Gold prices steady ahead of Fed decision; weekly weakness noted
HONG KONG - Cango Inc. (NYSE:CANG), currently valued at $277 million, has completed its transformation into a global Bitcoin mining company with the appointment of a new board of directors and senior management team, the company announced Wednesday. The announcement comes as the company’s stock trades near $11.70, having declined about 29% over the past six months.
The company named Xin Jin as Chairman of the Board and Non-Executive Director, while Peng Yu was appointed Chief Executive Officer and Director. Additional appointments include Chang-Wei Chiu as Director, Yongyi Zhang as Chief Financial Officer, and Simon Ming Yeung Tang as Chief Investment Officer. According to InvestingPro data, these leadership changes come at a crucial time as the company’s financial health score currently indicates some challenges, with analysts setting price targets between $18.50 and $20.00.
Concurrently, co-founders Xiaojun Zhang and Jiayuan Lin resigned from their positions as the company’s leadership transitions to executives with backgrounds in digital-asset infrastructure, finance, and energy investments.
The leadership change coincides with a secondary transaction in which the co-founders sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited for $70 million. Following this transaction, the co-founders converted their remaining Class B shares to Class A shares, reducing their voting power to 12.07% while Enduring Wealth Capital now holds 36.73% of voting rights.
"Having successfully transformed into a Bitcoin miner, we have already made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world," said Peng Yu in the press release statement. The company reports having deployed 50 EH/s of mining capacity and accumulated more than 4,000 Bitcoins. Investors tracking this transformation can access detailed financial metrics and additional insights through InvestingPro, which features 8 key investment tips for CANG stock.
Cango began its transition into cryptocurrency mining in November 2024 while maintaining its online international used car export business through AutoCango.com.
The new leadership team includes executives with experience from companies including Antalpha Platform Holding Company, ABC International Investment Management, and Credit Suisse. Yongyi Zhang, who previously served as Cango’s CFO from 2018 until the company’s transformation in 2025, rejoins the company in the same role. The company’s next earnings report is scheduled for September 3, 2025, which will provide crucial insights into the success of this strategic transformation.
In other recent news, Antalpha Platform Holding Company has been the focus of several significant developments. The company commenced trading on the Nasdaq Capital Market with an initial public offering (IPO) price of $12.80 per share, offering 3,850,000 ordinary shares. This IPO is anticipated to generate gross proceeds of approximately $49.3 million, with potential to increase to $56.7 million if the underwriters fully exercise their over-allotment option. Additionally, Antalpha has announced plans to allocate up to $40 million in Tether Gold (XAUt) as a hedge against economic instability, aiming to enhance its institutional collateral base.
In terms of analyst activity, both Roth/MKM and Compass Point have initiated coverage of Antalpha with Buy ratings. Roth/MKM set a price target of $18.50, emphasizing the company’s pioneering role in cryptocurrency infrastructure lending. Meanwhile, Compass Point assigned a price target of $20.00, highlighting Antalpha’s strategic partnership with Bitmain and its robust overcollateralized mining loan model. These ratings reflect a positive outlook on the company’s strategic positioning and financial offerings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.