Cango Expands Bitcoin Mining Power with Latest Acquisition
Cango has officially wrapped up its purchase of 18 EH/s of active Bitcoin mining capacity from Antalpha, a financial services arm tied to Bitmain. The deal, which was announced earlier, bumps Cango’s total operational hashrate up to 50 EH/s—a significant jump that solidifies its position in the competitive mining landscape.
The transaction wasn’t done with cash. Instead, Cango handed over roughly 146.7 million Class A shares to the sellers, with each party’s cut determined by how much hashrate they contributed. The mining machines involved are already up and running, mostly in U.S.-based data centers operated by Bitmain. No waiting around, then.
Who’s Holding the Shares Now?
Golden Techgen Limited (GT), the biggest seller in the deal, now owns close to 20% of Cango’s outstanding shares. All the sellers combined hold about 41.38% of the company’s equity—though that number could shift slightly if bonus shares come into play later.
Here’s where it gets interesting. GT used to be under the control of Max Hua, Bitmain’s ex-CFO. But earlier this month, Cango revealed that GT’s ownership had shifted to three individuals: Ning Wang, Youngil Kim, and Wye Sheng Kong. Each now has an equal say in GT’s decisions. At least two of them—Wang and Kong—seem to work for Antalpha, which raises a few eyebrows. Or maybe it’s just business as usual in this tangled web of mining and finance.
Ties That Bind
This isn’t the first time Cango and Antalpha have crossed paths. Antalpha already created a separate company, Ursalpha, to take over Cango’s old auto financing business. And let’s not forget EWCL, another Antalpha-linked firm, which grabbed control of Cango’s voting shares not long ago.
The latest deal follows Cango’s earlier move in 2024, when it scooped up 32 EH/s of hashrate from Bitmain. That was a clear signal Cango was ditching auto finance to go all-in on Bitcoin mining. Now, with over 50 EH/s under its belt, Cango joins a small club of publicly traded mining firms—like MARA and Cleanspark—that have hit that mark. Not bad for a company that was, until recently, focused on something entirely different.
It’s a fast rise, sure, but whether it’s sustainable is another question. For now, though, Cango seems to be betting big on mining—and it’s got the hashrate to prove it.
