How Chinese Lending Firm Cango Became a Bitcoin Mining Powerhouse [Yahoo! Finance]
Li Auto Inc. - American Depositary Shares (LI)
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Source: Yahoo! Finance
a new player: Cango (CANG), a Chinese firm that specializes in providing loans to automobile buyers. Based in Shanghai and valued at $363 million on the stock market, Cango is in the process of acquiring 50 exahashes per second (EH/s) worth of mining power, meaning that the auto lending platform will become one of the largest bitcoin miners in the world once its entire fleet goes online. “I guess it's surprising for people in the [bitcoin mining] industry because nobody has ever heard of Cango before,” Juliet Ye, the company's senior director of communications, told CoinDesk in an interview. “But the history of Cango is a history of adaptation. We've diversified into different areas at least two or three times [since the firm was established in 2010].” Getting such a large bitcoin mining fleet isn't cheap. Cango paid $256 million in cash for the first 32 EH/s worth of computing power, which it purchased from bitcoin mining machine manufacturer Bitmain. It will be issuing $144 mi
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Sec Filings
- 1/2/25 - Form 6-K
- 12/16/24 - Form 6-K
- 12/9/24 - Form 144
- LI's page on the SEC website