Cango Boosts Bitcoin Mining Capacity by 36% with Antalpha Acquisition

Cango has successfully completed the acquisition of 18 EH/s of active bitcoin hashrate from Antalpha, a financial services affiliate of Bitmain. This strategic move has propelled Cango's total hashrate capacity beyond 50 EH/s, solidifying its position as a significant player in the bitcoin mining industry. The acquisition was finalized through the issuance of approximately 146.7 million Class A ordinary shares to multiple sellers, allocated based on the hashrate contributed by each party. The mining rigs involved in the transaction are already operational and hosted at data centers—primarily in the U.S.—that are managed by Bitmain.

Golden Techgen Limited (GT), the largest seller in the transaction, now holds approximately 19.85% of Cango’s outstanding shares. In total, all participating sellers collectively own about 41.38% of the company’s equity, excluding any potential bonus or adjustment share issuances. GT was previously controlled by Max Hua, a 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 of whom now holds one-third of GT’s total voting power. At least two of the three, Wang and Kong, appear to be employees of Antalpha.

The ownership reshuffle further deepens the ties between Cango and Antalpha. Antalpha had already set up a separate entity, Ursalpha, to acquire Cango’s legacy auto financing business. Another Antalpha-affiliated firm, EWCL, had earlier assumed control of Cango’s voting shares. This latest 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 toward becoming a publicly traded mining proxy for Bitmain. With more than 50 EH/s now under management, Cango becomes the third publicly listed Bitcoin mining operator to cross that milestone, underscoring its rapid emergence in the mining sector.

This acquisition marks a significant milestone for Cango, as it transitions from its traditional auto financing business to a prominent player in the bitcoin mining industry. The strategic partnership with Antalpha not only enhances Cango's mining capabilities but also positions it as a key player in the market. The deepening ties between Cango and Antalpha, through the establishment of Ursalpha and the control of Cango’s voting shares by EWCL, further solidify this relationship. This move is part of Cango's broader strategy to expand its mining operations and increase its market presence, making it a formidable competitor in the bitcoin mining sector.