Bitcoin mining company Cango raises $75 million in funding; faces NYSE delisting risk due to weak stock performance

CoinNetwork · 2026-04-01T18:54:08+00:00

Bitcoin mining company Cango completed a $75 million financing, of which $65 million came from high-level strategic investors and $10 million from convertible notes. The funds will be used for business growth and expansion into fields such as AI. Cango faces delisting risk and needs to raise its stock price above $1. In 2025, it recorded a loss of $452.8 million.

CoinNetwork

2026-04-01 18:54:08

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CoinDesk.com reports that, according to The Block, Bitcoin miner Cango (NYSE:CANG) announced the completion of a new round of financing totaling $75 million. Of this, $65 million came from strategic investments by senior executives such as the company’s board chair Xin Jin and director Chang-Wei Chiu, among others. The remaining $10 million came from a convertible note financing agreement reached with Hong Kong-listed company DL Holdings. The company said that the newly raised capital from this round will be primarily used to drive business growth and support its strategic expansion into the artificial intelligence and computing infrastructure sectors.

Meanwhile, Cango disclosed that it received a delisting warning from the New York Stock Exchange on March 10. Because its stock trading price has continued to remain below $1 (currently hovering around $0.40), the NYSE requires the company to raise both its closing price and its 30-day average price to at least the $1 standard within six months, otherwise it will face a forced delisting. Financial data shows that in its first full fiscal year (2025) after fully transitioning to Bitcoin mining, Cango recorded a net loss of $452.8 million, and it sold 4,451 Bitcoin in February this year to repay related pledged loans. Faced with ongoing financial pressure, the company is attempting to follow industry peers by positioning itself in the AI compute power track to capture new market demand and seek a business turnaround.

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