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

Cango (CANG) is staring down the barrel of a potential NYSE exit after its shares slipped below $1 for 30 consecutive days, triggering a compliance notice and a six-month cure window to get back above the threshold or face suspension. The clock is ticking louder than a hashrate dip on a Sunday night.

The bitcoin miner isn't wasting any time shoring up its balance sheet. It just closed a $65 million strategic investment round led by chairman Xin Jin and director Chang-Wei Chiu, with the deal settled in USDT and completed March 31. The company issued more than 49 million Class A shares in the round. Someone's betting big that this turnaround story has legs—or at least enough hash rate to mine 'em.

In a separate move, Cango inked a $10 million convertible note agreement with Hong Kong-listed DL Holdings, along with warrants to purchase shares at $2.70 apiece. The financing comes paired with a non-binding cooperation framework exploring joint investments in crypto mining and AI infrastructure. That's right, folks—AI is the new bitcoin, and everyone's trying to ride the coattails of the next hype cycle.

The proceeds are earmarked for upstream acquisitions and expanding Cango's pivot into computing infrastructure—a broader shift beyond bitcoin mining as the firm looks to leverage its global mining footprint for high-performance computing and AI workloads. Because nothing says "future-proofing" like slapping "AI" onto your business model and hoping the market forgets about the 70% drawdown.

The stock has been on a brutal run, down more than 70% year to date and recently trading around $0.39 after starting January above $1.40. The clock is ticking. At this rate, they'll need more than USDT to buy back their dignity—and possibly their listing.