Cango, a Chinese corporation publicly traded on the stock market, is pivoting sharply toward Bitcoin (BTC) mining. The company has reached an agreement to divest its original Chinese operations to a firm linked to Bitmain, a major player in the crypto mining world, as reported by The Miner Mag.
The deal involves Cango selling its Chinese auto financing arm to Ursalpha Digital Limited for $352 million, according to the aforementioned report.
Furthermore, sources indicate that Bitmain will transfer a substantial 32 exahashes per second (EH/s) of mining power to Cango as part of this transaction. This effectively introduces Bitmain’s considerable mining capabilities to the public market, The Miner Mag notes.
An exahash is a unit used to quantify a miner’s contribution to the overall Bitcoin network’s computational strength, known as the hashrate, which safeguards the blockchain.
The Miner Mag reports that Ursalpha Digital Limited shares the same official business address and inaugural director as Antalpha, an organization ultimately under the control of the chairman of Bitcoin mining giant, Bitmain.
Cango’s stock proxies on the NYSE have risen significantly, showing a 25% increase this month. Source: Google Finance
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Bitmain’s Ties and Connections
Bitmain has recently faced increased examination from US authorities, following the blacklisting of its artificial intelligence subsidiary, Sopghgo, according to Bloomberg reports.
Bloomberg also indicates that Bitmain maintains a collaborative relationship with American Bitcoin, a crypto mining firm with ties to the Trump family. This entity was formed in March through an agreement with Hut 8, a company specializing in power and computing infrastructure.
On March 31st, Hut 8 acquired a controlling stake in American Bitcoin (formerly known as American Data Centers), which counts Donald Trump Jr. and Eric Trump, sons of former U.S. President Donald Trump, among its founders.
Hut 8 has reportedly transferred its Bitcoin mining hardware to American Bitcoin, which is considering an initial public offering (IPO), as reported by Bloomberg.
The companies have stated that American Bitcoin will concentrate on cryptocurrency mining operations, while Hut 8 will dedicate its efforts to data center infrastructure development for applications like high-performance computing.
During 2025, shares of Bitcoin mining companies have seen a decline, reflecting weaker cryptocurrency valuations and business model challenges stemming from the Bitcoin network’s halving event in April, according to a JPMorgan research note obtained by Cointelegraph.
This halving event, occurring roughly every four years, cuts the amount of BTC awarded per “block” (a collection of transaction data on the blockchain) by 50%. The April halving reduced miner rewards from 6.25 BTC to 3.125 BTC for each block mined.
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