Bitcoin miner Cango lands $75 million in equity backing amid AI expansion strategy

Bitcoin miner Cango Inc. announced it has closed a $10.5 million equity investment from Enduring Wealth Capital Limited (EWCL) and secured an additional $65 million in equity commitments, totaling $75 million in backing. The $10.5 million investment involved issuing Class B shares, which increased EWCL's voting power significantly. The separate $65 million commitment from entities owned by Cango's Chairman and a director involves Class A shares and is pending customary closing conditions, expected in February. Cango plans to use these proceeds to fund its expansion into AI and computing infrastructure while strengthening its balance sheet. This capital raise follows the recent sale of 4,451 BTC for about $305 million, which was also intended to fund its AI initiatives.

(Source：The Block)