When Cango Inc. (NYSE:CANG) pivoted from China’s car-trading market to become one of the world’s leading Bitcoin miners in under a year, it signaled the company’s appetite for transformation. Now, the company is taking another decisive step forward: planting its flag firmly on American soil by terminating its American Depository Receipt (ADR) program and directly listing its Class A ordinary shares on the NYSE.
According to a company announcement, the ADR termination will take effect after market close on November 14, 2025. The company expects its Class A ordinary shares to begin trading under the familiar “CANG” ticker when markets open on Nov. 17, 2025, with uninterrupted trading continuity through the transition.
A Clear Signal To Wall Street
By offering direct ordinary shares, Cango opens its doors to a broader swath of American institutional capital.
Cango’s pivot to Bitcoin mining started in November last year, and it completed a $352 million divestiture of its legacy China assets in May 2025. Since then, it has rapidly ascended to become a global leader among Bitcoin miners.
The speed and scale of Cango’s growth are evident in the numbers: the company’s second quarter revenues of $139.8 million in 2025 represent a more than 20-fold increase from its second quarter figure of $6.2 million in 2024.
For institutional investors who have watched Cango’s transformation from the sidelines, the direct listing removes an additional barrier to entry. The switch from ADRs to directly listing Class A ordinary shares brings concrete advantages: investors gain full voting rights without intermediary restrictions, and they eliminate the annual depositary fees and associated administrative expenses that ADR holders currently pay. For large positions, these cost savings add up while simplifying the ownership structure.
Cango Maps American Future With Georgia On Its Mind
Cango’s shift to a more American focus began in earnest this August. The company acquired a fully operational 50 MW Bitcoin mining facility in the state of Georgia for $19.5 million. Following the acquisition, Cango mined an average of 20.55 BTC per day in September and surpassed 6,000 BTC in holdings as of October 11, 2025.
This move would then become the blueprint for the Cango’s broader U.S.-centric strategy, with the company establishing its foothold in the world’s largest cryptocurrency market. But Paul Yu, CEO of Cango, sees this as just the beginning.
“Our roadmap forward is clear and deliberate. In the near term, we’ll maximize value from our 50 EH/s network through efficiency upgrades and replicating the low-cost model of our Georgia site,” Yu explained during the company’s second quarter earnings call.
The company reports that its 50 EH/s mining capacity already generates substantial cash flow, but Cango recognizes that sustained success requires more than scale alone.
“Looking to the mid-term, we’ll pilot renewable energy storage projects targeting near-zero-cost mining operations, while simultaneously retrofitting select sites to support AI computing applications,” said Yu. “Ultimately, we’re building toward becoming a dynamic computing platform that intelligently balances Bitcoin and AI workloads—all powered by our growing energy expertise.”
The ability to pivot infrastructure between Bitcoin mining and AI workloads based on market conditions could prove valuable for strategic flexibility in the current technological and regulatory landscape.
The strategy makes particular sense in the U.S. context, where deregulated energy markets and growing AI compute demand create unique opportunities. A streamlined equity structure intended to appeal more to U.S. investors is just another part of that equation.
Featured image from Shutterstock.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
