Core Points - Cango Inc. announced that all resolutions presented at its extraordinary general meeting on May 16, 2025, were passed with over 99.3% approval from total votes cast [1] - The resolutions included the approval for Cango to sell its existing business in the PRC to Ursalpha Digital Limited for approximately US$351.94 million in cash [2] Company Overview - Cango Inc. primarily operates a leading Bitcoin mining business, with operations in North America, the Middle East, South America, and East Africa [4] - The company expanded into the crypto assets market in November 2024, driven by advancements in blockchain technology and the increasing prevalence of crypto assets [4] - Cango has been operating automotive transaction services in China since 2010, aiming to simplify car purchases [4]

Core Viewpoint - Cango Inc. has entered into definitive agreements to sell its PRC Business to Ursalpha Digital Limited for approximately US$351.94 million in cash, marking a significant strategic move for the company [1][2]. Group 1: Transaction Details - The total consideration for the PRC Business Disposal is approximately US$351.94 million, with an initial payment of about US$210.64 million on the closing date, and the remaining amount to be paid in quarterly installments based on credit risk exposure [1]. - The closing of the PRC Business Disposal is contingent upon various conditions, including shareholder approval and the completion of an internal restructuring to separate the PRC Business from other operations [3]. - If the PRC Business Disposal is approved, the company will file for termination of its status as a "China Concept Stock" with the China Securities Regulatory Commission [4]. Group 2: Related Agreements and Amendments - The PRC Business Disposal may impact the On-Rack Sales and Purchase Agreement for acquiring crypto mining machines, necessitating amendments to ensure compliance and avoid defaults [5]. - The company has entered into an amendment of the Purchase Agreement with Golden TechGen Limited to address potential issues arising from the PRC Business Disposal [5]. Group 3: Company Background - Cango Inc. primarily operates a leading Bitcoin mining business and has expanded into the crypto assets market, while also providing automotive transaction services in China since 2010 [6].

Core Insights - Cango Inc. has been included in the Bitwise Bitcoin Standard Corporations ETF, which tracks companies holding a minimum of 1,000 Bitcoins on their balance sheets, indicating recognition of its strategic pivot to Bitcoin mining [1][2] - The company has achieved significant milestones since transitioning to a capital-light Bitcoin mining model, including leading the industry in productivity with 17.81 Bitcoin per EH/s and securing a hashrate of 32 EH/s, ranking 3rd globally [2] Company Overview - Cango Inc. primarily operates a Bitcoin mining business and has expanded its operations across strategic locations including North America, the Middle East, South America, and East Africa [3] - The company has been involved in the automotive transaction service in China since 2010, aiming to simplify car purchases [3]