Cryptocurrency mining company Cango secures $10.5 million investment from EWCL

According to PRNewswire, Bitcoin mining company Cango Inc. (NYSE: CANG) announced a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). Under the agreement, EWCL will subscribe to 7 million shares of Class B common stock at a price of $1.50 per share, with each share having 20 votes.

Upon completion of the transaction, EWCL's ownership stake in Cango is expected to increase from approximately 2.81% to about 4.69%, and its voting power will rise from approximately 36.68% to around 49.61%. Cango CEO Paul Yu stated that the funds will be used to strengthen Bitcoin mining operational capacity, enhance hash rate efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.