Cango Inc., a company that once graced the pages of the New York Stock Exchange with its automotive endeavors, has now donned the cape of a Bitcoin miner, much to the delight and bewilderment of many.
- Cango Inc., born in the cradle of 2010 in China, has been listed on the NYSE, where it once peddled dreams of car ownership.
- In a dramatic turn of events announced in November 2024, the company decided to swap its wheels for digital gold, pivoting to Bitcoin mining.
- Today, Cango boasts a treasure trove of over 4,000 BTC and commands a mining fleet capable of 50 exahashes per second, a feat that would make even the most seasoned miners blink in awe.
With the grand announcement on July 23, 2025, Cango confirmed its metamorphosis, a transformation that has seen it amass a considerable Bitcoin treasury. The company, now fully entrenched in the world of cryptocurrencies, has its sights set on expanding its mining capacity and embracing the green energy revolution, a move that could very well redefine the industry. 🌱⚡
New Leadership
To navigate this brave new world, Cango has undergone a leadership shake-up that would rival any corporate thriller. The board of directors and senior management have been restructured, bringing in fresh faces and minds ready to steer the ship through uncharted waters.
Leading the charge is Peng Yu, who now assumes the role of chief executive officer and director, alongside Xin Jin, the new chairman of the board and non-executive director. Yongyi Zhang takes the helm as chief financial officer. Meanwhile, the old guard, including Xiaojun Zhang and Jiayuan Lin, have gracefully bowed out, making way for the new era. 🎉💼
“This leadership team gives Cango the right mix of skills to execute our next phase of growth,” Peng declared, his voice brimming with confidence. “We’ve come a long way in just 7 months, transforming from a mere car financier to one of the largest Bitcoin miners in the world. It’s a journey that defies logic and exceeds expectations.”
From Cars to Coins: A Global Mining Empire
Cango, once a humble car financing platform founded in 2010, has sold off its automotive business and embarked on a global mining expedition. The company’s mining fleet has grown exponentially, with a current hash rate of 50 EH/s, thanks to a strategic acquisition that has spread its wings across four continents. 🌍⛏️
Competing against giants like MARA, Riot, and CleanSpark, Cango has already mined 1,541 Bitcoin in the first quarter of 2025, bringing its total to over 4,000 BTC, up from 3,430 at the end of May. For context, MARA currently holds a staggering 50,000 BTC, but Cango is not one to back down from a challenge. 🏆🔥
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2025-07-23 22:45