Cango Inc. (NYSE:CANG) saw its stock rise 3.2% after the company disclosed it had acquired a fully operational 50 MW mining facility located in Georgia, USA, for $19.5 million in cash. This acquisition signals Cango’s strategic shift toward expanding its portfolio to include a mix of Bitcoin mining and energy infrastructure assets.
Previously, the facility hosted Cango’s mining equipment through a third-party agreement. Under the new ownership, 30 MW will be dedicated to Cango’s self-mining operations, while the remaining 20 MW will be allocated for hosting third-party clients. The site comes fully equipped with mining infrastructure, as well as accommodation and support amenities.
This purchase marks Cango’s initial move to grow its owned and operated mining assets. By gaining control over low-cost power sources, the company intends to boost operational efficiency and build stronger financial stability over time.
“This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure,” said Peng Yu, CEO of Cango.
Cango also noted that this step will help the company develop its own operational expertise in managing self-owned mining sites. Additionally, the company has plans to gradually expand into supplying energy for high-performance computing applications, broadening its business scope beyond Bitcoin mining.
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