Cango Raises $75M to Propel Ecohash AI Technology Forward
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Cango Inc., a notable player in the bitcoin mining sector, has successfully raised $75 million to enhance its Ecohash AI computing platform. The financing comprises a $65 million equity round and a $10 million convertible note, finalized between March 31 and April 1, 2026.
The significant equity investment came primarily from parties affiliated with Chairman Xin Jin and Director Chang-Wei Chiu. Through this transaction, 49,242,424 Class A ordinary shares were issued, with payments settling in USDT. This arrangement was in line with prior agreements made public on February 12, 2026, and came to a close as planned.
In a separate finance move on April 1, Cango entered into a convertible note agreement with DL Holdings Group Limited, securing an additional $10 million. This arrangement, which bears no interest under standard circumstances, will mature on April 1, 2028, and allows for conversion into Class A shares at a price of $1.62 per share starting April 1, 2027.
As part of this transaction, DL Holdings was also granted a warrant to acquire 370,370 Class A shares at $2.70, effective immediately until April 2028. Both organizations agreed on a memorandum of understanding to explore further strategic investments of up to $10 million, specifically in the realms of cryptocurrency mining and AI technologies.
Cango, which transitioned from an automotive services company to bitcoin mining in November 2024, reported mining 6,594.6 BTC throughout 2025 from over 40 global locations. Despite generating a total revenue of $688.1 million, predominantly from mining activities, the company faced a net loss of $452.8 million largely due to post-halving market pressures and ongoing capital projects.
Earlier in February 2026, Cango notably liquidated 4,451 BTC at an average price of around $68,524 each, yielding approximately $305 million. This strategic sale was aimed at paying off a bitcoin-collateralized loan, effectively reducing its long-term related-party debt, which was $557.6 million at the end of 2025.
The newly acquired capital will be directed towards advancing AI computing infrastructure and pursuing acquisitions through Cango’s Ecohash subsidiary. The company is actively engaging in pilot initiatives for integrated energy solutions and distributed AI systems, with upgrades to operational sites already underway.
The recent financing rounds total about $75 million and follow a $10.5 million equity investment from Enduring Wealth Capital Limited concluded earlier this February. Cango’s leadership views investments in AI technology and energy infrastructure as fundamental to its growth strategy in 2026, leveraging its bitcoin mining operations to create new high-value revenue streams.
Ranked 18th among publicly traded bitcoin miners globally by hash rate, Cango is currently operating at 34.55 exahash per second (EH/s) and reported a production of 455 BTC in February 2026. The company holds 3,313 BTC in its treasury, valued at approximately $227.1 million, highlighting its dual role as both a bitcoin mining entity and a treasury firm.
Despite these advancements, Cango’s stock, trading at $0.40 on April 1, has seen a significant decline, down 5.18% for the day, with a year-to-date drop of 73.65% and an overall decrease of nearly 90% in the past year. The recent capital influx aims to bolster the firm’s market position, although investor confidence appears cautious as reflected in the current stock performance.
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