Cango, a company with a background in bitcoin mining, has undergone a significant transformation in its business model. In February, the company sold 4,451 BTC on the open market, generating $305 million in net proceeds.
The funds from this sale were used to reduce a Bitcoin-backed loan, lowering debt and improving financial stability. This move marks a shift from simply holding bitcoin as an asset to actively deploying it as working capital.
To support its AI ambitions, Cango also raised new equity. The company secured a Class B equity investment of $10.5 million from Enduring Wealth Capital Limited (EWCL), totaling $75.5 million in fresh capital.
This includes a $65 million investment from entities led by Cango's chairman and director, demonstrating strong internal support for the company's new direction.