Cango Inc., a publicly-traded Bitcoin mining company, is facing a potential delisting from the New York Stock Exchange (NYSE) while simultaneously securing $75 million in new capital to fund a strategic pivot. The NYSE sent Cango a notice on March 10, warning that the company is non-compliant because its share price has traded below the $1.00 minimum requirement. Cango has a six-month cure period to raise both its closing price and its 30-day average share price back above $1.00.
As of Wednesday morning, Cango's stock (CANG) was trading around $0.40, down more than 70% year-to-date and significantly below the compliance threshold. This pressure follows the company's reported net loss of $452.8 million for the 2025 fiscal year, its first full year operating as a Bitcoin miner.
In response to these challenges, Cango has announced two major financing deals. First, the company secured a $65 million strategic investment from entities controlled by its board chairman, Xin Jin, and director Chang-Wei Chiu. This investment, settled in USDT and completed on March 31, resulted in the issuance of over 49 million Class A shares.
Second, Cango entered into a $10 million convertible note financing agreement with Hong Kong-listed DL Holdings. This deal includes warrants to purchase shares at $2.70 each and is paired with a non-binding cooperation framework for potential joint investments in crypto mining and AI infrastructure. The proceeds are earmarked for upstream acquisitions and expanding the company's computing infrastructure.
The capital raise supports Cango's broader strategic shift, mirroring an industry trend where Bitcoin miners are diversifying into high-performance computing for artificial intelligence. The company is positioning its global mining footprint as a foundation for data-intensive AI workloads, seeking more stable revenue streams. In February, Cango sold 4,451 BTC for approximately $305 million to repay part of a Bitcoin-collateralized loan, further funding this transition.
