24/7 Market News Snapshot 17 March, 2025 – Cango Inc. American Depositary Shares, each representing two (2) Class A Ordinary Shares (NYSE:CANG)
DENVER, Colo., 17 March, 2025 (247marketnews.com) – (NYSE:CANG) are discussed in this article.
Cango Inc. (NYSE:CANG) experienced a substantial boost in its stock performance today, with shares opening at $3.92 and currently trading at $4.295, reflecting an impressive increase of 13.62% from the previous close of $3.780. The company recorded a trading volume of 595.43K shares, underscoring strong investor interest and market activity. This bullish momentum suggests a favorable market sentiment, potentially influenced by positive developments within the company. Analysts indicate that a breakthrough above the resistance level at $4.30 might pave the way for further gains, while support is identified around $3.80. Investors are advised to monitor volume trends closely to gauge the sustainability of this upward trajectory.
In a significant milestone, Cango has been included in the newly launched Bitwise Bitcoin Standard Corporations ETF (NYSE Arca: OWNB), effective March 11, 2025. This recognition highlights Cango’s strategic shift towards Bitcoin mining, which has seen remarkable growth since the implementation of its capital-light model in the fourth quarter of 2024. With an industry-leading productivity rate of 17.81 Bitcoin per EH/s and a considerable hashrate of 32 EH/s, Cango has established itself among the top three Bitcoin miners globally.
Jiayuan Lin, the Chief Executive Officer, expressed pride in this achievement, emphasizing the company’s dedication to innovation and robust growth within the Bitcoin sector. Cango’s operational strategy spans multiple regions, allowing for enhanced flexibility and optimal resource utilization. While expanding its footprint in the blockchain realm, Cango remains committed to its traditional automotive transaction services established in 2010, ensuring a seamless purchasing experience for customers. The company’s dual focus positions it for continued leadership in both the cryptocurrency and automotive markets.