Bitmain-Linked Entity Expands Control Over Bitcoin Miner Cango

The bitcoin mining sector continues to consolidate as hardware manufacturers deepen their influence over public operators. Enduring Wealth Capital Limited, an entity closely associated with Bitmain, is increasing its stake in U.S.-listed bitcoin miner Cango.

Cango disclosed that EWCL agreed to purchase 7 million newly issued Class B shares for $10.5 million. The shares were priced at $1.50 each. The transaction is expected to close in January, pending NYSE approval and customary conditions.

Growing Voting Influence

Following the deal, EWCL’s equity ownership will rise from 2.81% to 4.69%. However, the key impact lies in voting control. Each Class B share carries 20 votes.

As a result, EWCL’s voting power will increase from 36.68% to 49.61%. This places the Bitmain-linked entity close to outright control over shareholder decisions.

Mining Economics Remain Challenging

The investment comes during a difficult period for mining profitability. Industry data indicates that Cango’s fleet-level hashcost stands near $39 per PH/s, excluding overhead expenses.

This figure already exceeds current network hashprice levels. As a result, the company is likely operating at a gross loss before corporate costs.

Strategic Expansion Despite Pressure

Despite margin compression, Cango continues to scale. Earlier in 2025, the miner acquired an additional 18 EH/s through an Antalpha-financed transaction. This expanded total hashing capacity to roughly 50 EH/s.

Cango previously exited its China-based automotive finance business and repositioned itself as a pure-play international bitcoin miner. The growing involvement of Bitmain-linked capital reflects a broader trend toward tighter integration between ASIC manufacturers and mining operators.

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