Cango has closed a $10.5 million equity investment from Enduring Wealth Capital and agreed to raise an additional $65 million from entities controlled by Chairman Xin Jin and director Chang-Wei Chiu. The Class B shares issued to Enduring carry 20 votes per share, lifting its voting power to 49.7% while keeping economic ownership below 5%. The remaining financing, subject to NYSE approval, will be completed through Class A shares priced at $1.32 each.
The capital raise follows Cango’s sale of 4,451 BTC for roughly $305 million at a time when Bitcoin was trading near $65,930. Proceeds were used to reduce leverage tied to a Bitcoin-backed loan, reflecting a broader balance sheet restructuring amid ongoing sector volatility.
The company said it plans to redeploy its grid-connected mining infrastructure toward AI and high-performance computing services. The move comes as publicly traded miners face earnings pressure and Bitcoin price swings, with mining equities broadly underperforming in recent sessions.
