Cango exits China in $351.9m deal, pivots to Bitcoin mining

Canco, based in Shanghai, has signed final agreements to sell its Chinese operations for 351.94 million dollars in cash, marking a strategic change towards the extraction of cryptocurrency.

Ursalpha Digital Limited, an entity recorded on the British Virgin Islands, acquires the CANGO RPC activities. The transaction includes an initial payment of $ 210.64 million at the end, with the remaining balance on tax bonds and credit risk reductions, according to a press release.

The agreement follows a non -binding proposal from During Wealth Capital Limited in March, which looked for Cango control while facilitating the sale of RPC companies.

Sale is the approval of pending shareholders and an internal restructuring that separates Chinese Cango operations from its offshore companies, including Bitcoin (BTC) Mining and automotive exchange outside China.

In the event of an end, Cango provides for Diggister as a “China stock concept” under Chinese regulatory supervision. However, the buyer retains the right to reverse the agreement if China’s securities regulators reject the deregation or if the EWCL does not finalize an agreement to acquire separate actions with the co-founders of Cango.

Cango crypto pivot

Canco’s pivot to the exploitation of cryptocurrencies is already underway. The company had previously agreed to acquire Bitcoin extraction platforms with a total hashrate of 18 eh / s in a sharing agreement with Golden Techgen Limited.

The elimination of RPC companies required changes to this agreement, with other expected revisions.

The transaction indicates the complete transition of Cango in the cryptography sector, positioning itself as a potential proxy for Bitcoin Major mining entities.