Cango Inc. has finalized a $352 million agreement to divest its Chinese auto-financing business to Ursalpha Digital Limited, a company linked to Bitmain’s affiliate, Antalpha. This transaction marks Cango’s full transition into Bitcoin mining operations.

The deal includes an upfront payment of $210.6 million, with the remaining amount contingent upon meeting specific tax obligations and reducing credit risk exposure.

BREAKING: CHINA PUBLIC COMPANY CANGO TO SELL $350 MILLION AUTO BUSINESS TO GO ALL IN ON #BITCOIN

LEGENDARY 🔥 pic.twitter.com/xSSGcGddZA

— The Bitcoin Historian (@pete_rizzo_) April 4, 2025

In March, Cango mined 530 BTC and held a total of 2,475 BTC by month’s end, achieving a realized hashrate of 29.13 EH/s. This performance positions Cango among the top five publicly traded Bitcoin mining companies.

The strategic move allows Bitmain to bring its proprietary Bitcoin mining assets into the public market.

By selling 32 EH/s of on-rack hashrate to Cango and orchestrating the acquisition through its affiliate, Antalpha, Bitmain effectively positions Cango as a Bitcoin mining proxy.

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— BitcoinVersus.tech (@bitcoinversus.bsky.social) 2025-01-17T18:23:17.472Z

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