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HONG KONG - Cango Inc. (NYSE:CANG), whose stock has surged nearly 194% over the past year according to InvestingPro data, mined 450 bitcoins in June 2025, down from 484.5 bitcoins in May, according to a production update released by the company on Tuesday.
The crypto mining firm reported an average daily production of 15 bitcoins in June compared to 15.63 bitcoins per day in the previous month. The company’s bitcoin holdings increased to 3,879.2 at the end of June from 3,429.3 at the end of May, with no bitcoins sold during the period. With a robust financial health score of "GOOD" from InvestingPro and more cash than debt on its balance sheet, Cango appears well-positioned to maintain its operations.
Cango maintained a deployed hashrate of 32 exahash per second (EH/s) throughout June, with an average operating hashrate of 29.92 EH/s, slightly up from 29.86 EH/s in May.
The company also announced the completion of its previously disclosed acquisition of on-rack crypto mining machines with an aggregate hashrate of 18 EH/s on June 27. This acquisition increases Cango’s total hashrate to 50 EH/s.
Cango entered the crypto asset space in November 2024 while continuing to operate its online international used car export business through AutoCango.com. The company’s mining operations are deployed across North America, the Middle East, South America, and East Africa.
The information in this article is based on a press release statement from Cango Inc. For a comprehensive analysis of Cango’s financial metrics, growth prospects, and valuation, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US-listed companies with expert insights and actionable intelligence.
In other recent news, Cango Inc. has entered into a fourth amendment to its agreement for acquiring crypto mining machines with a combined hashrate of 18 Exahash per second. This amendment modifies the distribution of hashrate among sellers and adjusts the allocation of Class A ordinary shares to be issued at closing. The company is actively working to meet the closing conditions necessary for the transaction’s completion. Furthermore, Cango has completed the sale of its PRC-based operations for approximately $351.94 million, allowing the company to focus on Bitcoin mining outside China. This divestiture also included an application for deregistration as a "China Concept Stock" with the China Securities Regulatory Commission. Additionally, Cango’s co-founders and their affiliates sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited, which will result in significant voting control changes. The acquisition of an additional 18 EH/s of mining capacity was also announced, increasing Cango’s total mining capacity to 50 EH/s. These strategic moves are part of Cango’s ongoing efforts to strengthen its position in the global cryptocurrency sector.
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