Solar stocks surge after Treasury tightens clean energy tax credit rules
HONG KONG - Cango Inc. (NYSE:CANG), a company with a market capitalization of $882 million that has seen its stock surge 183% over the past year, has acquired a 50 MW bitcoin mining facility in Georgia, USA, for $19.5 million in cash, the company announced Monday.
The facility, which previously hosted Cango’s miners under a third-party agreement, will now allocate 30 MW to the company’s self-mining operations and 20 MW to hosting services for third-party clients. The site comes fully equipped with mining infrastructure, accommodation, and support facilities.
This acquisition represents Cango’s first step in building a portfolio of owned and operated mining facilities, according to a company press release. The company entered the cryptocurrency sector in November 2024 while maintaining its online international used car export business through AutoCango.com.
"This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure," said Peng Yu, CEO of Cango.
The company stated that the move will help develop in-house operational expertise for managing self-owned mining sites. Cango also indicated plans to gradually pivot toward supplying energy for high-performance computing applications beyond bitcoin mining.
The transaction aligns with the company’s strategy to acquire low-cost power operations while developing new revenue streams to optimize power costs and expand operational capacity.
In other recent news, Cango Inc. reported mining 450 bitcoins in June 2025, a decrease from the 484.5 bitcoins mined in May. Despite the drop in production, the company’s bitcoin holdings increased to 3,879.2 by the end of June, with no sales of bitcoins during the month. Cango has also completed a significant hashrate expansion, operating at 50 exahash per second across multiple continents. Additionally, the company announced a fourth amendment to its acquisition agreement for crypto mining machines, adjusting the distribution of hashrate among sellers such as Golden TechGen Limited and Fortune Peak Limited. This amendment affects the allocation of Class A ordinary shares and potential bonus shares. In another strategic move, Cango divested its operations in the People’s Republic of China for approximately $351.94 million, focusing its Bitcoin mining efforts outside China. H.C. Wainwright initiated coverage of Cango with a Buy rating, noting the company’s shift from auto financing to Bitcoin mining. The firm has set an $8.00 price target for the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.