Chinese car trading service platform Cango (CANG) has shifted its focus to Bitcoin BTC$103,602.40 Continuing from last year, the company plans to strengthen its mining efforts by dipping its toes into this space and entering the artificial intelligence (AI) high-performance computing (HPC) market.
Cango said in a letter to shareholders on Thursday that it prioritizes optimizing its Bitcoin mining operations by improving uptime and making its operations more energy efficient.
The company is also pursuing targeted entry into AI HPC, a technology that powers complex AI tasks such as training large language models (LLMs) and analyzing large datasets.
As part of these goals, Cango said it will “continue to acquire and develop dual-purpose energy infrastructure to ensure assets can meet immediate Bitcoin mining needs while being designed to support future HPC deployments.”
The company’s board of directors has also approved a direct listing on the New York Stock Exchange (NYSE), which is expected to go public on November 17th.
Cango entered Bitcoin mining last November, spending $400 million to acquire 50 exahashes per second (EH/s) of power.
Since then, the company has acquired a 50 MW mining facility in Georgia for $19.5 million, and its Bitcoin holdings have grown to just over 6,400 BTC ($656 million).
CANG stock was valued at $3.55 as of Wednesday’s close. That’s up more than 27% from a year ago, but about 50% lower than the $5 to $5.50 range it was trading in through much of the summer.
