Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, according to a report by The Miner Mag.
Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report.
Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal effectively brings Bitmain’s mining assets to the public market, The Miner Mag said.
Exahashes measure a miner’s contribution to the Bitcoin network’s hashrate, the total computing power securing the network.
The Miner Mag said Ursalpha Digital Limited has the same corporate address and founding director as Antalpha, an entity ultimately controlled by the chairman of Bitcoin miner Bitmain.
Proxies for Cango’s shares on the NYSE are up 25% this