Cango raises capital as it faces NYSE delisting risk with shares below $1
The bitcoin miner issued a $10 million convertible note and closed a $65 million insider-led round while racing to regain compliance with exchange rules.
Apr 1, 2026, 3:42 p.m.
Cango (CANG) is at risk of losing its NYSE listing after its shares traded below $1 on average for 30 consecutive days, triggering a compliance notice from the exchange and giving the bitcoin BTC$66,823.98 miner a six-month window to recover, the company said in a press release Wednesday.
The New York Stock Exchange flagged the company on March 10, warning that failure to lift its share price back above the $1 threshold by the end of the cure period could lead to suspension and delisting proceedings. Cango said it plans to monitor market conditions and explore options to regain compliance, while its shares continue trading in the interim.
Against that backdrop, the company is shoring up its balance sheet with fresh capital.
In a separate announcement, Cango said it has entered into a $10 million convertible note agreement with Hong Kong-listed DL Holdings, alongside issuing warrants to purchase shares at $2.70 apiece. The financing is paired with a non-binding cooperation framework that could see the two firms pursue additional joint investments tied to crypto mining and AI infrastructure.
Proceeds from the note are earmarked for upstream acquisitions and expanding Cango’s push into computing infrastructure, part of a broader pivot beyond bitcoin mining.
Cango’s recent fundraising comes as the company pivots beyond its roots in bitcoin mining toward a broader strategy centered on energy and AI compute infrastructure. The firm has been positioning its global mining footprint as a foundation for high-performance computing, aiming to repurpose or expand its power capacity to support data-intensive AI workloads, a shift that mirrors a wider industry trend of miners seeking more stable, higher-margin revenue streams.
The convertible issuance follows the closing of 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 completed March 31, saw the company issue more than 49 million Class A shares.
Together, the transactions underscore management’s effort to stabilize the company financially while betting on longer-term growth in energy and AI-linked compute, even as it faces near-term pressure to keep its NYSE listing intact.
Cango’s shares have slumped sharply this year, highlighting the urgency behind its latest capital raise. The stock is down more than 70% year to date, recently trading around $0.39 after starting January above $1.40, with sustained selling pressure pushing it below the NYSE’s $1 minimum listing threshold.
Read more: Cango is selling off its bitcoin stash to pay down debt and fund an AI makeover
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
Most crypto privacy models weaken as blockchain data grows. Encryption-based models like Zcash strengthen. CoinDesk Research maps the five privacy approaches and examines the widening gap.
Why it matters:
As blockchain adoption scales, the metadata available to machine learning models scales with it. Obfuscation-based privacy approaches are structurally degrading as a result. This report provides a comprehensive comparison of all five major crypto privacy architectures and a framework for evaluating which models remain durable as AI capabilities improve.
More For You
The asset manager is creating a new “Franklin Crypto” unit to expand beyond ETFs and target institutional demand for active digital asset strategies.
What to know:
- Franklin Templeton is launching a dedicated cryptocurrency division, Franklin Crypto, anchored by its planned acquisition of crypto investment firm 250 Digital.
- The new unit will consolidate 250 Digital’s liquid crypto strategies, formerly managed by CoinFund, under leadership from ex-CoinFund executives and Franklin Templeton’s digital assets team to offer more active,…
