Cango, a publicly listed Chinese conglomerate, has reached an agreement to divest its legacy operations in China to a group connected with Bitmain, marking its commitment to focus entirely on Bitcoin (BTC) mining, as reported by The Miner Mag.
The company will sell its traditional Chinese auto financing segment to Ursalpha Digital Limited in a deal valued at $352 million, according to the report.
Moreover, there are reports that Bitmain is transferring 32 exahashes per second (EH/s) of computing power to Cango. This transaction essentially brings Bitmain’s mining capabilities to the public domain, as noted by The Miner Mag.
Exahashes quantify a miner’s contribution to the Bitcoin network’s hashrate, which is the collective computing power that secures the network.
The Miner Mag indicated that Ursalpha Digital Limited shares the same corporate address and founding director with Antalpha, an entity that is ultimately overseen by the chairman of Bitmain, a major Bitcoin mining company.
Proxies for Cango’s shares on the NYSE have risen by 25% this month. Source: Google Finance
Related: Analysts are monitoring Bitcoin miners’ AI and chip sales in anticipation of Q4 earnings
Connection to Trump Family
Bitmain has come under scrutiny in the U.S. following the blacklisting of its artificial intelligence affiliate, Sopghgo, as reported by Bloomberg.
The news outlet also revealed that Bitmain has an operational collaboration with American Bitcoin, a mining venture connected to the Trump family, established in March as part of an agreement with Hut 8, which provides power and computing infrastructure.
On March 31, Hut 8 acquired a majority stake in American Bitcoin (previously known as American Data Centers), founded by Donald Trump Jr. and Eric Trump, the sons of former U.S. President Donald Trump.
Hut 8 has relocated its Bitcoin mining assets to American Bitcoin, which is reportedly considering an initial public offering (IPO), according to Bloomberg.
Both organizations have stated that American Bitcoin will concentrate on cryptocurrency mining, while Hut 8 will focus on data center infrastructure for high-performance computing applications.
In 2025, Bitcoin mining stocks have faced challenges due to falling cryptocurrency prices and pressures on business models stemming from the Bitcoin network’s halving in April, according to a JPMorgan research note shared with Cointelegraph.
Every four years, the Bitcoin reward for mining a “block” — a collection of transaction data stored on the blockchain — is halved. The recent halving reduced the mining reward from 6.25 BTC to 3.125 BTC per block.
Magazine: Elon Musk’s aim to implement blockchain in government encounters significant hurdles
