Cango sells legacy China business, goes all-in on Bitcoin mining: Report

Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin ( BTC ) mining, according to a report by The Miner Mag. Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report. Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal effectively brings Bitmain’s mining assets to the public market, The Miner Mag said. Exahashes measure a miner’s contribution to the Bitcoin network’s hashrate, the total computing power securing the network. The Miner Mag said Ursalpha Digital Limited has the same corporate address and founding director as Antalpha, an entity ultimately controlled by the chairman of Bitcoin miner Bitmain. Proxies for Cango’s shares on the NYSE are up 25% this month. Source: Google Finance Related: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earnings Trump-family connection Bitmain has experienced US scrutiny after the country blacklisted its artificial intelligence affiliate Sopghgo, Bloomberg reported. According to Bloomberg, Bitmain has a working relationship with American Bitcoin , a Trump-family-affiliated mining entity created in March as part of a deal with Hut 8, a provider of power and computing infrastructure. On March 31, Hut 8 bought a majority ownership interest in American Bitcoin (formerly American Data Centers), whose founders include US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump. Hut 8 has transferred its Bitcoin mining equipment to American Bitcoin, which is reportedly mulling an initial public offering (IPO), according to Bloomberg. The companies said that American Bitcoin will focus on crypto mining, while Hut 8 targets data center infrastructure for applications such as high-performance computing. In 2025, Bitcoin mining stocks have struggled amid declining cryptocurrency prices and pressure on business models caused by the Bitcoin network’s April halving, according to a JPMorgan research note shared with Cointelegraph. Every four years, the amount of BTC mined per “block” — a bundle of transaction data stored on the chain — is cut in half. April’s halving slashed mining rewards from 6.25 BTC to 3.125 BTC per block. Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle