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

Cango Inc. Transforms into a Global Bitcoin Miner

In a significant shift in its business strategy, Cango Inc. (NYSE: CANG) announced on July 23, 2025, that it is transforming into a global Bitcoin miner. This strategic shift is not just about diversifying its operations; it also involves the appointment of a robust leadership team intended to steer the company through this new frontier in the digital economy.

The newly appointed executive team includes prominent figures with extensive expertise in digital infrastructure, finance, and energy investments. Xin Jin has been named the Chairman of the Board, with Peng Yu stepping in as the new CEO and Director. Other appointees include Chang-Wei Chiu as Director, Yongyi Zhang as CFO, and Simon Ming Yeung Tang as CIO.

The board has also reinforced its governance structure, appointing independent directors to the Compensation Committee and the Nominating and Corporate Governance Committee. This move signifies Cango's commitment to maintaining high standards of corporate governance as it navigates its transformation. Among those stepping down are Xiaojun Zhang, the former Director and Chairman, and Jiayuan Lin, who previously held multiple roles including CEO and Interim CFO. Their resignations coincide with a secondary sale of ten million Class B shares to Enduring Wealth Capital Limited for $70 million.

In the wake of this shift, CEO Peng Yu commented on the newly formed leadership's diverse skill set, emphasizing that it would equip Cango for its upcoming phase of growth. The company has already seen impressive advancements since initiating its transition to a Bitcoin miner, establishing itself as one of the largest Bitcoin mining operations globally in just seven months.

Cango's strategy also focuses on sustainable growth, with plans to enhance its installed capacity, which currently stands at an impressive 50 EH/s. The company holds over 4,000 Bitcoins and aims not only to secure but also strategically increase its holdings to maximize shareholder value. Part of this strategy includes investing in dedicated energy sources, signifying a particular interest in green energy solutions. This move reflects an understanding of the importance of sustainable practices in today's climate-conscious market.

Overall, the transformation marks a bold new chapter for Cango Inc., positioning the company for future growth in the digital currency landscape. With a solid balance sheet and a clear vision for the future, the new leadership team is poised to drive the company forward, ensuring that it remains competitive amidst the fast-evolving Bitcoin mining industry. This proactive approach signals to investors that Cango is not merely spinning its wheels but is serious about harnessing the potential of cryptocurrency mining.

As the company starts this new journey, it invites shareholders and interested stakeholders to watch closely as Cango embarks on its ambitious path, promising to deliver long-term value through innovative strategies and sustainable practices. With a renewed focus on its mission, Cango Inc. is set to redefine its identity in the mining sector while adhering to principles that enhance both profitability and environmental stewardship.