AInvest Newsletter
Daily stocks & crypto headlines, free to your inbox
Cango Completes On-Rack Crypto Mining Acquisitions with 18 Exahash Hashtag.
ByAinvest
Friday, Jun 27, 2025 6:32 am ET1min read
• Cango Inc. completes acquisition of on-rack crypto mining machines. • Aggregates 18 Exahash per second hashrate. • Issues 146,670,925 Class A shares to sellers. • All closing conditions met. • Supplemental listing application approved. • Cango to list new shares on NYSE.
Cango Inc. (NYSE: CANG) has successfully completed the acquisition of on-rack crypto mining machines, aggregating a total hashrate of 18 Exahash per second. The company issued 146,670,925 Class A ordinary shares to the sellers, proportionate to the aggregate hashrate of the machines sold by each seller [1].The acquisition, which was announced on November 6, 2024, and underwent several amendments on March 26, April 3, June 4, and June 23, 2025, has been finalized after all closing conditions were met. These conditions included NYSE's authorization of the company's supplemental listing application with respect to the Class A ordinary shares issued at the closing of the Share-Settled Transactions [2].
Golden TechGen Limited (GT), the largest seller in the Share-Settled Transactions, now owns approximately 19.85% of the Company's total outstanding shares. In total, all sellers in the Share-Settled Transactions collectively own approximately 41.38% of the Company's total outstanding shares before the issuance of any Bonus Shares or Adjustment Shares [2].
Cango Inc. entered the crypto asset space in November 2024, driven by advancements in blockchain technology and the growing adoption of digital assets. The company continues to operate an online international used car export business through AutoCango.com. With the completion of this acquisition, Cango Inc. aims to further support its expansion and growth in the crypto asset space [2].
References:
[1] https://www.morningstar.com/news/pr-newswire/20250623cn14834/cango-inc-announces-fourth-amendment-to-share-settled-crypto-mining-assets-acquisitions
[2] https://www.prnewswire.com/news-releases/cango-inc-announces-closing-of-share-settled-crypto-mining-assets-acquisitions-302493158.html
Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc’s editorial and disclosure standards.
Despite these review procedures, the information provided may still contain inaccuracies, incomplete data, or time sensitive references due to the inherent limitations of AI generated analysis and evolving changes. The material is provided strictly for informational and educational purposes and does not constitute personalized investment, legal, or financial advice. Readers should independently verify all facts, figures, and statements before making any decision based on this content.
AInvest Fintech Inc. its affiliates, and partners accept no liability or responsibility for any direct or consequential losses arising from reliance on this content. All articles and analyses are subject to revision, update, or removal without prior notice to maintain accuracy and integrity in our publications.
Comments
No comments yet