Cango Inc. closed two capital transactions totaling $75 million aimed at strengthening its financial position and accelerating its expansion in artificial intelligence and energy infrastructure. The company operates as a Bitcoin miner and is listed on the NYSE under the ticker CANG.
The first transaction consisted of the issuance of 49,242,424 Class A ordinary shares to two entities controlled by Xin Jin, chairman of the board, and Chang-Wei Chiu, director of the company. The transaction closed on March 31, 2026, and generated net proceeds equivalent to $65 million, settled in USDT.
The second transaction involves DL Holdings Group Limited, a financial services group listed on the Hong Kong Stock Exchange. Cango issued a $10 million convertible note maturing on April 1, 2028, with an initial conversion price of $1.62 per share, along with a warrant to acquire up to 370,370 shares at $2.70 per unit.
The funds will be allocated to upstream value chain acquisitions and expansion in AI computing infrastructure. Both parties also signed a memorandum of understanding establishing a strategic cooperation framework, with a potential additional investment of up to $10 million from DL Holdings directed toward cryptocurrency mining and artificial intelligence.
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