Cango Inc. has finalized the sale of its China-based operations in a $351.94 million cash deal with Ursalpha Digital Limited, marking a pivotal shift in the company’s strategic direction.
This move reflects Cango’s transition from its legacy automotive financing business to becoming a pure-play global Bitcoin mining enterprise.
Cango is firmly looking ahead following the disposal of our PRC Business. This pivotal move unlocks significant resources and facilitates the rapid expansion of our BTC mining. Read more https://t.co/LqvPPuAzXC #Cango #CryptoMining #Bitcoin $Cang pic.twitter.com/00qi5DIsxy
— CANGO (@Cango_Group) May 29, 2025
The transaction, which closed on May 27, significantly boosted Cango’s capital base and operational flexibility. With new resources unlocked, the company is now positioned to rapidly expand its Bitcoin mining footprint across key international markets—including North America, South America, the Middle East, and East Africa. This global push is part of Cango’s broader transformation to capitalize on the growing demand for digital asset infrastructure.
This exit from China initially announced in April and later approved by shareholders in mid-May, represents more than just a financial transaction. It underlines Cango’s long-term vision to lead in the Bitcoin mining space. As a next step, the company plans to formally apply for the termination of its “China Concept Stock” status with the China Securities Regulatory Commission (CSRC), signifying a complete operational and regulatory departure from the domestic Chinese market.
In tandem with this strategic realignment, Cango has also strengthened its leadership by appointing two new board members with deep expertise in fintech, AI, Web3, and international capital markets. These appointments, effective as of May 27, are designed to enhance the company’s innovation capabilities and support its rapid global expansion in digital finance.
Meanwhile, on the broader economic front, China’s central bank, the People’s Bank of China (PBOC), has reportedly instructed state-owned banks to curb their purchases of dollars in the foreign exchange market. This move is part of Beijing’s ongoing effort to stabilize the yuan amid global currency volatility and a strengthening U.S. dollar. By limiting dollar demand, Chinese authorities aim to support the yuan and reinforce macroeconomic stability in increasingly turbulent financial conditions.
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