Cango Inc .obtained $75 .5 million in equity investment as it shifts focus from Bitcoin mining to services related to AI infrastructure, after a $305 million Bitcoin liquidation that lowered debt levels .The capital and the asset disposal were shared in the company’s communications with investors and filings in February 2026, supporting efforts to transform current mining locations for distributed AI tasks .
Cango completed a $10.5 million equity investment from Enduring Wealth Capital Limited (EWCL) by issuing 7,000 Class B shares at $1.50 per share, with each share carrying 20 votes. In addition, the company disclosed a further $65 million in Class A share subscriptions at $1.32 per share—roughly 49,000 shares—from entities owned by Chairman Xin Jin and Director Chang-Wei Chiu. That second tranche remains subject to customary NYSE and regulatory approvals and was expected to close in February 2026.
Taken together, the transactions represent $75.5 million in new equity capital. However, the structure introduces an important distinction: while insiders are committing the larger economic investment, EWCL’s Class B shares carry disproportionate voting power. As a result, governance influence may be concentrated even if economic ownership is comparatively limited—a feature that has drawn attention in coverage of the deal.
To support its strategic transition, Cango also sold 4,451 Bitcoin on 9 February for approximately $305 million, at an average price of about $68,524 per coin. The company said the net proceeds were used primarily to repay a Bitcoin-collateralized loan and strengthen the balance sheet. Reporting characterized the sale as a liquidity and deleveraging move designed to free capital for AI infrastructure investment, rather than a signal of operating cash-flow improvement.
Governance structure and Cango main objetives
The dual-class equity structure creates a notable governance skew. EWCL’s high-vote Class B shares provide near-majority voting influence despite representing a smaller slice of economic ownership, while insiders contributing $65 million will hold greater financial exposure but less voting power. For outside investors, this raises questions about control, oversight and strategic flexibility as the company pivots into AI infrastructure.
Cango’s stock was down roughly 83% year-over-year, reflecting skepticism about the company’s ability to execute a rapid transition into the competitive and capital-intensive AI compute market. Analysts cited in reporting pointed to two core risks: first, the technical challenge of converting existing hardware and sites to GPU-based AI workloads; and second, the commercial hurdle of securing contracts that can justify projected AI-driven margin expansion.
Company materials frame the strategy as leveraging its existing footprint—more than 40 grid-connected sites—to build a “global distributed inference compute grid.” The appointment of Jack Jin, formerly of Zoom, as chief technology officer is presented as a key step in managing the technical transformation. Still, operational delivery will ultimately determine whether the strategy can move from narrative to measurable performance.
Looking ahead, Cango’s near-term trajectory depends on closing the insider equity tranche, successfully converting part of its site network to modular GPU deployments, and signing commercial agreements that validate higher AI margins. Institutional investors and treasury teams will likely monitor regulatory approvals, contract backlog and any further asset monetization as leading indicators of execution progress—and of potential implications for liquidity and equity valuation.
