Cango Inc. announces transformation into global Bitcoin miner
On July 23, 2025, Cango Inc. (NYSE: CANG) revealed its transition into a global Bitcoin miner. A new board and leadership team with extensive expertise in digital infrastructure, finance, and energy investments have been appointed.
The board appointed Mr. Xin Jin as Chairman and Non-Executive Director, Mr. Peng Yu as CEO and Director, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as CIO. Additionally, to strengthen corporate governance, Mr. Chi Ming Lee and Mr. Yanjun Lin were appointed as independent board members, while Mr. Haitian Lu was appointed as Chairman of the Nominating and Corporate Governance Committee.
CEO and Director Peng Yu stated, „This leadership team provides Cango with the right mix of skills to drive our next phase of growth. After successfully transitioning to a Bitcoin miner, we have made significant progress in the last seven months, becoming one of the largest Bitcoin miners globally. With a strong balance sheet and a clear long-term vision, we will continue to expand our capacity, secure and strategically grow our Bitcoin holdings, and invest in sustainable, high-performance computing power and green energy sources to create lasting value for our shareholders.“
Co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned, along with a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million. They converted their remaining Class B shares to Class A shares and now hold 18.54% of total issued shares and 12.07% of voting rights. Enduring Wealth Capital Limited now holds approximately 2.82% of issued shares and 36.73% of voting rights.
Contact:
Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com
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