DALLAS, April 2, 2026 — Cango Inc. (NYSE: CANG), a Bitcoin miner that operates a global integrated energy and AI compute platform, has closed two major capital transactions: a $65.0 million strategic investment from members of company leadership, and a $10.0 million convertible note financing agreement with DL Holdings Group Limited (HKEX: 1709), a Hong Kong-listed financial services firm. The two parties also signed a memorandum of understanding (MOU) outlining a strategic cooperation framework.
Under definitive investment agreements announced on February 12, 2026, Cango issued and sold 49,242,424 Class A ordinary shares to two entities wholly owned by Chairman Xin Jin and Director Chang-Wei Chiu, respectively. The transaction closed on March 31, generating net proceeds equivalent to $65.0 million, settled in USDT. The move strengthens the company's capital structure and signals leadership's confidence in its strategic direction.
Convertible Note Details: Zero Interest, $1.62 Conversion Price
Pursuant to a securities purchase agreement with DL Holdings, Cango issued and sold a $10 million convertible note and a warrant to purchase up to 370,370 Class A ordinary shares at an exercise price of $2.70 per share. The note matures on April 1, 2028, bears no interest (except upon default), and is convertible at $1.62 per share beginning April 1, 2027. The warrant is immediately exercisable and expires on April 1, 2028.
Use of Proceeds: Upstream Acquisitions and AI Push
Cango said proceeds from the convertible note will fund upstream acquisitions and expansion into AI and computing infrastructure. The company had previously outlined a 2026 financial strategy to strengthen its balance sheet, reduce leverage, and secure liquidity for its pivot toward AI infrastructure. These two transactions are key steps in executing that plan.
DL Holdings Plans Up to $10 Million in Additional Investments
Under the MOU, DL Holdings expressed its intention to make one or more strategic investments alongside Cango, with a total potential value of up to $10 million. The contemplated investments are intended to support Cango's initiatives in cryptocurrency mining facilities and AI. As the miner diversifies into AI compute, the fresh capital reinforces its transition from pure mining to a broader infrastructure play.
No specific acquisition targets were disclosed. The deals close a chapter of Cango's previously announced financing plans, reflecting continued execution in a shifting market landscape.