BEIJING (dpa-AFX) - Cango Inc. (CANG) has completed the sale of its PRC-based business operations to Ursalpha Digital Limited for approximately $351.94 million in cash.
The transaction, finalized on May 27, 2025, enables Cango to fully pivot toward global Bitcoin mining, reallocating financial and operational resources to expand in strategic regions such as North America, the Middle East, South America, and East Africa.
With this divestment, Cango transforms into a focused, well-capitalized leader in the Bitcoin mining sector. The company has also restructured its board by appointing two new members with deep experience in fintech, AI, Web 3.0, and global markets, reinforcing its commitment to innovation and digital finance.
Initial agreements were made public on April 3, 2025, with shareholder approval secured on May 16. The company plans to apply to the China Securities Regulatory Commission to withdraw its 'China Concept Stock' designation.
Thursday, CANG closed at $4.62, down 4.94%, and slipped further in after-hours trading to $4.59, a 0.65% decline on the NYSE.
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