About: Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. For more information, please visit: ir.cangoonline.com.
Index Update
5-D Volatility: Bitcoin mining stocks mirrored Bitcoin’s price movements in similar path. Here’s how they performed compared to other major stocks 👇
Major Company Updates
- Cipher Mining Inc. announces proposed offering of $333 million of additional senior secured notes (link)
- Mawson Infrastructure Group Inc. announces 1-for-20 reverse stock split (link)
- HIVE Digital Technologies subsidiary, BUZZ High Performance Computing, accelerates Canada’s AI industrial revolution with Dell Technologies for its AI cloud expansion (link)
Must Read: Cipher Mining signs additional 56 MW, 10-year AI hosting agreement with Fluidstack (link)
What Happened: On November 20, 2025, Cipher Mining announced a 10-year AI hosting agreement with Fluidstack, adding 39 MW of critical IT load at its Barber Lake site in Texas. The deal secures approximately $830 million in contracted revenue, bringing Fluidstack’s total lease at the site to the full 300 MW. Google has expanded its financial backstop of Fluidstack’s obligations by $333 million, increasing total support to $1.73 billion.
Sponsored Updates: On November 17, 2025, Cango Inc. began trading its Class A ordinary shares directly on the NYSE after ending its ADR program, with each ADS holder receiving two ordinary shares. (read more)
🚀 Today our shares begin trading directly on the NYSE!
— CANGO (@Cango_Group) November 17, 2025
Following the termination of our ADR program, this update means a simpler ownership process, no depositary fees, and a structure designed to benefit all shareholders.
Your ADSs have been converted into Class A shares… pic.twitter.com/GXZ7rdWutP
As more Bitcoin miners pivot toward AI infrastructure, we’re starting to see a clear divide in strategy. Some already announced slowly phase out mining altogether, betting big on HPC and AI hosting as the next growth engine. It raises the question: what’s next for this industry?
Last week, we invited Nico Smid from DigitalMiningSolutions.tech to join us for a chat on this very topic. If you're curious about where the sector might be heading, give it a listen. 👇
That’s all for this week! Feel free to drop us a message if you have any suggestions, feedback, or just want to say hi.
Thanks for being part of our journey - see you next week!
Cindy & the BMS Team 💜