Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury

Key Points

1. Cango mined 650.5 Bitcoin in July, up from 450 BTC in June, and has a total holding of 4,529.7 BTC worth around $512 million.

2. The company's surge in production follows a $256 million purchase of mining rigs from Bitmain, securing 32 exahashes per second (EH/s) of hashrate.

3. Cango's pivot from auto financing to Bitcoin mining was marked by a broader $400 million investment strategy announced last November.

4. Cango's stock has rallied 158% over the past 12 months, reflecting investor confidence in its mining operations.

5. Despite China's ban on crypto activities, Cango remains headquartered there, highlighting the complex regulatory environment for crypto businesses in the country.