Cango finalizes pivot to a Bitcoin mining company

Cango Inc., a publicly traded company listed on the New York Stock Exchange, has completed its transformation into a Bitcoin miner.

Cango, a Chinese firm listed in the United States that announced plans to pivot into a Bitcoin (BTC) mining company in November 2024, has confirmed it is now fully transitioned. The company announced its milestone on July 23, 2025, noting that progress towards this goal has included notable growth in its Bitcoin treasury.

The firm states that it currently holds over 4,000 BTC and plans to expand its capacity beyond 50 exahashes per second. Cango also eyes mining with green energy.

New leadership

To strengthen its Bitcoin mining operations, Cango has undertaken a significant overhaul of its leadership, with changes to the board of directors and senior management.

Among those to take up leadership roles in the new team include Peng Yu as chief executive officer and director, Xin Jin as chairman of the board and non-executive director and Yongyi Zhang as chief financial officer. 

Meanwhile, Xiaojun Zhang and Jiayuan Lin have resigned as director and chairman, and chief executive officer respectively. 

“This leadership team gives Cango the right mix of skills to execute our next phase of growth,” new CEO Peng noted. “Having successfully transformed into a Bitcoin miner, we have already made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world.”

Exit China, become a Bitcoin miner

Cango, founded in 2010, operated as a China-based car financing platform.

However, it has since sold the automotive business, with its pivot to mining seeing it grow its mining fleet considerably. The hash rate has increased to 50 EH/s following a recent acquisition, which is being deployed for mining operations across four continents.

The miner, whose pivot means it now competes against top BTC mining companies such as MARA, Riot and CleanSpark, managed 1,541 Bitcoin mined in the first quarter of 2025. Its total of over 4k BTC is up from around 3,430 at the end of May.

In comparison, Bitcoin Treasuries data shows MARA currently holds 50,000 BTC.