Cango secures $65M investment from management

Cango, a Chinese auto trading service platform that recently acquired BTC miners from Bitmain, announced it has raised $65 million in strategic funding from its own management team. The company also signed an agreement with DL Holdings Group to issue $10 million in convertible bonds. The investment was raised in USDT and will be used to expand and acquire AI and computing infrastructure. The two firms also signed a memorandum of understanding (MOU) that includes a potential additional investment of up to $10 million. Cango previously received a notice from the New York Stock Exchange for failing to meet its continued listing standards.