NYSE-listed crypto infrastructure firm Cango Inc. (ticker CANG) has acquired a fully operational 50-megawatt bitcoin mining facility in Georgia for $19.5 million, deepening the company’s pivot from auto services into digital assets.
The company plans to allocate 30 MW to its own fleet and 20 MW to third-party hosting, noting the site had already been hosting Cango’s machines under a prior agreement. The facility deal includes existing power distribution, immersion-ready racks, and on-site support, according to Monday’s statement, enabling a “seamless transition” to the new operators.
Cango was long a China-focused automotive transaction and financing platform before pivoting to bitcoin mining in 2025. The company divested its PRC auto business and added new shareholders in June, part of a strategic transformation into a global miner. It also completed a board and management overhaul in July to finalize the shift, after it had begun moving into crypto infrastructure in late 2024 with equipment purchases.
A company-owned site with spare capacity gives Cango flexibility to shift megawatts between self-mining and customer hosting as market conditions change — a model several large U.S. miners use to balance cash flow and balance-sheet exposure.
Cango framed the purchase as crucial for expanding its broader energy strategy, with the Georgia site used to anchor both proprietary mining and a recurring-revenue hosting business. Terms beyond price weren’t disclosed.
The deal follows a recent capacity ramp. Cango joined BTC miners MARA and CleanSpark in the “50 EH/s club,” marking a fast scale-up since pivoting to bitcoin this year, The Block previously reported.
Operationally, Cango said it mined 149.1 bitcoins last week, lifting its stack to 4,678.9 BTC worth over $561 million while maintaining a full HODL stance as it “closes in on 5,000 BTC,” according to a company post on X.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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