Cango

About Cango

Founded in Shanghai, China, in 2010 by Jiayuan Lin and Xiaojun Zhang, Cango Inc. has undergone a significant strategic transformation. Initially established as an automotive transaction service platform, the company facilitated connections between car buyers, dealers, and financial institutions in China. Its services included automotive financing facilitation, car trading, and after-market services. A key milestone in its early history was a Series B funding round of $10 million in 2011, which fueled its expansion across China. By 2015, Cango had established a robust network of over 10,000 car dealerships. The company went public with an IPO on the New York Stock Exchange (NYSE) in 2018 under the ticker CANG.

Beginning in November 2024, Cango pivoted its primary business focus to the Bitcoin mining industry, a strategic shift driven by developments in blockchain technology and a commitment to diversifying its portfolio. This transformation was solidified in 2025 with the disposal of its business in the People's Republic of China and the acquisition of significant crypto mining assets. The company now operates a global Bitcoin mining business with facilities strategically located in North America, the Middle East, South America, and East Africa. Its revenue is now primarily generated from its Bitcoin mining operations. As part of its vertical integration strategy, Cango has begun acquiring mining facilities, such as a 50 MW facility in Georgia, USA, to reduce operational costs and create new revenue streams through third-party hosting services. The company has also stated its intent to explore providing energy for high-performance computing (HPC) applications beyond crypto mining.

In July 2025, the company announced a significant leadership change. Co-founders Jiayuan Lin and Xiaojun Zhang resigned from their executive roles following a secondary sale of shares to Enduring Wealth Capital Limited. A new board and senior management team were appointed, with Peng Yu taking over as CEO and Xin Jin as Chairman of the Board. Concurrently with its new primary focus, Cango continues to operate an international used car export business through its platform, AutoCango.com, which provides global customers with access to vehicle inventory from China.