In a major strategic pivot, Shanghai-based Cango has signed definitive agreements to sell its China operations for $351.94 million in cash, signaling a full shift toward the cryptocurrency mining industry.
According to a press release, Ursalpha Digital Limited, a British Virgin Islands-registered firm, will acquire Cango’s PRC (People’s Republic of China) business. The deal includes an upfront payment of $210.64 million, with the remaining balance dependent on tax clearances and credit risk reductions.
Strategic Realignment
The deal follows a non-binding proposal from Enduring Wealth Capital Limited (EWCL) in March, which aimed to acquire control of Cango while overseeing the sale of its domestic business.
The agreement is still subject to shareholder approval and requires an internal restructuring to separate Cango’s China operations from its offshore assets, which include Bitcoin mining and automotive trading outside the mainland.
If approved, Cango will deregister as a “China Concept Stock”—a move that would remove it from China’s regulatory purview. However, the buyer can withdraw from the deal if China’s securities regulator blocks the deregistration or if EWCL fails to finalize a separate agreement to acquire shares from Cango’s co-founders.
Entering the Bitcoin Mining Arena
Cango’s crypto transformation is already in motion. The company previously signed a share-based agreement with Golden TechGen Limited to acquire Bitcoin mining rigs with a total hashrate of 18 EH/s. As part of its divestiture, Cango will amend and possibly renegotiate this agreement.
The sale of its PRC business represents a complete exit from traditional operations in China, positioning Cango as a pure-play Bitcoin mining entity in global markets. The shift marks a bold transformation for the company—one that could position it as a proxy investment vehicle for institutional exposure to Bitcoin mining.
