According to Foresight News , Bitcoin mining company Cango Inc. announced on April 1, 2026, that it had completed two significant capital transactions: securing $65 million in strategic financing from members of the company's leadership team, and entering into a $10 million convertible note financing agreement with DL Holdings Group Limited.
According to the investment agreement announced on February 12, 2026, Cango issued and sold 49,242,424 Class A ordinary shares to two entities, both wholly owned by Chairman of the Board Xin Jin and Director Chang-Wei Chiu. The transaction was completed on March 31, 2026, resulting in a net proceeds of US$65 million, settled in USDT.
In addition, Cango entered into a securities purchase agreement with DL Holdings, issuing $10 million in convertible notes and related warrants to purchase up to 370,370 Class A ordinary shares at a price of $2.70 per share, subject to adjustment. Cango plans to use the proceeds from the note issuance for potential upstream acquisitions and to support its expansion in AI and computing infrastructure.
Cango also signed a Memorandum of Understanding (MOU) with DL Holdings, outlining a proposed strategic collaboration framework. According to the MOU, DL Holdings expressed its intention to make one or more strategic investments with the company, potentially totaling up to $10 million, to support Cango's work in cryptocurrency mining facilities and artificial intelligence. All investments are subject to due diligence and the signing of a legally binding final agreement; the MOU does not constitute a legally binding obligation, except for certain standard terms.
