Chinese Executive: Stock price rise after entering Bitcoin mining sector

Chinese automotive transaction service platform Cango has entered the Bitcoin mining industry, and its strategy appears to have played a major role in the company’s stock price increase, according to a Cango executive. Juliet Ye, Cango’s senior director of communications, told CoinDesk that “It’s been really hard for us to gain traction around the company, as a small- to mid-cap listed Chinese firm in the U.S.” However, Ye outlined that “all of a sudden, a lot of people are very much interested in Cango,” adding that “the buzz around the company — we’ve never seen this before in the past.” Cango’s stock closed at $4.56 in 2024, up more than 362% since the beginning of the year.