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Cango sells legacy China business, goes all-in on Bitcoin mining: Report

Summary by Cointelegraph

Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, according to a report by The Miner Mag. Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report. Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Ca…

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crypto.news

Cango exits China in $351.9m deal, pivots to Bitcoin mining

Shanghai-based Cango has signed definitive agreements to sell its China operations for $351.94 million in cash, marking a strategic shift towards cryptocurrency mining. Ursalpha Digital Limited, a British Virgin Islands-registered entity, will acquire Cango’s PRC business. The transaction includes an…

1 day ago

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Digital Market News

Cango Divests Legacy China Business To Focus Exclusively On Bitcoin Mining: Report

Cango, a publicly listed Chinese conglomerate, has reached an agreement to divest its legacy operations in China to a group connected with Bitmain, marking its commitment to focus entirely on Bitcoin (BTC) mining, as reported by The Miner Mag. The company will sell its traditional Chinese auto financing segment to Ursalpha Digital Limited in a deal valued at $352 million, according to the report. Moreover, there are reports that Bitmain is trans…

1 day ago

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Crypto Breaking News

Cango Ditches Legacy China Business to Focus on Bitcoin Mining: Latest Report

Cango, a leading Chinese fintech company, has recently made a bold move by selling its traditional automobile financing business in China. According to a new report, the company is now focusing its efforts on venturing into the world of Bitcoin mining. This strategic shift comes at a time when Cango is looking to diversify its business model and explore new opportunities in the rapidly evolving crypto industry. By offloading its legacy business,…

1 day ago

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DailyTruthReport

+2 Reposted by 2 other sources

Cango sells legacy China business, goes all-in on Bitcoin mining: Report

The post Cango sells legacy China business, goes all-in on Bitcoin mining: Report appeared first on Daily Truth Report • DailyTruthReport.com.

1 day ago

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decrypt.co

Bitcoin Mining Stocks Tumble Amid Wider Market Turmoil

It’s not just Bitcoin and other digital coins that were down Thursday—major U.S.miners were struggling, too.

1 day ago·New York, United States

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USA Herald

Cango to sell PRC business for $351.9M - USA Herald

Cango Inc., once a powerhouse in China’s automotive sector, is making a seismic shift—divesting its business in China for a staggering $352 million and steering full throttle into the world of cryptocurrency. The buyer, Ursalpha Digital Ltd., has agreed to the cash deal, marking a radical departure for Cango as it untethers itself from its traditional market and embraces its new identity as an international Bitcoin mining operation. Deal Details…

1 day ago

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