Cango's Shocking $351.94M Deal: Ditching China for Crypto!

Hang onto your hats, folks! Shanghai's own Cango just dropped a bombshell—they're selling their entire China operation for a cool $351.94 million in cold, hard cash. And why? To dive headfirst into the wild world of cryptocurrency mining!

The lucky buyer? Ursalpha Digital Limited, a slick outfit out of the British Virgin Islands. They're coughing up an initial $210.64 million right off the bat, with the rest hinging on some tax and credit magic. That's what the press release says, anyway.

This deal's been brewing since March when Enduring Wealth Capital Limited threw a non-binding proposal into the mix, aiming to take the reins at Cango while greasing the wheels for this China biz sale.

But hold your horses—it's not a done deal yet. Cango's gotta get the thumbs up from shareholders and pull off some internal restructuring to separate their China ops from their offshore adventures, like Bitcoin mining and car trading outside the Great Wall.

If everything goes according to plan, Cango's waving goodbye to being a "China Concept Stock" under the watchful eye of Chinese regulators. But watch out—the buyer's got an escape hatch if China's securities cops nix the deregistration or if EWCL can't seal the deal with Cango's co-founders on a separate stock buy.

Cango's Crypto Pivot

Get this—Cango's not just talking the talk; they're walking the walk into crypto mining. They've already inked a deal to snag Bitcoin mining rigs with a whopping 18 EH/s hashrate from Golden TechGen Limited, all settled with shares.

But wait, there's a twist! Selling off the PRC biz meant tweaking that agreement, and you can bet there'll be more changes coming down the pike.

This move screams that Cango's all in on crypto, setting themselves up to be the next big thing in Bitcoin mining. Buckle up, because this ride's just getting started!