TL;DR
- Chinese firm Cango turned to bitcoin mining a year ago.
- The company will be listed on the New York Stock Exchange on November 17.
- Cango plans to acquire dual-purpose energy infrastructure for mining and HPC.
The Chinese company Cango issued a new update for its shareholders. The firm originally operated an automotive transaction platform. It now focuses on Bitcoin mining and high-performance computing for artificial intelligence.
Cango’s board of directors approved a direct listing on the New York Stock Exchange. The company expects the listing to become active on November 17. This move provides the company with a public market for its shares in the United States.
The company stated it will prioritize improving its bitcoin mining operations
Specific goals include increasing operational uptime and enhancing energy efficiency. Cango entered the bitcoin mining sector one year ago. It spent four hundred million dollars to acquire mining equipment with a power of 50 exahashes per second.
After that initial investment, Cango purchased a mining facility in Georgia for nineteen million dollars. The site has a capacity of fifty megawatts. The company’s bitcoin reserves now hold slightly more than 6,400 bitcoin. This amount has a market value of approximately six hundred fifty-six million dollars.
Concurrently, Cango is pursuing an entry into the AI high-performance computing market. This technology supports complex tasks like training large language models. The company plans to acquire energy infrastructure that serves a dual purpose.
This infrastructure will support immediate mining needs while also being designed for future computing deployments. This approach builds a strategic bridge between its current and planned operations.
Cango’s share price closed at $3.55 on Wednesday. The price reflects an increase of over 27 percent from one year ago. However, it remains about fifty percent lower than its trading range during the summer months.
