Cango sells its car finance business to transition into Bitcoin mining, reaching a $352 million deal with Bitmain's affiliated company

According to The Miner Mag, Cango announced the sale of its Chinese auto finance business to Ursalpha Digital Limited, associated with Bitmain's Antalpha, for $352 million USD. This marks a full transition into a Bitcoin mining enterprise. The deal includes an advance payment of $210.6 million USD, with the remainder paid in installments subject to tax and risk adjustments. In March, Cango produced 530 BTCs and held 2,475 BTCs in total; its computing power reached 29.13 EH/s making it one of the top five listed mining companies worldwide.