Cango Inc. (NYSE: CANG), a prominent player in the Bitcoin mining industry, has commenced direct trading of its Class A common stock on the New York Stock Exchange as of November 17, 2025. This strategic move follows the termination of its American Depositary Receipt (ADR) program, allowing U.S. investors to purchase shares directly, thereby eliminating deposit fees and simplifying ownership. The transition to a direct listing does not involve issuing new shares or raising additional capital, maintaining the equity of existing shareholders. Cango, which has approximately 356 million issued Class A common shares, aims to enhance its institutional visibility and broaden its investor base. The company, with operations in North America, the Middle East, South America, and East Africa, focuses on Bitcoin mining and also runs AutoCango.com, a platform for international used car exports.