Cango Secures $10.5M Investment, Key Shareholder Nears 50% Voting Power

DALLAS, TX – December 29, 2025 – Cango Inc. (NYSE: CANG), a global Bitcoin mining operator aggressively expanding into artificial intelligence infrastructure, announced today it has secured a significant new equity investment of US$10.5 million from Enduring Wealth Capital Limited (EWCL).

The deal, detailed in an Investment Agreement, not only provides a fresh capital injection for Cango but also dramatically consolidates the voting power of EWCL, its most influential shareholder. The transaction is poised to increase EWCL's voting control from approximately 36.68% to a commanding 49.61%, placing it just shy of an outright majority and giving it substantial sway over the company's strategic future.

This move signals a powerful vote of confidence from a key insider as Cango navigates a capital-intensive pivot from its legacy operations toward becoming an integrated energy and AI compute platform, a strategy many in the digital asset sector are pursuing to diversify revenue and leverage existing infrastructure.

Anatomy of the Investment

Under the terms of the agreement, Cango will issue 7,000,000 new Class B ordinary shares directly to EWCL. The shares are priced at US$1.50 each, bringing the total cash consideration to US$10,500,000. The transaction is subject to customary closing conditions, including the necessary approvals from the New York Stock Exchange, with the company anticipating a final closing in January 2026.

The mechanics of the deal highlight Cango's dual-class share structure, a common corporate governance tool that allows founders or key early investors to maintain significant control without holding a majority of the equity. Each Class B share, which EWCL exclusively holds, carries 20 votes. In contrast, the more widely held Class A shares carry only one vote each.

This structure explains the dramatic disparity between ownership and control. Upon completion of the investment, EWCL's direct equity stake in the company will only increase from a modest 2.81% to 4.69% of total outstanding shares. However, because of the super-voting rights attached to its Class B shares, its control over shareholder resolutions will leap by nearly 13 percentage points. This concentration of power effectively ensures that EWCL's vision for Cango's future will be the guiding force behind boardroom decisions, providing stability and a clear mandate for the company's ambitious expansion plans.

A Strategic Pivot into AI and Energy

The infusion of capital comes at a critical time for Cango, which has undergone a rapid transformation. The company, which still operates an international used car export business through AutoCango.com, only officially entered the digital asset mining space in November 2024. In just over a year, it has established a formidable global footprint, with mining operations spanning over 40 sites across North America, the Middle East, South America, and East Africa.

However, Cango's vision extends beyond simply mining Bitcoin. The company's stated goal is to build an "integrated, global infrastructure platform capable of powering the future digital economy." This strategy involves two key diversification plays: integrated energy solutions and distributed AI computing. The company has already activated pilot projects in both areas, signaling a clear intent to repurpose its core assets for the burgeoning AI market.

This pivot reflects a broader trend within the Bitcoin mining industry. Miners are uniquely positioned with large-scale data centers, high-capacity power agreements, and advanced cooling systems—the very same infrastructure required for training and running large AI models. By diversifying into AI cloud services, mining companies like Cango can create a hedge against the inherent volatility of cryptocurrency markets and tap into a sector experiencing explosive, secular growth. The new funds from EWCL are expected to directly fuel the build-out of this AI and energy infrastructure.

Implications of Consolidated Control

For Cango and its investors, EWCL's move to nearly 50% voting power is a double-edged sword. On one hand, it provides unparalleled strategic clarity and stability. With a single, committed shareholder holding this level of influence, the company can pursue its long-term, capital-intensive goals without the risk of activist investor campaigns or internal conflicts over its direction. This is particularly valuable in the fast-moving and competitive AI and crypto sectors, where decisive, swift action is paramount.

The investment itself shores up Cango's balance sheet, providing the necessary dry powder to compete for talent, technology, and energy resources. It sends a strong message to the market that the company's primary financial backer is fully committed to its transformation strategy. This can enhance confidence among partners, clients, and other stakeholders.

On the other hand, such a high concentration of voting power reduces the influence of public Class A shareholders. While the deal strengthens the company's financial footing, it further entrenches the control of a single entity. The forward-looking statements in the company's announcement carry the usual caveats, noting that the transaction's completion is not guaranteed. However, should the deal close as expected, Cango will enter 2026 with a fortified treasury and a power structure that leaves little doubt as to who is steering the ship through the next phase of its evolution.