U.S.-Listed Bitcoin Miner Cango Closes $75M Financing Round for AI Expansion
The $65 million equity placement was purchased by entities controlled by Chairman Xin Jin and Director Chang-Wei Chiu. The transaction issued 49,242,424 Class A ordinary shares, with proceeds settled in USDT. The deal fulfilled definitive agreements the company announced Feb. 12, 2026, and closed as scheduled.
On April 1, Cango (NYSE: CANG) executed a separate convertible note with DL Holdings Group Limited (HKEX: 1709), a Hong Kong-listed financial services group, for $10 million in principal. The note carries no interest under normal conditions, matures April 1, 2028, and converts to Class A ordinary shares at $1.62 per share at the holder’s option beginning April 1, 2027.
DL Holdings also received a warrant to purchase 370,370 Class A shares at $2.70, exercisable immediately through April 2028. Both parties signed a memorandum of understanding for potential additional strategic investment up to $10 million in crypto mining and AI facilities.
Cango entered bitcoin mining in November 2024 after operating as an automotive services company. The company mined 6,594.6 BTC in full-year 2025 across more than 40 sites in North America, the Middle East, South America, and East Africa. Full-year revenue reached $688.1 million, driven by $675.5 million in bitcoin mining income.
However, the company posted a net loss of $452.8 million amid post-halving pressure and ongoing investment in new infrastructure. In February 2026, Cango sold 4,451 BTC at an average price of approximately $68,524 per coin, generating roughly $305 million in net proceeds. The entire sum repaid a bitcoin-collateralized loan, cutting into long-term related-party debt that stood at $557.6 million as of Dec. 31, 2025.
The company is directing proceeds from the new financing toward upstream acquisitions and AI computing infrastructure through its Ecohash subsidiary, according to today’s announcement. Pilot projects for integrated energy and distributed AI inference are underway, with site retrofits in progress.
The combined financing rounds total approximately $75 million and follow a $10.5 million equity investment from Enduring Wealth Capital Limited completed earlier in February. Cango’s management has described AI and energy infrastructure as its primary 2026 growth strategy, using its bitcoin mining operations as a base for higher-value computing revenue.
According to bitcoinminingstock.io, Cango ranks 18th among publicly traded bitcoin miners globally, operating a hash rate of 34.55 exahash per second (EH/s) across its network of more than 40 sites. The company produced 455 BTC in February 2026 and currently holds 3,313 BTC in treasury, valued at approximately $227.1 million — or 956.66 satoshis per share.
The treasury position reflects Cango’s dual classification as both an active bitcoin miner and a bitcoin treasury company, a structure that ties its balance sheet directly to BTC price movements. Despite the capital raises, CANG shares are under pressure. The stock traded at $0.40 on April 1, down 5.18% on the day, and has lost 73.65% year-to-date and 89.73% over the past 12 months.
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The company’s market capitalization stands at approximately $136.9 million with 346.35 million shares outstanding. Its 50-day moving average sits at $0.81 and its 200-day at $2.94, reflecting the depth of the selloff relative to where the stock traded through most of 2025. The fresh financing adds capital, but the share price signals investors are waiting on execution.
FAQ 🧭
- What did Cango raise money for? Cango raised $75 million in combined equity and convertible note financing to fund AI infrastructure development and reduce debt through its EcoHash platform.
- Who invested in Cango’s latest round? Company insiders controlled by Chairman Xin Jin and Director Chang-Wei Chiu provided $65 million, while DL Holdings Group provided a $10 million convertible note.
- What is Cango’s Ecohash platform? EcoHash is Cango’s subsidiary focused on using Bitcoin mining site infrastructure to deliver flexible AI inference and distributed computing services.
- How much bitcoin has Cango mined? Cango mined 6,594.6 BTC in full-year 2025 and has cumulatively mined 7,528.4 BTC since entering the sector in late 2024.
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