Cango Group announced that it has received a new equity investment from EWCL.
TL;DR
Cango Group received a $10.5 million equity investment from EWCL, acquiring 7 million Class B shares to enhance resource synergy and support AI/HPC expansion, validating its undervalued asset valuation.
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On December 30, according to official news, Bitcoin miner Cango Group announced that Enduring Wealth Capital Limited (EWCL) has decided to increase its holdings of Cango Group's Class B ordinary shares. EWCL holds approximately 36.68% of the total voting rights of Cango Group's issued shares and has decided to subscribe for additional Class B ordinary shares of Cango Group with cash.
According to the investment agreement signed between Cango Group and EWCL on December 29, 2025, Cango Group will issue and deliver 7,000,000 Class B ordinary shares to EWCL, each with 20 voting rights. EWCL will subscribe for and purchase these shares for a total purchase price of US$10,500,000, or US$1.5 per share.
This investment will create a deep resource synergy between Cango Group and EWCL. EWCL and its management team possess extensive backgrounds in cryptocurrency mining and computing infrastructure, providing core resource support for Cango Group's 50 EH/s computing power operation and AI transformation. Furthermore, it strengthens Cango Group's financial reserves, ensuring sufficient funds for its AI/HPC business expansion in 2026.
From a market perspective, this move validates the valuation of Greenridge and other institutions' $4.00 target price for the company, indicating that Cango's current asset value, including its BTC reserves and computing equipment, is severely undervalued.