Former auto loan business Cango mined 954.5 BTC in two months of operations
The company shifted to Bitcoin mining in April 2025 and will also sell 10 million Class B shares.

Cango, formerly engaged in the auto loan sector in China, has fully reoriented its business toward Bitcoin mining and has already mined 954.5 BTC worth over $100 million in just April and May 2025.

In April, the company mined 470 BTC, and in May — another 484.5 BTC. After selling off its traditional China-based business assets in April 2025 for $352 million, Cango rapidly ramped up its Bitcoin mining operations.

In Q1 of this year, the company had already reported mining 1,541 BTC, valued at around $162 million at the time of publication.

“In April and May, Cango operated with an average hash rate of approximately 30 exahashes per second,” the company stated in its report.

This indicates that Cango’s mining infrastructure demonstrates exceptionally high computational power, as in a Proof-of-Work system, hash rate directly determines the chances of securing new blocks and earning Bitcoin rewards.

In addition, Cango announced a major shift in corporate control: the company’s co-founders, Xiaojun Zhang and Jiayuan Lin, signed an agreement to sell 10 million Class B shares—carrying enhanced voting rights—to the investment firm Enduring Wealth Capital for $70 million.

Following the completion of the deal, the company will gain a new controlling shareholder, as Enduring Wealth Capital will hold more than 50% of the voting power, despite owning less than 5% of the company’s economic interest.

“The company will retain the 20-votes-per-share status for these shares,” the statement reads.

The co-founders will also convert all remaining Class B shares into regular Class A shares, each carrying one vote.

It’s worth noting that in April of this year, mining companies sold the highest volume of Bitcoin since late 2022.