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SHANGHAI - Cango Inc. (NYSE: CANG), a prominent player in the Bitcoin mining industry with a market capitalization of $445 million and an impressive financial health score rated "GREAT" by InvestingPro, announced its inclusion in the Bitwise Bitcoin Standard Corporations ETF (NYSE Arca: OWNB), a fund that provides investors with exposure to companies holding over 1,000 Bitcoins. This event marks a significant recognition for Cango’s recent strategic shift to Bitcoin mining. According to InvestingPro analysis, the company currently trades at an attractive P/E ratio of 10.8, suggesting potential value for investors interested in the crypto mining sector.
The ETF, which tracks the Bitwise Bitcoin Standard Index, was launched on March 11, 2025. Cango’s CEO, Mr. Jiayuan Lin, expressed pride in the company’s inclusion, attributing it to Cango’s achievements in the Bitcoin mining sector. The company’s success is reflected in its remarkable 202% return over the past year and strong gross profit margin of 55%. Cango has been focusing on this area since the last quarter of 2024 and has reported industry-leading productivity per hash rate and a substantial global hashrate ranking. For deeper insights into Cango’s performance metrics and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro.
Cango, headquartered in Shanghai, has strategically positioned its mining operations across various global locations, including North America, the Middle East, South America, and East Africa. The company ventured into the crypto assets market in November 2024, leveraging the growing prevalence of blockchain technology and crypto assets to diversify its business portfolio. With a healthy current ratio of 1.88 and analysts forecasting 7.65% revenue growth, Cango maintains a strong financial position while expanding its operations. Despite this pivot, Cango continues to operate its automotive transaction service in China, a sector it has been part of since 2010.
The company’s forward-looking statements highlight its plans for sustained growth and global expansion in the Bitcoin mining sector. However, these statements are subject to the usual risks and uncertainties associated with forward-looking statements as outlined under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995.
This announcement is based on a press release statement from Cango Inc. and does not include any independent verification of the claims made. The company’s future plans and achievements are presented as part of the press release without any endorsement of their validity.
In other recent news, Cango Inc. reported a remarkable revenue increase for Q4 2024, achieving RMB 668 million, which marks a 400% year-over-year surge. This growth is attributed to the company’s shift towards cryptocurrency mining, resulting in a net income of RMB 55.9 million, reversing a loss from the previous year. Additionally, Cango announced a $30 million share buyback program, reflecting its commitment to enhancing shareholder value. The company also received a preliminary non-binding buyout offer, forming a special committee to evaluate the proposal. This potential acquisition could significantly alter Cango’s ownership structure, though details remain undisclosed. As part of its strategic direction, Cango has invested in Bitcoin mining machines, positioning itself as the third-largest Bitcoin miner globally. These developments come amidst a dynamic market for tech services, with mergers and acquisitions being a common growth strategy. Investors and analysts are closely monitoring these moves to understand Cango’s future trajectory in the evolving market landscape.
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