Cango Inc. has announced its transformation into a global Bitcoin miner and introduced a new board and management team with expertise in digital infrastructure and investments.
New Board Composition
On July 23, 2025, Cango Inc. appointed a new board consisting of Mr. Xin Jin as Chairman, Mr. Peng Yu as CEO, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as CIO. Independent directors were also appointed to enhance governance.
Growth and Development Strategy
CEO Peng Yu commented: "This leadership team gives Cango the right mix of skills to execute our next phase of growth. We have made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world. We aim to develop sustainable high-performance computing opportunities and strategically expand into dedicated power resources, especially green energy."
Changes in Share Capital
Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned as co-founders coinciding with a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for US$70 million. They converted their remaining Class B shares into Class A shares and now hold 18.54% of total outstanding shares with 12.07% voting power.
Cango Inc. is making a significant move towards sustainable growth in digital assets, reinforcing its position in the Bitcoin market with new leadership and strategy.
