Cango Secures $75 Million Financing as NYSE Delisting Risk Intensifies

Bitcoin mining firm Cango Inc. has received a formal warning from the New York Stock Exchange after its share price remained below the required $1.00 threshold. The exchange issued the notice on March 10, stating that the company has six months to restore compliance by achieving both a closing price and a 30-day average of at least $1.00 per share.

As of mid-session trading, Cango shares were priced at approximately $0.40, reflecting continued pressure on the company’s market valuation.

New Capital Raised to Support Expansion Plans

In response to financial pressure, Cango secured fresh funding to strengthen operations and support its strategic shift into artificial intelligence and computing infrastructure. The company closed a $65 million strategic investment led by board chairman Xin Jin and director Chang-Wei Chiu, who purchased shares directly.

Additionally, Cango raised $10 million through a convertible note financing agreement with Hong Kong-listed DL Holdings. The combined $75 million funding package is intended to support ongoing business growth.

Financial Losses and Bitcoin Asset Management Strategy

Cango reported a significant net loss of $452.8 million for 2025, marking its first full year operating as a bitcoin mining company. The firm has faced mounting pressure as market conditions tightened.

In February, the company sold 4,451 bitcoin for roughly $305 million to repay a portion of its bitcoin-backed loan. The move reflects efforts to stabilize its balance sheet while adapting to shifting industry demands.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.