"Cango Inc. closed a $65 million insider equity round and a $10 million convertible note deal, bringing in fresh capital to fund its pivot toward artificial intelligence and energy infrastructure."
"The $65 million equity placement was purchased by entities controlled by Chairman Xin Jin and Director Chang-Wei Chiu, fulfilling definitive agreements announced earlier in February 2026."
"Cango entered bitcoin mining in November 2024, mining 6,594.6 BTC in 2025, generating $675.5 million in income, but reported a net loss of $452.8 million."
Cango Inc. secured $65 million in an insider equity round and a $10 million convertible note to support its transition to artificial intelligence and energy infrastructure. The equity placement involved shares purchased by Chairman Xin Jin and Director Chang-Wei Chiu. The convertible note with DL Holdings Group Limited matures in 2028 and can convert to shares. Cango, which entered bitcoin mining in 2024, reported $688.1 million in revenue from mining in 2025 but faced a net loss of $452.8 million due to ongoing investments and market pressures.
Read at news.bitcoin.com
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