NYSE-listed Cango discloses acquisition offer from Enduring Wealth Capital Limited

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Blockbeats
a day ago
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On March 16, according to a report by PR Newswire, NYSE-listed Cango disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL) to acquire 10 million Class B ordinary shares from the company's co-founder, with the purchase price to be determined by both parties. The letter of intent also requires Cango's founder to voluntarily convert all remaining Class B ordinary shares he holds into Class A ordinary shares and resign from the board of directors and executive positions.

BlockBeats previously reported that NYSE-listed automotive transaction service provider Cango has a total Bitcoin holding of 1,944 coins. In November 2024, Cango entered the Bitcoin mining sector, investing $400 million to acquire 50 EH/s of computing power, immediately becoming one of the largest miners globally, providing approximately 6% of the computing power behind Bitcoin. For reference, the world's largest publicly listed miner, MARA Holdings (MARA), has slightly over 47 EH/s of computing power, while the second and third largest are CleanSpark (CLSK) and Riot Platforms (RIOT) with 32 EH/s and 26 EH/s, respectively.

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