Cango Inc. (NYSE: CANG) has officially completed its previously announced acquisitions of crypto mining equipment with a total hashrate of 18 Exahash per second.
The transaction was carried out through the issuance of 146,670,925 Class A ordinary shares to the sellers, proportionate to the hashrate of the machines each party contributed.
The move comes at a time when the overall crypto mining industry is trying to get to profitability after mining activities saw a slump in hashrate, especially after the Bitcoin Halving in April 2024.
Cango Enters Crypto Mining With Share-Settled Transactions
Known as the “Share-Settled Transactions,” the strategic move marks Cango’s significant entry into the crypto mining sector.
By leveraging equity rather than cash, the company has expanded its presence in the digital asset space while preserving liquidity, signaling a long-term commitment to blockchain infrastructure and high-performance mining operations.
Also Read: Bitcoin Miner Cango Finalizes Agreements to Divest PRC Operations
Golden TechGen Secures 19.85% Stake in Cango After Share-Settled Deal
With the completion of the Share-Settled Transactions, Golden TechGen Limited (GT), the largest contributor in the deal, now holds approximately 19.85% of Cango Inc.’s total outstanding shares.
In total, all participating sellers involved in the transaction collectively own around 41.38% of the company’s outstanding shares.
The ownership figure reflects the share distribution prior to the issuance of any Bonus Shares or Adjustment Shares, which were outlined in the company’s June 4, 2025 press release detailing the third amendment to the Share-Settled Transactions.
The substantial equity stake now held by GT and other sellers underscores the scale of the acquisition and their alignment with Cango’s long-term vision.
It also signals a significant shift in shareholder composition and could influence strategic decisions going forward.
The share-based acquisition model allows Cango to enhance its crypto mining capabilities while integrating strategic partners directly into its ownership structure without deploying large cash reserves.
Cango’s Acquired Mining Machines Already Active, Mostly Hosted in U.S.
The mining machines acquired by Cango through the Share-Settled Transactions are already in active operation and hosted in data centers across multiple countries outside China, with the majority based in the United States.
Following the transaction, Cango will continue to keep the machines at their current hosting sites and has appointed a dedicated service provider to manage operations and maintenance.
The arrangement ensures the continuity and stability of mining activities. The completion of the Share-Settled Transactions not only strengthens Cango’s infrastructure in the crypto mining sector but also supports its broader ambitions for growth and expansion within the digital asset ecosystem, positioning the company as a rising player in the global crypto space.
Also Read: New York Stock Exchange Listed Cango Invests $256 Million in Bitcoin Mining Hardware