News

Foresight News reports that the Bitcoin mining company Cango Inc. has announced, as of April 1, 2026, the completion of two significant capital transactions: a strategic financing of $65 million from members of the company’s leadership, and a $10 million convertible note financing agreement with DL Holdings Group Limited.According to the investment agreement announced on February 12, 2026, Cango issued and sold a total of 49,242,424 Class A ordinary shares to two entities wholly owned by the company’s Board Chairman, Xin Jin, and Director, Chang-Wei Chiu. The transaction was completed on March 31, 2026, with net proceeds of $65 million, settled in USDT.Additionally, Cango has entered into a securities purchase agreement with DL Holdings, issuing $10 million in convertible notes and related warrants, allowing the purchase of up to 370,370 Class A ordinary shares at a price of $2.70 per share, with specific terms subject to adjustment. Cango intends to use the proceeds from the note issuance for potential upstream acquisitions and to support its expansion in AI and computing infrastructure.Cango has also signed a memorandum of understanding with DL Holdings, outlining a proposed strategic cooperation framework. Under this MOU, DL Holdings has expressed its intention to make one or more strategic investments in the company totaling up to $10 million, aiming to support Cango’s efforts in cryptocurrency mining facilities and artificial intelligence. All investments are subject to due diligence and the signing of legally binding final agreements; aside from certain customary terms, the MOU does not constitute a legally binding obligation.

This move aims to strengthen the company's control over its joint venture operations while optimizing its capital structure.

This transaction marks the official entry of this traditional asset management giant into the digital asset sector. By incorporating top industry talent and innovative investment solutions, it further expands its diversified investment portfolio. The acquisition includes CoinFund's core digital asset research, trading, and product development team, as well as market-tested liquid crypto asset investment strategies. This move not only strengthens Franklin Resources' presence in the rapidly growing digital asset ecosystem but also provides its clients with a professional channel to participate in the cryptocurrency market. The team will retain its original operating model and continue to focus on developing cutting-edge digital asset solutions.