Cango Inc. Completes Secondary Acquisition and Unveils New Management for Bitcoin Mining Venture

Cango Inc. Completed Major Transformation into Bitcoin Mining

Cango Inc. (NYSE: CANG) has officially announced the successful completion of its transformation into a major player in the Bitcoin mining industry. This landmark milestone comes with the appointment of a new executive leadership team, which is set to leverage their profound expertise in various domains to spearhead the company's growth strategy.

On July 23, 2025, Cango's Board of Directors convened to finalize a series of critical appointments aimed at enhancing the company's governance and operational capabilities. Mr. Xin Jin, an established figure in the crypto space and founder of Antalpha Platform Holding Company, has taken the role of Chairman of the Board. His experience of managing over $1.6 billion in assets and deep-rooted involvement in the cryptocurrency mining sector positions him as an essential asset to Cango’s mission.

The newly appointed Chief Executive Officer, Mr. Peng Yu, carries a hefty resume with significant leadership experience across Bitcoin mining, energy, mergers and acquisitions (M&A), and asset management. With over 18 years in the industry, Mr. Yu is not new to the challenges posed by fast-evolving digital asset landscapes. His leadership is expected to accelerate Cango's standing in the competitive mining space, aiming to create substantial value for shareholders.

Alongside, Mr. Chang-Wei Chiu has been named as a director, having previously held the CIO position at Antalpha Capital, which propels him into a pivotal role with insights into investment strategies vital for Cango’s focus on Bitcoin mining. Under his guidance, Cango aims to solidify its strategic investments and improve operational efficiency.

Additionally, Mr. Yongyi Zhang returns to the company as Chief Financial Officer, having first held the title before the shift into Bitcoin mining. His familiarity with Cango’s operational framework will provide continuity as the company undergoes this significant transition.

The team is rounded off by Mr. Simon Ming Yeung Tang, who takes on the role of Chief Investment Officer. An accomplished corporate finance expert, his experience in both new economy companies and investment banking makes him a valuable addition to the leadership team, facilitating effective resource allocation essential for scaling operations.

With these new appointments, Cango aims to enhance its governance structures, ensuring that independent oversight is solidified through the introduction of dedicated compensation committees and governance committees.

Moreover, the resignation of co-founders Xiaojun Zhang and Jiayuan Lin aligns with this transformation. Their exit follows the secondary sale of 10 million Class B ordinary shares to Enduring Wealth Capital Limited for a significant total of $70 million. Both Zhang and Lin have contributed immensely to Cango's inception and growth, having originally founded the company.

In a press statement, Mr. Peng Yu emphasized, "By harnessing our expertise across Bitcoin mining, digital-asset infrastructure, global finance, and renewable energy, we are strategically positioned to execute our growth plan effectively. Our firm balance sheet, coupled with our 4,000+ Bitcoins in treasury, will allow us to maximize shareholder value while pursuing innovative opportunities in sustainable computing."

Cango Inc. aims not just to sustain but scale its operations beyond 50 EH/s already deployed. The company looks to strategically expand into dedicated power resources, particularly renewable energy avenues. With the arrival of this experienced management team, Cango is poised to scale its operations, fortify its market position, and deliver promising returns to stakeholders.

As Cango continues to operate its existing online international used car export platform, AutoCango.com, the company demonstrates its commitment to diversifying its business portfolio in the burgeoning field of cryptocurrency mining. This strategic pivot, alongside its ongoing operations, indicates the company’s readiness to navigate the challenging yet rewarding landscape of digital assets and solidify its legacy in the industry.

For further updates and detailed information on Cango Inc.'s operations, stakeholders are encouraged to visit Cango's website.