Cango Inc.'s Transition to Global Bitcoin Mining: New Leadership and Growth Vision

Cango Inc. Transforms Into a Leading Bitcoin Miner

In a significant move, Cango Inc. (NYSE: CANG) has officially declared its strategic pivot to becoming a global Bitcoin mining powerhouse. This announcement comes alongside the appointment of a new Board of Directors and a management team with extensive experience in digital asset infrastructure, finance, and energy investments, as revealed on July 23, 2025.

Leadership Changes

The Board has seen a comprehensive reshuffle aimed at strengthening governance and driving Cango's growth trajectory. Mr. Xin Jin has taken the role of Chairman of the Board and Non-Executive Director, while Mr. Peng Yu assumes the role of CEO and Director. Other key appointments include Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as CIO.

To enhance the company's governance framework, independent directors were assigned to critical committees, ensuring transparency and effective oversight. Mr. Chi Ming Lee joins as a member of the Compensation Committee and Nominating and Corporate Governance Committee, whereas Mr. Yanjun Lin takes on the role of Chairman of the Compensation Committee. Additionally, Mr. Haitian Lu will chair the Nominating and Corporate Governance Committee.

The reshuffling comes in tandem with the resignation of co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin, marking a new chapter for Cango as it embarks on its Bitcoin venture. This transition is further underscored by a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited, raising $70 million. Following this transaction, the outgoing co-founders converted their remaining Class B shares into Class A shares, allowing them to hold 18.54% of total outstanding shares and 12.07% of voting power.

A Bold Leap into Bitcoin Mining

Cango’s transformation into a Bitcoin miner is driven by a robust desire to capitalize on the growing digital asset market. Under the leadership of Mr. Peng Yu, the new management team is focused on leveraging their collective expertise to emulate their remarkable progress over the past seven months, securing a spot among the largest Bitcoin miners globally.

Peng Yu emphasized that the newly formed leadership team possesses the right mix of skills necessary for the next growth phase. With a healthy balance sheet and clearly defined long-term objectives, the team aims to scale operations beyond the current deployment of 50 EH/s. This expansion is expected to not only secure but also strategically grow Cango's treasury of over 4,000 Bitcoins, further maximizing shareholder value.

Furthermore, Cango is looking to develop sustainable, high-performance computing opportunities. The company has plans to strategically enhance its operations upstream into dedicated power resources, particularly focusing on green energy solutions. Such initiatives are poised to create enduring value for shareholders while propelling further growth.

Conclusion

As Cango Inc. embarks on this transformative journey towards becoming a major player in Bitcoin mining, the recent leadership changes mark a significant pivot in its strategy and operational focus. With a seasoned team at the helm and a clear vision for sustainable growth, Cango is set to navigate the ever-evolving landscape of digital assets.

This transition not only reflects Cango's commitment to innovating within the financial technology space but also highlights its strategic approach to harnessing the power of cryptocurrencies. As the company moves forward, stakeholders can anticipate exciting developments that align with its new mission and vision.