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Mining company Cango receives $10.5 million investment from EWCL to strengthen mining operations
BlockBeats News, December 30 — According to PR Newswire, Bitcoin mining company Cango Inc. (CANG) announced it has secured a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). EWCL will subscribe for 7 million Class B common shares at $1.50 per share, each with 20 voting rights. After the transaction is completed, EWCL’s ownership stake in Cango is expected to increase from approximately 2.81% to about 4.69%, and voting rights will rise from approximately 36.68% to about 49.61%. Cango CEO Paul Yu stated that the funds will be used to strengthen Bitcoin mining operations, improve hash rate efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.