Cango has accomplished its beforehand introduced acquisition of 18 EH/s of lively bitcoin hashrate from Bitmain’s monetary companies affiliate, Antalpha, pushing its complete put in hashrate to 50 EH/s.
This text is from Theminermag, a commerce publication for the cryptocurrency mining trade, specializing in the newest information and analysis on institutional bitcoin mining firms.
In line with a launch on Friday, the deal was finalized via the issuance of roughly 146.7 million Class A strange shares to a number of sellers, allotted primarily based on the hashrate contributed by every get together. The mining rigs concerned within the transaction are already operational and hosted at knowledge facilities—primarily within the U.S.—which might be managed by Bitmain.
Golden Techgen Restricted (GT), the biggest vendor within the transaction, now holds roughly 19.85% of Cango’s excellent shares. In complete, all taking part sellers collectively personal about 41.38% of the corporate’s fairness, excluding any potential bonus or adjustment share issuances.
GT was beforehand managed by Max Hua, a former CFO of Bitmain. Earlier this month, Cango disclosed that GT’s possession had been transferred to a few people—Ning Wang, Youngil Kim, and Wye Sheng Kong—every of whom now holds one-third of GT’s complete voting energy. No less than two of the three, Wang and Kong, seem like workers of Antalpha.
The possession reshuffle additional deepens the ties between Cango and Antalpha. Antalpha had already arrange a separate entity, Ursalpha, to amass Cango’s legacy auto financing enterprise. One other Antalpha-affiliated agency, EWCL, had earlier assumed management of Cango’s voting shares.
This newest 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 towards changing into a publicly traded mining proxy for Bitmain. With greater than 50 EH/s now beneath administration, Cango turns into the third publicly listed Bitcoin mining operator—after MARA and Cleanspark—to cross that milestone, underscoring its speedy emergence within the mining sector.
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