Bitcoin mining company Cango has received a delisting warning from the New York Stock Exchange.
A recent report by The Block said the NYSE notified Cango on March 10 that its shares were trading below $1 and warned of possible delisting. Cango must raise both its closing price and its 30-day average share price to at least $1 within six months.
Cango also announced additional fundraising. Company management made a $65 million strategic investment, and it raised an additional $10 million through a convertible bond agreement with Hong Kong-listed DL Holdings.
The $65 million investment was made through purchases of the company’s shares by board chairman Xin Jin (신진) and director Chang-Wei Chiu (창웨이 치우).
Cango posted a net loss of $452.8 million in 2025, its first year in the bitcoin mining business. The company is seeking to expand its AI and computing infrastructure business to target demand for computing power in the AI industry, like other bitcoin miners. In February, it sold 4,451 bitcoins for about $305 million to repay part of its bitcoin-backed loans.
Chi-gyu Hwang
delight@d-today.co.kr