Bitcoin mining company Cango raises $10.5 million in funding, EWCL voting rights close to 50%

【BlockBeats】Another major financing has arrived. Cango Inc. has just announced a $10.5 million investment from Enduring Wealth Capital Limited(EWCL). The way this money is coming in is quite interesting—EWCL is purchasing 7 million Class B common shares at $1.50 per share, with each share carrying 20 voting rights.

After the transaction is completed, the landscape will change. EWCL's stake in Cango will increase from 2.81% to 4.69%, but more importantly, the voting rights will jump from 36.68% directly to 49.61%, nearly controlling half of the voting power.

Cango's CEO Paul Yu revealed the use of these funds: strengthening Bitcoin mining operations, improving hash rate efficiency, upgrading mining equipment, and selectively acquiring some strategic mining assets. It seems this is not just a financing round but also paving the way for expansion and upgrades of the mining business.

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