Bitcoin Miner Cango Raises $75M, NYSE Issues Delisting Notice

Cango, an AI-infrastructure and Bitcoin-mining firm, raised $75 million — $65M via insider-led share purchases (settled in USDT) and $10M via a convertible note maturing April 2028 with a $1.62 conversion price and a $2.70 warrant strike. The financing is intended to fund expansion of its GPU compute and global mining sites and management says the capital plus a pivot toward AI infrastructure should boost value and share price. However, Cango also received an NYSE notice for failing to maintain a $1.00 minimum average closing price and has a six-month cure period to regain compliance. Shares are trading around $0.40 (down ~2.7%), so while the funding reduces near-term liquidity risk and signals insider support, delisting remains a material near-term downside for shareholders.