Cango Inc. Transforms into a Global Bitcoin Miner with New Leadership Team

Cango Inc. Transforms into a Global Bitcoin Miner

In a significant corporate transformation, Cango Inc. (NYSE: CANG) announced its shift to becoming a global player in Bitcoin mining. This strategic pivot is marked by new leadership aimed at enhancing the company’s capabilities within the digital assets sector.

On July 23, 2025, Cango's board appointed a robust executive team with extensive expertise in digital asset infrastructure, finance, and energy investments. The newly appointed members include Xin Jin as Chairman of the Board and Non-Executive Director, Peng Yu as CEO and Director, Chang-Wei Chiu as a Director, Yongyi Zhang as Chief Financial Officer, and Simon Ming Yeung Tang as Chief Information Officer.

To strengthen corporate governance, the board also appointed Chi Ming Lee as an independent director, along with Yanjun Lin, who takes on the role of Chairman of the Remuneration Committee and becomes a voting member of the Nominations and Corporate Governance Committee. Additionally, Haitian Lu has been named Chairman of the Nominations and Corporate Governance Committee. These changes aim to enhance transparency and accountability within the organization.

Peng Yu, the newly appointed CEO, expressed confidence in the new team’s ability to steer Cango through its next phase of growth. He remarked, “This management team provides Cango with the right blend of skills to execute our next growth phase. After successfully transitioning into Bitcoin mining, we have made significant strides in the last seven months, positioning ourselves among the largest Bitcoin miners globally.”

The company reported achieving an impressive operational capacity of over 50 EH/s and has strategically safeguarded its treasury holdings, which currently exceed 4,000 Bitcoins. With a solid financial base and a long-term vision, Cango is poised to not only maintain but also expand its Bitcoin assets, thereby maximizing shareholder value.

Part of the company’s strategy includes developing sustainable, high-performance computational opportunities. This involves a targeted expansion of energy resources, particularly focusing on green energy solutions, which are anticipated to create long-lasting value for shareholders and facilitate further growth.

Cango’s strategic board reshuffling comes alongside the secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million. Following this transaction, founders Xiaojun Zhang and Jiayuan Lin resigned from their roles, converting their remaining Class B shares into Class A shares, which result in them holding 18.54% of the total shares and 12.07% of the voting rights. Meanwhile, Enduring Wealth Capital Limited now holds approximately 2.82% of the total shares and 36.73% of the voting power.

Cango Inc.'s rebranding and leadership overhaul exemplify the dynamic nature of the technology and financial landscapes. As the company embarks on this new journey in Bitcoin mining, it aims to leverage its collective expertise to create revolutionary advancements in the digital economy. Investors and stakeholders are keenly observing these developments, anticipating a promising horizon for this evolving enterprise.

For further details on Cango Inc.'s strategic initiatives and leadership appointments, visit Cango's Investor Relations Page.