Cango Inc. Announces Agreements to Acquire Crypto Mining Assets
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Cango Inc. (NYSE: CANG) has announced agreements to acquire crypto mining assets, including machines with a total hashrate of 50 Exahash per second, for approximately $400 million. The largest transaction involves purchasing 32EH from Bitmain for $256 million in cash.
November 06, 2024 | 2:30 pm
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Cango Inc. is acquiring crypto mining assets with a total hashrate of 50EH for $400M, including a significant purchase from Bitmain. This move diversifies Cango's business into the crypto sector.
The acquisition of crypto mining assets represents a strategic diversification for Cango, potentially opening new revenue streams. The significant investment indicates a strong commitment to entering the crypto sector, which could positively impact Cango's stock price in the short term.
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