Cango Inc. starts through: New management team for Bitcoin-Miner!

Cango Inc. starts through: New management team for Bitcoin-Miner!

Backnang, Deutschland - On July 23, 2025, Cango Inc. (Nyse: Cang) announced significant changes that convert the company into a global Bitcoin miner. This change is accompanied by a new board and a management team who have extensive expertise in digital infrastructure, finance and energy investments. The company has made considerable progress in the past seven months and is now one of the largest Bitcoin miners worldwide.

As part of this transformation, several key persons were appointed in management positions. Xin Jin was appointed CEO and non -managing director, while Peng Yu acts as CEO and Director. Other new members of the board are Chang-Weiu (Director), Yongyi Zhang (CFO) and Simon Ming Yeung Tang (CIO). The composition of the committees was also reinforced, with Chi Ming Lee, Yanjun Lin and Haitian Lu, which were integrated into different governance roles. Xiaojun Zhang and Jiayuan Lin returned from their functions to make room for the new team.

strategic goals and market ambitions

The newly used management team is convinced that it has the right skills for Cango's growth phase. The company plans to expand the installed capacity to 50 EH/S and strategically increase the existence of over 4,000 bitcoins. This represents an ambitious objective, since Cango has won significant market shares in the past seven months.

The background of the changes also goes back to the financial restructuring. Xiaojun Zhang and Jiayuan Lin sold 10 million class B shares for $ 70 million as part of a secondary sales and converted their remaining class B into class A shares. They are currently holding 18.54 % of the shares issued and 12.07 % of the voting rights. Enduring Wealth Capital Limited, the buyer of these shares, now holds about 2.82 % of the shares issued with 36.73 % of the voting rights.

use of sustainable energies in Bitcoin mining

In the context of the growing Bitcoin mining industry, sustainable energy sources become increasingly important. A relevant pilot project, which is carried out by Deutsche Telekom daughter MMS in cooperation with the Bankhaus Metzler, aims to establish a Bitcoin mining infrastructure based on excess energy from renewable sources. This initiative uses unused electricity production and can contribute to stabilizing energy networks.

Through flexible loads in Bitcoin mining, supply and demand in the energy network can be compensated for, which is already successfully practiced in countries like the USA and Finland. The Telekom MMS, which has been providing web3 infrastructure since 2020, has also operated a Bitcoin node since 2023 and is actively involved in the development of solutions in the digital assets.