Cango sold its automotive finance business to Ursalpha for $352 million

ChainCatcher news, according to The Miner Mag, Cango announced the sale of its domestic auto finance business to Ursalpha Digital Limited, associated with Bitmain's subsidiary Antalpha, for $352 million. This transaction is part of Cango's comprehensive transformation into the Bitcoin mining business.

It is reported that the deal includes a $210.6 million advance payment made by Ursalpha, with additional installment payments contingent on fulfilling tax obligations and reducing credit risk exposure of the divested entity. Furthermore, Cango mined 530 BTC in March, bringing its total holdings to 2,475 BTC.