Chinese car transaction service platform Cango (CANG) pivoted to bitcoin mining a year ago, plans to strengthen are foothold in this area as well as enter the artificial intelligence (AI) high-performance computing (HPC) market.
Cango said it will prioritize optimizing its bitcoin mining business by improving uptime and improving the energy efficiency of its operations in a letter to shareholders on Thursday.
The company is also pursuing targeted access to AI HPC, the technology that powers complex AI tasks such as training large language models (LLMs) and analyzing massive data sets.
As part of those goals, Cango said it will “continue to acquire and develop dual-purpose energy infrastructure, ensuring the assets service immediate bitcoin mining needs while being designed to support future HPC deployments.”
The company’s board has also approved a direct listing on the New York Stock Exchange (NYSE), which it expects to go live on November 17.
Cango entered bitcoin mining last November, spending $400 million to acquire 50 exahash per second (EH/s) of power.
Since then, the company purchased a 50 MW mining facility in the state of Georgia for $19.5 million and has grown its bitcoin holdings to just over 6,400 BTC ($656 million).
CANG shares priced at $3.55 as of Wednesday’s close. This is up more than 27% from a year ago, but about 50% lower than the $5-$5.50 range in which it traded through most of the summer.
