Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury

Three months aft divesting its car financing portion to absorption connected Bitcoin mining, Chinese conglomerate Cango (CANG) has importantly ramped up crypto production, indicating that its acquisition of Bitmain mining rigs is enhancing its capableness amid intensifying manufacture competition.

Cango produced 650.5 Bitcoin (BTC) successful July, a crisp summation from 450 BTC successful June, according to information from Farside Investors. Farside besides noted it has added Cango to its miner dashboard portion removing Hut 8 owed to a deficiency of monthly accumulation disclosures. 

Source: Farside Investors

As Cointelegraph reported, Cango mined a combined 954.5 BTC successful April and May — the archetypal 2 months pursuing its afloat modulation into Bitcoin mining.

Cango present holds 4,529.7 BTC, worthy astir $512 million, placing it among the apical 20 publically traded Bitcoin holders. Industry information shows that it’s approaching the ranks of companies similar GameStop and ProCap BTC.

The surge successful accumulation follows Cango’s $256 cardinal acquisition of mining rigs from Bitmain, securing 32 exahashes per 2nd (EH/s) of hashrate. The deal, announced past November arsenic portion of a broader $400 cardinal concern strategy, marked Cango’s authoritative pivot from car financing to Bitcoin mining.

The company’s displacement was portion of a broader diversification strategy aimed astatine capitalizing connected the maturation of integer assets. Cango said it leveraged its existing infrastructure and acquisition successful integer plus absorption to thrust its pivot into Bitcoin mining.

Related: Bitcoin mining trouble hits ATH, but is projected to driblet successful August

Cango’s pivot puts China successful the crypto spotlight

Despite a caller dip successful its stock terms and antagonistic year-to-date performance, Cango’s banal has rallied 158% implicit the past 12 months. Much of that momentum began past fall, erstwhile the institution announced its propulsion into Bitcoin mining.

Cango’s stock terms has rallied sharply since past fall. Source: Yahoo Finance

Before its crypto transition, Cango was chiefly known arsenic a Chinese automotive financing platform, providing user loans and facilitating online conveyance exports. The institution went nationalist successful 2018.

Notably, Cango remains headquartered successful China, a state with a analyzable and often restrictive stance connected cryptocurrencies. Bitcoin mining was efficaciously banned successful China successful mid-2021. 

As Galaxy Research reported astatine the time, authorities restrictions connected the mainland drove hashrate to neighboring countries similar Kazakhstan, arsenic good arsenic to North America, arsenic portion of a much strategical displacement successful mining production. 

Magazine: China mocks US crypto policies, Telegram’s caller acheronian markets: Asia Express