Cango Raises 75M to Expand Bitcoin Mining and AI Compute

Cango says it has locked in 75 million in equity funding as it builds out a broader strategy that pairs bitcoin mining with AI and computing infrastructure.

Key Takeaways

• Cango closed a 10.5 million equity investment from Enduring Wealth Capital Limited, issuing 7 million Class B shares priced at 1.50 each.
• The company also signed agreements for 65 million more in equity commitments from entities tied to Chairman Xin Jin and director Chang Wei Chiu, priced at 1.32 per share.
• Cango plans to use the proceeds to expand into AI compute and infrastructure while also strengthening its balance sheet.
• The 65 million investments are expected to close in February 2026, pending conditions including New York Stock Exchange approval.

What Happened?

Cango Inc. announced it completed a previously disclosed 10.5 million equity investment and secured agreements for an additional 65 million in equity commitments. The funding is designed to support the company’s push beyond mining into AI computing and related infrastructure, according to the company.

The deal structure also highlights how Cango is balancing capital raising with voting control, using different share classes with very different voting rights.

Details of the 10.5 Million Investment

Cango said it closed the 10.5 million investment from Enduring Wealth Capital Limited, or EWCL, by issuing 7 million Class B ordinary shares at 1.50 per share. Those Class B shares come with 20 votes per share, giving them outsized influence compared with Class A shares.

After the closing, EWCL’s beneficial ownership increased to about 4.71 percent of Cango’s total outstanding ordinary shares. More notably, its voting power rose to about 49.71 percent of total voting power, up from roughly 36.68 percent before the transaction.

Cango previously said it entered into the investment agreement with EWCL on December 29, 2025, and the company confirmed the shares have now been issued.

The Additional 65 Million in Equity Commitments

Alongside the EWCL closing, Cango said it entered into definitive agreements for an additional 65 million in equity investments from entities wholly owned by two insiders.

Those investors are connected to Chairman Xin Jin and board director Chang Wei Chiu. Unlike the EWCL round, these investments are in Class A ordinary shares, which carry one vote per share.

Under the agreements:

• Fortune Peak Limited, wholly owned by Mr. Chiu, agreed to subscribe for 29,975,137 Class A shares for an aggregate 39,567,181.
• Armada Network Limited, wholly owned by Mr. Jin, agreed to subscribe for 19,267,287 Class A shares for an aggregate 25,432,819.

The purchase price for both was set at 1.32 per share, based on the closing price of Cango’s Class A shares over the prior four weeks.

Cango said the audit committee and board approved the arrangements. The closings are still subject to customary conditions and regulatory approvals, including New York Stock Exchange approval, and are expected to close in February 2026.

After completion, Cango expects Mr. Chiu to hold about 11.99 percent of total outstanding shares and 6.71 percent of voting power. Mr. Jin is expected to hold about 4.70 percent of shares and 2.63 percent of voting power.

Why Cango Is Raising Capital Now?

Cango is framing the raise as a way to fund a bigger transformation.

The company said it plans to use the proceeds to support expansion into AI and computing infrastructure while strengthening its balance sheet. In recent communications, Cango has described itself as a bitcoin miner that is building an integrated platform that links energy, mining, and AI compute.

The capital raise follows a major change in how Cango is managing its treasury. Earlier in February, the company sold 4,451 BTC for about 305 million, saying the move was aimed at reinforcing liquidity and funding AI initiatives. Cango had ended 2025 with bitcoin reserves above 7,500 BTC, after an aggressive accumulation push before the partial selloff.

Cango entered bitcoin mining in late 2024 and says it operates across more than 40 sites globally. It has also been developing integrated energy and distributed AI computing projects alongside its mining operations.

CoinLaw’s Takeaway

I see this as Cango trying to do two things at once, and doing it in a pretty direct way. First, it is raising cash to keep growing while the market is still willing to fund miners. Second, it is clearly telling investors it does not want to be valued only as a bitcoin miner anymore. In my experience, the market tends to punish pure mining stories when margins get squeezed, so the pitch toward AI compute infrastructure is an attempt to earn a higher, more stable valuation.

What stands out to me is the share class setup. The EWCL investment uses Class B shares with heavy voting rights, while the insider backed Class A commitments add capital without concentrating voting power the same way. That mix suggests Cango is being careful about control, even as it pulls in new money. If the AI buildout becomes real revenue, this funding round could look well timed. If it stays mostly a narrative, investors will quickly focus on execution risk and cash burn.

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