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Crypto mining company Cango receives $10.5 million investment from EWCL, funds will be used to strengthen Bitcoin mining operations
Deep Tide TechFlow News, December 30 — According to PRNewswire, Bitcoin mining company Cango Inc. (NYSE: CANG) announced it has secured a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). Under the agreement, EWCL will subscribe to 7 million Class B common shares at $1.50 per share, each with 20 voting rights.
After the transaction is completed, EWCL’s ownership stake in Cango is expected to increase from approximately 2.81% to about 4.69%, and voting rights will rise from approximately 36.68% to about 49.61%. Cango CEO Paul Yu stated that the funds will be used to strengthen Bitcoin mining operations, improve hash power efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.