Cango Inc. Secures $10.5 Million Investment, Eyes $65 Million More

Cango Inc. (NYSE: CANG), a prominent Bitcoin mining company based in Dallas, has successfully closed a significant equity investment of $10.5 million from Enduring Wealth Capital Limited (EWCL). This investment marks a pivotal step for Cango as it aims to enhance its operations in the Bitcoin mining sector while developing an integrated energy and artificial intelligence (AI) computing platform.

Following this initial investment, Cango has entered into definitive agreements with entities owned by its Chairman, Mr. Xin Jin, and Director Mr. Chang-Wei Chiu, securing an additional $65 million in equity investments. These agreements underscore the confidence that key stakeholders have in the company’s strategic direction and future growth prospects.

On December 29, 2025, Cango announced its investment agreement with EWCL, which involved the issuance of 7 million Class B ordinary shares priced at $1.50 per share. Following this transaction, EWCL’s ownership stake in Cango increased from approximately 2.81% to 4.71% of the total outstanding ordinary shares, significantly boosting its voting power from 36.68% to 49.71%.

The new equity investments consist of two key agreements. The first involves Fortune Peak Limited (FPL), wholly owned by Mr. Chiu, which will purchase 29,975,137 Class A ordinary shares for a total of $39,567,181. The second agreement is with Armada Network Limited (ANL), owned by Mr. Jin, purchasing 19,267,287 Class A shares for $25,432,819. The agreed purchase price of $1.32 per share reflects the recent closing price of Cango’s Class A shares over the preceding four weeks.

Upon completion of these transactions, Mr. Chiu is expected to hold approximately 11.99% of the total outstanding shares, translating to about 6.71% of the voting power. Mr. Jin’s holdings will amount to about 4.70% of the total shares and 2.63% of the voting power.

The closing of both investments is set to occur in February 2026, contingent on customary regulatory approvals. Cango plans to utilize the proceeds from these investments to bolster its expansion into AI and computing infrastructure, while further solidifying its financial position.

Investor inquiries can be directed to Juliet Ye, Head of Communications at Cango Inc.