- Enduring Wealth Capital Limited (EWCL) has made a new $10.5 million commitment to Bitcoin miner Cango.
- EWCL announced in June 2025 that it signed a $70 million financing agreement with Cango.
- HCW analysts have a price target of $3 for CANG, while Greenridge analysts have assigned a valuation forecast of $4.
Kango rose more than 3% pre-market ahead of its first trading day on news that Enduring Wealth Capital Limited (EWCL) has injected another $10.5 million into its Bitcoin mining operations, which are based in more than 40 locations across North America, the Middle East, South America and East Africa.
According to public information obtained by Cryptopolitan, EWCL plans to subscribe for an additional 7 million shares of Class B common stock in cash at $1.50 per share, which is 20% above the company's base stock price of $1.25 and market closing price of $1.36.
Market observers often consider this level of oversubscription to be a bullish signal for future earnings that have not yet been reflected in the company's performance.
EWCL backs Cango to lead the changing BTC mining sector
According to Cango's press release, the proposed investment is expected to close in January, subject to customary closing conditions, including necessary approvals from the New York Stock Exchange, and is expected to increase EWCL's shareholding in the Bitcoin miner from approximately 2.81% to approximately 4.69% of its total outstanding shares.
Similarly, EWCL's voting power is expected to increase from approximately 36.68% to approximately 49.61% of the total voting power of Cango's outstanding shares. The EWCL management team is expected to continue providing core resources to Cango's 50 EH/s operations and AI transformation.
In early June, EWCL completed the bulk purchase of 10 million shares of Class B common stock and entered into a securities purchase agreement with Cango for an aggregate value of up to $70 million.
This latest cash infusion also increases Cango's cash reserves and provides liquidity to pursue AI/HPC expansion in 2026.
Cango CEO and Director Paul Yu commented on EWCL's $10.5 million bet on Cango to maintain its profitability into the future.
“The increased investment from EWCL is a strong vote of confidence in our strategic roadmap. Strengthening our collaboration with major shareholders who fully understand our vision will enable 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 hash rate efficiency, upgrading our mining fleet, and selectively acquiring strategic mining assets.”
Kango has a long runway
Despite the 20% oversubscription on this deal, analysts still believe Cango's reserves of over 7,400 BTC, fleet of 50 EH/s, and market cap of $450.2 million are still significantly undervalued, supporting the company's chain-to-cloud strategy to take off.
Earlier this month, Greenridge analysts set a $4 price target for Kango, even before the latest deal with EWCL was announced. HCW analysts were less bullish, predicting that CANG stock would likely rise 100% to $3.
Driving these bullish calls were the strong numbers Cango released 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 had operating income of $43.5 million, net income of $37.3 million and adjusted EBITDA of $80.1 million in the third quarter of 2025.
During the third quarter, Cango achieved a 37.5% increase in total production and a 36% increase in daily production compared to the second quarter of 2025, earning a quarterly total of 1,930.8 BTC (an average of 21 BTC per day). The company was able to combine increased productivity with an average revenue of approximately $18,000 for each Bitcoin mined during the quarter.
As of the end of September 2025, Cango reported having mined 5,810 BTC over its lifetime.
Aside from providing fresh capital to accelerate core growth initiatives, the timing of EWCL's investment in Cango represents a level of confidence that bucks the trend of BTC miners and their backers re-evaluating their business models, as falling token prices, inflated hashrates, and declining mining block rewards have made profitability an inevitable conclusion.
Unprofitable companies simply changed their plans due to market competition, repurposing their mining equipment to run AI data centers for hyperscalers.
Cango on track for long-term AI computing expansion goals
Cango is moving through its ADR program and into a direct listing on the NYSE. This is expected to unlock strategic advantages for companies planning to expand to meet the growing demand for capital structure, corporate transparency, and AI computing power.
Notably, since entering the digital assets space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing, pursuing expansion opportunities ahead of market tightening that has forced contemporaries to sharply pivot their operations.
According to Cango's official documents, the company maintains a long-term vision of building a global decentralized AI computing grid powered by green energy. We also plan to operate multiple hubs and edge nodes as a utility-like provider of AI computing for multinational corporations and large-scale AI applications.
Regarding future pivot opportunities, Yu said, “Beyond our core mining operations, this funding 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 build towards our long-term goal of establishing an integrated global infrastructure platform that can drive the digital economy of the future.”
