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

Cango, a publicly traded Chinese language conglomerate, has agreed to promote its legacy China operations to an entity related to peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, in keeping with a report by The Miner Magazine. 

Cango agreed to promote its legacy Chinese language auto financing enterprise to Ursalpha Digital Restricted in a $352 million deal, in keeping with the report.

 Moreover, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal successfully brings Bitmain’s mining belongings to the general public market, The Miner Magazine mentioned.

Exahashes measure a miner’s contribution to the Bitcoin community’s hashrate, the overall computing energy securing the community.

The Miner Magazine mentioned Ursalpha Digital Restricted has the identical company deal with and founding director as Antalpha, an entity finally managed by the chairman of Bitcoin miner Bitmain. 

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Trump-family connection

Bitmain has skilled US scrutiny after the nation blacklisted its synthetic intelligence affiliate Sopghgo, Bloomberg reported. 

In accordance with Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as a part of a cope with Hut 8, a supplier of energy and computing infrastructure. 

On March 31, Hut 8 purchased a majority possession curiosity in American Bitcoin (previously American Knowledge Facilities), whose founders embody US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump. 

Hut 8 has transferred its Bitcoin mining gear to American Bitcoin, which is reportedly mulling an preliminary public providing (IPO), in keeping with Bloomberg. 

The businesses mentioned that American Bitcoin will give attention to crypto mining, whereas Hut 8 targets information middle infrastructure for purposes akin to high-performance computing. 

In 2025, Bitcoin mining shares have struggled amid declining cryptocurrency costs and strain on enterprise fashions attributable to the Bitcoin community’s April halving, in keeping with a JPMorgan analysis notice shared with Cointelegraph.

Each 4 years, the quantity of BTC mined per “block” — a bundle of transaction information saved on the chain — is reduce in half. April’s halving slashed mining rewards from 6.25 BTC to three.125 BTC per block.

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