Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain

Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report.

Publicly traded Chinese conglomerate Cango will sell its legacy China operations to an entity associated with peer Bitmain and Bitmain is transferring 32 exahashes per second (EH/s) to Cango, The Miner Mag reported.

Cango agreed to sell its China auto financing business to Ursalpha Digital Limited for $352 million, the report said.

Exahashes measure a miner’s contribution to the Bitcoin (BTC) network’s hashrate, the total computing power securing the network.

The Miner Mag said Ursalpha Digital Limited has the same corporate address and founding director as Antalpha, an entity ultimately controlled by the chairman of Bitcoin miner Bitmain.

Proxies for Cango’s shares on the NYSE are up 25% this month, according to Google Finance.

Analysts eye Bitcoin miners' AI, chip sales ahead of Q4 earnings

Trump-family connection

Bitmain has experienced US scrutiny after the country blacklisted its artificial intelligence affiliate Sopghgo, Bloomberg reported.

According to Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as part of a deal with Hut 8, a provider of power and computing infrastructure.

On March 31, Hut 8 bought a majority ownership interest in American Bitcoin (formerly American Data Centers), whose founders include US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.

Hut 8 has transferred its Bitcoin mining equipment to American Bitcoin, which is reportedly mulling an initial public offering (IPO).

The companies said that American Bitcoin will focus on crypto mining, while Hut 8 targets data center infrastructure for applications such as high-performance computing.

In 2025, Bitcoin mining stocks have struggled amid declining cryptocurrency prices and pressure on business models caused by the Bitcoin network’s April halving, according to a JPMorgan research note shared with Cointelegraph.

Every four years, the amount of BTC mined per “block” — a bundle of transaction data stored on the chain — is cut in half. April’s halving slashed mining rewards from 6.25 BTC to 3.125 BTC per block.