HONG KONG, June 10, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a rapidly-expanding leader in Bitcoin mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global Bitcoin mining sector.
Key Transformation Initiatives and Timeline:
- May 27, 2025: Cango divested all PRC-based operations and announced changes to the board and management, including the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO.
- June 2, 2025: Cango announced a definitive agreement under which the Company’s co-founders and their affiliates will sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (“EWCL”) for a total purchase price of US$70 million (US$15 million of which is subject to certain conditions).
- June 4,…
