Cango's stock price surged 280% due to its entry into the Bitcoin mining business, and two board members sold $2 million worth of shares

2024-12-20 09:37:06

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ChainCatcher news, Cango Inc. saw its stock price rise by 280% due to its entry into the Bitcoin mining business, with two board members planning to sell $2 million worth of company stock.

According to new documents released on Thursday, Cango CEO Jiayuan Lin and director Zhipeng Song plan to sell 100,000 and 200,000 shares of the company stock, respectively, with the sale expected around December 20. The total market value of the shares being sold is estimated at $2.07 million.

Cango was founded in 2010 as a digital platform for providing auto loans. It went public on the New York Stock Exchange in 2018. Last month, Cango announced the acquisition of 32 EH/s Bitcoin mining machines from Bitmain as part of its entry into the Bitcoin mining sector. In November alone, the company mined 363.9 BTC. This move triggered a 290% surge in Cango's stock price, jumping from around $2.80 to $8.00.

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