Cango Inc., a Chinese firm that formerly operated as a car loan financing company, has made a full pivot to Bitcoin mining, the company announced last week.

Cango announced the sale of its car financing business in mainland China to Ursalpha Digital Limited for around $351.94 million, which included an up-front payment of $210.64 million.

The sale leaves Cango fully at the helm of a Bitcoin mining business which it started in November 2024, when it entered into an agreement with Bitmain to purchase mining machines with a total hashrate of 32EH for $256 million.

At the same time, Cango also purchased an additional 18EH from Golden TechGen Limited in return for 145.7 million Class A shares, valued at $144 million, taking its total purchase to 50EH.

As per the company’s latest documentation, Cango has acquired 2,474 Bitcoins since launching the mining business in November 2024, representing a total value of around $204 million.

The firm currently has five mining sites situated around far-flung corners of the globe, with locations in Oman, East Africa, Paraguay, Canada, and the US.

Notably, last week’s announcement said that the sale of the car financing business could affect Cango’s mining operations, specifically its agreement to purchase 18EH of mining power in return for company shares. For this reason, Cango had to amend its previous purchase agreement with Golden TechGen Limited.

Given that only 32EH of Cango’s mining power is currently deployed, it would appear the deal to acquire its additional 18EH has yet to be finalized.

Cango wouldn't be the only enterprise to pivot to digital infrastructure in recent months.

HRC World, which operated the Hard Rock Cafe chain in mainland China before pivoting to café management services, recently announced a pivot to data centers.

Jet.AI, a company that develops AI solutions for the aviation industry, recently sold its aviation business amid its own pivot to developing data centers.