Cango Completes Acquisition of 18 EH/s Mining, Exceeding 50 EH/s as Ties Deepen with Antalpha

Cango has successfully completed its previously announced acquisition of 18 EH/s of active Bitcoin hashrate from Bitmain's financial division, Antalpha, bringing its total installed hashrate to 50 EH/s.

This article from Theminermag, a specialized publication for the cryptocurrency mining sector, covers the latest news and research from institutional companies in the Bitcoin mining space.

According to a press release issued on Friday, the deal was completed through the issuance of approximately 146.7 million Class A common shares to multiple sellers, divided based on the hashrate each party provided. The mining rigs involved in the deal are already operational and located in data centers — primarily in the United States — operated by Bitmain.

Golden Techgen Limited (GT), the largest participant in the transaction, now holds approximately 19.85% of Cango’s outstanding shares. In total, all participants in the transaction collectively control approximately 41.38% of the company’s share capital, excluding any potential bonus or adjustment share issues.

GT was previously controlled by Max Hua, Bitmain’s former CFO. Earlier this month, Cango reported that ownership of GT had been transferred to three individuals — Ning Wang, Young-gil Kim, and Wai Sheng Kong — who now each hold one-third of GT’s total voting power. At least two of them, Wang and Kong, are apparently Antalpha employees.

The change in ownership further strengthens the ties between Cango and Antalpha. Antalpha had already created a separate entity, Ursalpha, to acquire Cango's legacy auto finance business. Another Antalpha affiliate, EWCL, had previously gained control of Cango's voting shares.

This latest deal follows Cango’s acquisition of 32 EH/s of on-rack hashrate from Bitmain in 2024 — a key step in its transition from auto-funding to becoming a publicly traded mining proxy for Bitmain. With over 50 EH/s under management, Cango becomes the third publicly listed Bitcoin mining operator — after MARA and Cleanspark — to reach this milestone, highlighting its rapid growth in the mining sector.

The original article can be viewed here.

Source: cryptonews.net