Cango sells its car finance business to transition into Bitcoin mining, reaching a $352 million deal with Bitmain's affiliated company
According to The Miner Mag, Cango announced the sale of its Chinese auto finance business to Ursalpha Digital Limited, associated with Bitmain's Antalpha, for $352 million USD. This marks a full transition into a Bitcoin mining enterprise. The deal includes an advance payment of $210.6 million USD, with the remainder paid in installments subject to tax and risk adjustments. In March, Cango produced 530 BTCs and held 2,475 BTCs in total; its computing power reached 29.13 EH/s making it one of the top five listed mining companies worldwide.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
JPMorgan raises target prices for Target and Walmart
Orient Precision Industries Holds Extraordinary Shareholders Meeting
Citi optimistic about international oil companies: low-cost resource reserves being rebuilt may drive energy sector to reverse a decade-long valuation discount
With oil prices in the mid-$70s range, Citi believes that global international oil companies (IOCs) can deliver a free cash flow yield of 7% to 8%, and achieve a real growth rate of 4% to 5% over a period of time.
Crypto prices
More
