- Enduring Wealth Capital Limited (EWCL) has made a new commitment of $10.5 million to Bitcoin miner Cango.
- EWCL announced a $70 million financing agreement with Cango in June 2025.
- HCW analysts have a $3 price target for CANG, while Greenridge analysts have assigned a $4 valuation projection.
Cango Inc. rose more than 3% in pre-market trading ahead of its first full trading day following the announcement that Enduring Wealth Capital Limited (EWCL) has made a new $10.5 million commitment to the company’s Bitcoin mining business with operational bases in more than 40 locations across North America, the Middle East, South America and East Africa.
According to public information viewed by Cryptopolitan, EWCL will subscribe for an additional 7 million shares of Class B common stock in cash at $1.50 per share, or 20% above the company’s base stock price of $1.25 and closing price of $1.36.
Market observers often attribute this level of oversubscription to a bullish signal about future returns that are not yet reflected in a company’s performance.
EWCL supports Cango to lead the evolution of the BTC mining sector
According to Cango’s press release, the proposed investment, which is expected to close in January, subject to certain customary closing conditions, including the required approval of the New York Stock Exchange, EWCL’s stake in the Bitcoin miner is expected to increase from approximately 2.81% to approximately 4.69% of the total shares outstanding.
As a result, EWCL’s voting rights are expected to increase from approximately 36.68% to approximately 49.61% of the total voting rights of Cango’s outstanding shares. The EWCL leadership team is expected to continue to provide core resources for Cango’s 50 EH/s operations and AI transformation.
Earlier in June, EWCL completed a total purchase of 10,000,000 shares of Class B common stock, for a total purchase price of up to $70 million, pursuant to a securities purchase agreement with Cango.
This latest cash injection also increases Cango’s cash reserves and provides the liquidity needed to continue its AI/HPC expansion in 2026.
Paul Yu, CEO and director of Cango, commented on EWCL’s bet on Cango to the tune of $10.5 million to maintain profitability in the future.
“EWCL’s increased investment is a powerful vote of confidence in our strategic roadmap. Strengthened alignment with a major shareholder who fully understands our vision allows us to execute with greater certainty and ambition. In 2026, we will continue to strengthen our Bitcoin mining operational capabilities, with a focus on improving hashrate efficiency, upgrading our mining fleet, and selectively acquiring strategic mining assets.”
Cango has a long runway
Despite being 20% ​​oversubscribed for the deal, analysts still believe Cango’s reserve fleet of over 7,400 BTC, 50 EH/s, and $450.20 million market cap are still severely undervalued, supporting the company’s chain-to-cloud strategy.
Earlier this month, Greenridge analysts assigned Cango a $4 target price even before the announcement of its latest deal with EWCL. HCW analysts made a less optimistic argument, believing that a 100% gain to $3 was more likely for CANG stock.
The impetus for these bullish calls came from strong numbers released by Cango in its Q3 2025 earnings report. Total revenue increased 60.6% to $224.6 million, with Bitcoin mining accounting for $220.9 million of the quarter’s final tally.
Cango’s operating profit was $43.5 million, net profit was $37.3 million, and adjusted EBITDA for the third quarter of 2025 was $80.1 million.
During the third quarter, Cango increased its total production by 37.5% and its daily production by 36% compared to the second quarter of 2025, earning a total of 1,930.8 BTC for the quarter, with a daily average of 21 BTC. The company managed to pair its productivity increase with an average return of around $18,000 on each Bitcoin mined during the quarter.
As of the end of September 2025, Cango reported having mined 5,810 BTC in his lifetime.
In addition to bringing in new capital to accelerate its key growth initiatives, the timing of EWCL’s investment in Cango represents a level of conviction that runs counter to the trend of BTC miners and their backers reevaluating their business models, as profitability is no longer a foregone conclusion due to falling token prices, soaring hashrates, and shrinking rewards for mining blocks.
Less profitable companies simply jumped ship, repurposing their mining equipment for hyperscalers to run AI data centers due to market competition.
Cango on track to achieve long-term AI computing expansion goals
Cango has moved past the phase of its ADR program to a direct listing on the NYSE, which is expected to unlock capital structure, corporate transparency and strategic advantages for a company planning to expand to meet the growing demand for AI computing capacity.
Cango has notably activated pilot projects in integrated energy solutions and distributed AI computing since entering the digital assets space in November 2024, pursuing expansion opportunities ahead of market squeezes that have forced contemporaries to sharply reorient their businesses.
According to official Cango documents, the company maintains a long-term vision to build a global, distributed AI computing grid powered by green energy. It also plans to operate multiple hubs and edge nodes as a utility-style AI computing provider for multinationals and large-scale AI applications.
Commenting on the opportunity for future pivots, Yu said: “Beyond our core mining business, this capital also supports the parallel development of our strategic pillars in energy and AI computing. We are actively exploring and investing in synergistic opportunities in these areas as we progress towards our long-term goal: establishing an integrated global infrastructure platform capable of powering the future digital economy.”
