Cango Inc. secures an investment aimed at improving mining efficiency, upgrading equipment, and acquiring strategic assets to strengthen its Bitcoin operations.
Bitcoin miner Cango Inc. announced it received a $10.5 million investment from Enduring Wealth Capital Limited through the subscription of 7 million Class B shares at $1.50 each, with each share carrying 20 votes. CEO Paul Yu stated the funds will be used to enhance mining efficiency, upgrade mining machines, and facilitate the acquisition of strategic assets, marking a significant step in strengthening the company’s Bitcoin operations.