Emerson Zou's questions to Cango Inc (CANG) leadership • Q4 2024
Question
Emerson Zou of Goldman Sachs asked for the rationale behind entering the Bitcoin mining industry, whether the transactions are subject to regulation, and if Cango has plans to sell its Bitcoin holdings.
Answer
Executive Jiayuan Lin explained the move into Bitcoin mining was driven by a positive outlook on the cryptocurrency's future and its potential to utilize surplus electricity, a discovery made while exploring other energy projects. Lin clarified the $400 million acquisition was an offshore transaction not subject to Chinese regulation. He stated the current strategy is to 'mine and hold' Bitcoin to optimize the financial model, though they remain open to adjusting holdings based on market conditions.