Cango Ditches China Operations, Eyes Bitcoin Mining with $351 Million Deal

Shanghai-based Cango has finalized agreements to divest its operations in China for $351.9 million in cash, paving the way for a strategic shift into cryptocurrency mining. Ursalpha Digital Limited, a British Virgin Islands company, will acquire Cango’s PRC business following an initial payment of $210.64 million at closing and contingent payments based on tax obligations and credit risk assessments.