cango Inc., a publicly listed company listed on the New York Stock Exchange, has completed its transformation into a Bitcoin miner.
summary
- Founded in China in 2010, Cango Inc. is listed in the NYSE.
- The company previously operated the automotive business, but in November 2024 announced its pivot for Bitcoin mining.
- CANGO holds over 4,000 BTC and has a fleet capacity of 50 exahashes per second.
Cango, a US-listed Chinese company that announced plans to pivot into Bitcoin (BTC) mining companies in November 2024, has confirmed it is currently fully transitioned. The company announced its milestone on July 23, 2025, noting that progress towards this goal includes notable growth from the Bitcoin Treasury.
The company currently has over 4,000 BTC and says it plans to expand its capacity by more than 50 exhaush per second. Cango is also mined with green energy.
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New Leadership
To strengthen its Bitcoin mining operations, CANGO has been changed to board and senior management, and has undergone a major leadership overhaul.
Among those who will take leadership roles in the new team are Peng Yu as CEO and Director, Board Chairman and Non-Executive Director Yongyi Zhang as Chief Financial Officer.
Meanwhile, Xiaojun Zhang and Jiayuan Lin have resigned as supervisors and chairman and chief executives, respectively.
“This leadership team gives Cango the right combination of skills to carry out the next phase of growth,” said new CEO Peng. “We have already made incredible progress by becoming one of the world’s largest Bitcoin miners in the last seven months, as we successfully converted it to Bitcoin miners.”
Leave China and become a Bitcoin Miner
Founded in 2010, Cango operates as a China-based automotive financing platform.
However, since then, they have been selling the automotive business and have sold pivots to see the mining industry expand its mining fleet significantly. The hashrate has risen to 50 EH/s, following the recent acquisition. It is being deployed for mining operations across four continents.
Minor means pivot and now competed with top BTC mining companies such as Mara, Riot and Cleanspark, managing 1,541 Bitcoin in the first quarter of 2025.
In comparison, Bitcoin Treasuries data shows that Mara currently holds 50,000 BTC.
read more: Mara Engineer $850 Million Financial Flywheel Fuel Bitcoin Purchase
