U.S.-listed bitcoin miner Cango has secured roughly $75 million in fresh capital as it accelerates its transition toward artificial intelligence and energy infrastructure. The funding package includes a $65 million equity financing completed on March 31, 2026, and a separate $10 million convertible note agreement signed with DL Holdings Group Limited on April 1.
Details of the financing package
The $65 million share placement was purchased by entities controlled by chairman Xin Jin and director Chang-Wei Chiu. As part of the transaction, Cango issued 49,242,424 Class A ordinary shares, with proceeds settled in USDT. The company said the deal followed definitive agreements previously announced in February 2026 and closed on schedule.
The separate convertible note from DL Holdings carries no interest under normal conditions and matures on April 1, 2028. At the holder’s option, it can be converted into Class A ordinary shares at $1.62 per share starting April 1, 2027. DL Holdings also received a warrant to buy 370,370 Class A shares at $2.70 per share, exercisable immediately through April 2028. In addition, both parties signed a memorandum of understanding for a potential strategic investment of up to $10 million in crypto mining and AI facilities.
Using bitcoin mining as a base for AI expansion
Cango entered the bitcoin mining sector in November 2024 after operating as an automotive services company. In 2025, it mined 6,594.6 BTC across more than 40 sites in North America, the Middle East, South America, and East Africa. Full-year revenue reached $688.1 million, including $675.5 million generated from bitcoin mining.
Despite that top-line growth, the company posted a net loss of $452.8 million, citing post-halving pressure and continued investment in new infrastructure. In February 2026, Cango sold 4,451 BTC at an average price of about $68,524 per coin, generating roughly $305 million in net proceeds. The company used the entire amount to repay a bitcoin-backed loan and reduce related-party long-term debt, which stood at $557.6 million at the end of 2025.
Ecohash becomes the center of the 2026 strategy
According to the announcement, the new funds will be directed toward upstream acquisitions and AI computing infrastructure through Cango’s Ecohash subsidiary. The company said pilot programs in integrated energy and distributed AI inference are already underway, with site retrofits in progress. Management has identified AI and energy infrastructure as its primary growth strategy for 2026, aiming to use its bitcoin mining footprint as a platform for higher-value computing revenue.
Cango is ranked 18th among publicly traded bitcoin miners globally, with a hash rate of about 34.55 EH/s. The company produced 455 BTC in February 2026 and currently holds 3,313 BTC in treasury, valued in the report at around $227.1 million. Even so, investor sentiment remains cautious. CANG traded at $0.40 on April 1, down 5.18% on the day, with the stock off 73.65% year to date.