Cango Extends Deadline on 18 EH/s Bitcoin Miner Deal Amid Takeover Talks
Cango has extended the deadline to complete its share-based acquisition of an additional 18 EH/s of Bitcoin mining equipment, as the company evaluates a potential takeover and business restructuring.
The Shanghai-based firm said Monday it signed an amendment with the sellers to move the “Long Stop Date” of its share-settled purchase agreement from March 31 to July 31. The extension comes as Cango considers a pending proposal from Enduring Wealth Capital Limited (EWCL) to acquire control of the company and divest its China-based operations.
Cango originally signed the agreement for the share-based deal in November 2024. If completed, the transaction would follow its $256 million cash acquisition that same month of 32 EH/s of “on-rack” miners from Bitmain—fully installed and ready to mine—marking a major pivot from its legacy auto financing business. The additional 18 EH/s would be purchased from several individuals and entities with ties to Bitmain.
Together, the two deals would give Cango a 50 EH/s mining footprint—among the largest publicly disclosed deployments of mining capacity by a public company.
While the specific equipment models in both transactions have not been formally disclosed, the machines are believed to be primarily Bitmain Antminer S19XP units. Although no longer the most efficient model on the market, the S19XP still represents a significant share of the Bitcoin network’s total hashrate.
Cango’s rapid accumulation of deployed Bitmain hardware—especially in ready-to-mine condition—was followed by EWCL’s takeover proposal earlier this month, fueling speculation that Cango is emerging as a de facto mining proxy for Bitmain.
