Big news out of Shanghai: Cango, once known for its automotive services, is making a massive pivot. The company is selling off all of its China operations for $351.94 million—and it’s not just downsizing, it’s completely rebranding as a Bitcoin mining company.
What’s the Deal?
The buyer is Ursalpha Digital Limited, based in the British Virgin Islands. Cango gets $210 million upfront, with the rest depending on things like tax approvals and credit risk checks.
This follows a March proposal from Enduring Wealth Capital Limited, which offered to take over Cango and handle the selloff of its China business.
But there are a few conditions:
- Shareholders still need to approve the move
- Cango has to restructure and split its China assets from its offshore ones
- And the deal could fall apart if China’s regulators block the company from deregistering as a “China Concept Stock”
Bitcoin Mining Is the New Game Plan
Cango’s crypto shift is already in progress. It recently teamed up with Golden TechGen Limited to acquire mining rigs with a total hashrate of 18 EH/s—a serious setup for anyone looking to compete in the Bitcoin space.
Now that it’s ditching its old China-based business, Cango is going all-in on this new identity as a global Bitcoin mining company.
If everything goes through, this will be one of the boldest corporate pivots we’ve seen in crypto this year.
