Cango, a Mining Enterprise, Raises $75.5 Million in New Funding, Focusing on Transitioning to an AI-based Distributed Computing Power Platform and Strengthening its Balance Sheet

BlockBeats News, February 12th, US-listed mining company Cango Inc. (NYSE: CANG) announced that it has completed the $10.5 million Series B equity investment delivery from EWCL. Chairman of the company, Mr. Xin Jin, and Director Mr. Chang-Wei Chiu have signed an agreement to make additional equity investments totaling $65 million, reflecting a high degree of alignment between the core management team and the company's long-term development interests.

This total of approximately $75.5 million in new funds will be used to support the company's transformation to an AI distributed computing power platform and further strengthen its balance sheet to ensure the stability of its business expansion. The Cango Inc. management team and institutions are investing concurrently, reinforcing long-term strategic consistency, and outlining the "AI Inference" differentiation path to target the second growth curve.

In the future, Cango will deepen its presence in the AI inference market by empowering global small and medium-sized mining sites to transition to AI computing power nodes, building a highly flexible distributed computing power network. In addition, the company has established a wholly-owned subsidiary, EcoHash Technology LLC, in Dallas to serve as the global engine for its AI business. Jack Jin, former Head of Zoom infrastructure, has been appointed as CTO to build the technological foundation for managing a massively scalable GPU cluster.

Cango strengthened its balance sheet by repaying part of its BTC holdings to settle a mortgage loan. It also converted some of its static assets into liquid funds. Together with this additional financing, the company has secured the funding runway during the transformation period, enabling full support for the development of the AI computing power infrastructure and software orchestration platform.