Kango China comes out in a deal worth $ 351.9 million, and the axis to bitcoin mining

Canggo, based in Shanghai, has signed final agreements to sell its Chinese operations for 351.94 million dollars in cash, which represents a strategic shift towards coded currency mining.

Ursalpha Digital Limited, a British entity in the Virgin Islands, will get the Canggo PRC. The deal includes an initial payment of $ 210.64 million at closing, with the remaining balance in tax obligations and reducing credit risk, according to press release.

The deal follows a non -binding suggestion from the Wealth Capital Limited in March, which sought Canggo while facilitating the sale of PRC.

The sale is awaiting the approval of the shareholders and an internal restructuring that separates the Chinese Cango operations from its external business, including Bitcoin (BTC) Mining and trading cars outside China.

If it is completed, Cango plans to cancel the registration of the “Concept of China concept” in light of the Chinese organizational supervision. However, Jupiter reserves the right to reflect the deal if China’s securities refuse to cancel the registration or if EWCL fails to finish the agreement to obtain separate shares with Cango founders.

Cang’s Crypto Pivot

The Kangu axis to the coded currency mining is already ongoing. The company previously agreed to obtain Bitcoin mining platforms with a total of 18 EH/S in an independent deal with Golden Techgen Limited.

The disposal of PRC’s amendments to this agreement necessitated with more reviews.

The transaction indicates that Canggo is full to the encryption sector, where it has placed itself as a possible agent for the main bitcoin Mining Entars.