Key Takeaways:
- Cango mined 954.5 BTC worth $100.5M in April and May after fully pivoting to crypto.
- The firm reported a sustained average hashrate of nearly 30 EH/s across those months.
- Co-founders are selling high-vote shares to Enduring Wealth Capital, which could gain voting control.
Bitcoin mining firm Cango has mined 954.5 BTC worth roughly $100.5 million in April and May 2025, following its complete transition to cryptocurrency mining.
The pivot came after the company divested its traditional China-based operations to an entity linked to Bitmain, signaling a full embrace of the crypto sector.
Cango produced 484.5 BTC in May 2025, taking our total Bitcoins held to 3,429.3. Read more https://t.co/xOSEk9rsGe #Cango #Bitcoin #crypto $CANG pic.twitter.com/8QsMHkIVhU
— CANGO (@Cango_Group) June 3, 2025
In April, Cango mined 470 BTC, followed by 484.5 BTC in May, maintaining an average hashrate of nearly 30 exahashes per second throughout the period.
This performance builds on strong Q1 results, where Cango mined 1,541 BTC valued at $162 million.
In a separate corporate development, Cango’s co-founders Xiaojun Zhang and Jiayuan Lin have agreed to sell 10 million high-vote Class B shares to Enduring Wealth Capital for $70 million.
Each Class B share carries 20 votes, and under the terms of the deal – pending shareholder approval – Enduring Wealth would gain majority voting control while owning under 5% of the company’s economic equity.
The rest of the Class B shares would convert to standard Class A shares with one vote each.
If approved, the deal would mark a significant shift in Cango’s governance structure, potentially affecting future strategic decisions.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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