By Chris Hollingworth 
Cango, a publicly traded Chinese conglomerate, has recently made a strategic decision to divest its legacy China operations in order to focus entirely on Bitcoin (BTC) mining. According to a report by The Miner Mag, Cango has agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a deal valued at $352 million. This move signifies Cango’s commitment to entering the Bitcoin mining sector.
In a significant development, Bitmain, a prominent player in the Bitcoin mining industry, is reportedly transferring 32 exahashes per second (EH/s) to Cango as part of this agreement. This transfer effectively brings Bitmain’s mining assets into the public market, as detailed in The Miner Mag’s report. Exahashes are a measure of a miner’s contribution to the Bitcoin network’s hashrate, which represents the total computing power securing the network.
The Miner Mag also revealed that Ursalpha Digital Limited shares the same corporate address and founding director as Antalpha, an entity that is ultimately controlled by the chairman of Bitmain, highlighting the interconnected nature of the deal.
Following this news, proxies for Cango’s shares on the NYSE have seen a notable 25% increase in value this month, indicating positive market sentiment towards the company’s strategic shift towards Bitcoin mining.
On a separate note, Bitmain has faced scrutiny in the United States after its AI affiliate Sopghgo was blacklisted by the country, as reported by Bloomberg. The company’s relationship with American Bitcoin, a mining entity associated with the Trump family, has also garnered attention. American Bitcoin was established as part of a deal with Hut 8, a provider of power and computing infrastructure. Notably, Hut 8 acquired a majority ownership interest in American Bitcoin, whose founders include Donald Trump Jr. and Eric Trump, the sons of US President Donald Trump.
As per Bloomberg’s report, American Bitcoin is considering an initial public offering (IPO) and will focus on crypto mining activities, while Hut 8 will continue to concentrate on data center infrastructure for applications such as high-performance computing.
Looking ahead, Bitcoin mining stocks have faced challenges in 2025 due to declining cryptocurrency prices and business model pressures stemming from the April halving of the Bitcoin network. Every four years, the amount of BTC mined per “block” is halved, impacting mining rewards. The April halving reduced mining rewards from 6.25 BTC to 3.125 BTC per block, contributing to the difficulties faced by Bitcoin mining stocks, as outlined in a JPMorgan research note shared with Cointelegraph.
In light of these developments, the intersection of traditional business operations with the rapidly evolving landscape of Bitcoin mining and cryptocurrency presents a dynamic and complex environment for investors and industry observers alike.
