Cango's Last Dance: Bitcoin Miner Raises $75M in USDT as NYSE Delisting Clock Starts Ticking

Cango is staring down the barrel of an NYSE delisting, and the bitcoin miner is scrambling to reload — because nothing says "diamond hands" quite like desperately raising $75 million while your stock price performs a graceful faceplant toward zero.

The exchange flagged Cango on March 10 after its shares traded below $1 for 30 consecutive days, triggering a compliance notice that gives the company six months to lift its stock back above the threshold or face suspension and delisting proceedings. The $1 floor isn't just a number — it's the NYSE's way of saying "we've noticed you're embarrassing yourself."

Not wasting any time, Cango is shoring up its balance sheet with fresh capital. The company issued a $10 million convertible note to Hong Kong-listed DL Holdings, along with warrants to purchase shares at $2.70 apiece. The financing comes with a non-binding cooperation framework that could see the two firms pursue joint investments in crypto mining and AI infrastructure. That's right, folks — when in doubt, add AI. Even bitcoin miners are catching the compute fever.

But that's just the warm-up. Cango also closed a $65 million strategic investment round led by entities controlled by chairman Xin Jin and director Chang-Wei Chiu. The deal settled in USDT and was completed March 31, with the company issuing more than 49 million Class A shares. Nothing like getting paid in stablecoins while your stock behaves like a roller coaster designed by a sadist.

Together, the transactions total $75 million — a war chest to