Cango has officially completed the acquisition of 18 EH/s in operational Bitcoin mining capacity, bringing its total managed hashrate to over 50 EH/s—making it the third publicly traded miner to cross this threshold, following Marathon Digital (MARA) and CleanSpark.
The deal, announced Friday, was executed through the issuance of approximately 146.7 million Class A ordinary shares to multiple sellers. The equity was distributed based on the proportion of hashrate contributed by each party. All the mining rigs involved are already active, hosted primarily in U.S.-based facilities managed by Bitmain.
Golden Techgen Limited (GT), the largest participant in the transaction, now holds roughly 19.85% of Cango’s outstanding shares. Altogether, the contributing sellers own approximately 41.38% of the company’s equity, excluding any additional shares that may be issued as part of bonuses or post-closing adjustments.
GT was previously controlled by Max Hua, the 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 now holding one-third of GT’s voting power. Public records indicate that at least two of them, Wang and Kong, are currently affiliated with Antalpha.
This reshuffling of ownership further solidifies the deepening relationship between Cango and Antalpha. The latter had already created a separate vehicle, Ursalpha, to acquire Cango’s legacy auto financing business. Additionally, another Antalpha-linked entity, EWCL, had previously assumed control over Cango’s voting shares.
The 18 EH/s transaction follows Cango’s earlier 2024 acquisition of 32 EH/s of on-rack hashrate from Bitmain—an anchor move in its strategic pivot away from auto finance toward becoming a proxy Bitcoin mining vehicle with institutional backing.
With its hashrate now exceeding 50 EH/s, Cango is positioning itself as a fast-emerging heavyweight in the institutional mining space.
