Thomas Daniels
Three months after divesting its automotive financing arm, Chinese conglomerate Cango (CANG) has significantly accelerated its Bitcoin mining output. In July, Cango produced 650.5 BTC, a notable jump from 450 BTC in June, as reported by Farside Investors.
Previously, during April and May—the initial two months post‑pivot—Cango mined a combined 954.5 BTC, marking the beginning of its transition into digital assets. Now holding approximately 4,529.7 BTC, valued at roughly $512 million, Cango has solidified its position among the top‑20 publicly traded Bitcoin holders, on par with companies such as GameStop and ProCap BTC.
This production surge follows a decisive investment in mining capacity: a $256 million acquisition of Bitmain rigs, delivering 32 EH/s of dedicated hashrate. Announced last November as part of a broader $400 million infrastructure strategy, the deal underscores Cango’s complete pivot from vehicle‑loan services to Bitcoin mining.
Despite fiscal headwinds—including a YTD dip in share price—the stock has soared 158% over the past 12 months, primarily driven by the announcement and execution of its crypto‑mining strategy.
Founded in 2018 as a Chinese auto‑financing platform coordinating consumer loans and vehicle exports, Cango has now rebranded itself through its digital‑asset management experience. While headquartered in China—a jurisdiction that officially banned Bitcoin mining in mid‑2021—Cango is leveraging offshore infrastructure and partnerships to execute its mining operations and participate in a more internationally distributed hashrate ecosystem.
