This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.

According to a release on Friday, the deal was finalized through the issuance of approximately 146.7 million Class A ordinary shares to multiple sellers, allocated based on the hashrate contributed by each party. The mining rigs involved in the transaction are already operational and hosted at data centers—primarily in the U.S.—that are managed by Bitmain.

Golden Techgen Limited (GT), the largest seller in the transaction, now holds approximately 19.85% of Cango’s outstanding shares. In total, all participating sellers collectively own about 41.38% of the company’s equity, excluding any potential bonus or adjustment share issuances.

GT was previously controlled by Max Hua, a former CFO of Bitmain. Earlier this month, Cango disclosed that GT’s ownership had been transferred to three individuals—Ning Wang, Youngil Kim, and Wye Sheng Kong—each of whom now holds one-third of GT’s total voting power. At least two of the three, Wang and Kong, appear to be employees of Antalpha.

The ownership reshuffle further deepens the ties between Cango and Antalpha. Antalpha had already set up a separate entity, Ursalpha, to acquire Cango’s legacy auto financing business. Another Antalpha-affiliated firm, EWCL, had earlier assumed control of Cango’s voting shares.

This latest transaction follows Cango’s 2024 acquisition of 32 EH/s of on-rack hashrate from Bitmain—a key step in its pivot away from auto finance and toward becoming a publicly traded mining proxy for Bitmain. With more than 50 EH/s now under management, Cango becomes the third publicly listed Bitcoin mining operator—after MARA and Cleanspark—to cross that milestone, underscoring its rapid emergence in the mining sector.

The original article can be viewed here.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。