Mining Firm Cango Receives $10.5 Million Investment from EWCL to Enhance Mining Operations

BlockBeats News, December 30th, according to PR Newswire, Bitcoin mining firm Cango Inc. (CANG) announced that it has received a $10.5 million investment from Enduring Wealth Capital Limited (EWCL). EWCL will subscribe to 7 million shares of Class B common stock at $1.50 per share, with each share having 20 votes. Following the transaction, EWCL's stake in Cango is expected to increase from approximately 2.81% to around 4.69%, and its voting power is set to rise from about 36.68% to around 49.61%.

Cango CEO Paul Yu stated that this funding will be used to enhance Bitcoin mining operation capabilities, improve hash rate efficiency, upgrade mining equipment, and selectively acquire strategic mining assets.