NYSE-listed company Cango announced that it has received a takeover bid from Enduring Wealth Capital Limited

According to PR Newswire, NYSE-listed company Cango has disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL) to acquire 10 million Class B common shares from the co-founder of the company. The purchase price will be agreed upon by both parties. In addition, the letter also requires Cango's founder to voluntarily convert all remaining Class B common shares held into Class A common shares and resign from board and executive positions.

Previously reported, NYSE-listed auto trading service provider Cango holds a total of 1,944 bitcoins. In November 2024, Cango entered the bitcoin mining field with an investment of $400 million for a computing power of 50 EH/s, immediately becoming one of the world's largest miners providing about 6% of Bitcoin's total hash rate. For reference, MARA Holdings (MARA), the world’s largest listed miner owns slightly more than 47 EH/s in computing power while CleanSpark (CLSK) and Riot Platforms (RIOT) have respectively at 32 EH/s and 26 EH/s.