Cango sells auto finance business to transform Bitcoin mining, reaching $352 million deal with Bitmain affiliates

PANews reported on April 3 that according to The Miner Mag, Cango announced that it would sell its Chinese auto finance business to Ursalpha Digital Limited, which is associated with Bitmain's Antalpha, for US$352 million, to fully transform into a Bitcoin mining company. The transaction includes a $210.6 million advance payment, with the remaining installments being paid on tax and risk adjustments. Cango produced 530 BTC in March, with a position of 2,475 and a computing power of 29.13 EH/s, ranking among the top five listed mining companies in the world.