BlockBeats News, March 16th, according to a report by PR Newswire, New York Stock Exchange-listed company Cango disclosed that it has received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL), aiming to acquire 10 million shares of Class B common stock from the company's co-founder at a mutually agreed purchase price. Additionally, the letter of intent also requires the Cango founders to voluntarily convert all remaining Class B common shares they hold into Class A common shares and resign from the board and executive positions.
BlockBeats previously reported that Cango, a NYSE-listed automobile trading service provider, holds a total of 1,944 Bitcoins. In November 2024, Cango entered the Bitcoin mining field, investing $400 million to acquire a hash rate of 50 EH/s, immediately becoming one of the world's largest miners, providing around 6% of Bitcoin's network hash rate. For reference, the world's largest publicly traded mining company, MARA Holdings (MARA), has slightly over 47 EH/s of hash rate, while the second-largest, CleanSpark (CLSK), and Riot Blockchain (RIOT) have 32 EH/s and 26 EH/s, respectively.
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