Original Author: Joy Lou
Event: Cang.us released three important announcements in November, acquiring Bitmain's 32Eh/s operational cryptocurrency mining machines for $256 million; planning to issue $144 million in stock for the subsequent acquisition of 18Eh/s operational cryptocurrency mining machines; and producing 393 bitcoins in November.
Comments:
Cang.us's first phase acquired 32Eh/s operational cryptocurrency mining machines, with a shutdown price of approximately $70,000 per unit (including Bitmain's hosting and operational costs). The project is mainly distributed across five countries, including the United States, the Middle East, and Africa, with the mining machines primarily using Bitmain's flagship S19 miners, which currently have a depreciation period of about four years.
The $144 million required for the second phase of 18Eh/s operational cryptocurrency mining machines will be obtained through a targeted issuance, primarily formed by nine individual investors. The event is expected to be completed by March 2025, with the seller being Golden TechGen (GT).
Cang.us also signed a supplementary agreement as an option reward. If Cang.us's market value reaches a specific value for 30 consecutive trading days within the next 30 months, the company will further issue $97.1055 million in shares to the aforementioned nine individual investors.
Although the price of Bitcoin has recently seen a significant increase, the company engaged with the project early, reaching an agreement with the seller during the period when Bitcoin was priced at $60,000 to $70,000 per unit. Therefore, the acquisition price is essentially at par.
After the completion of this acquisition, Cang.us's main business will transform from automotive dealership operations to self-operated mining operations. The company will then rely on these operations to continue expanding into diversified business operations, including hash power leasing and cloud hosting, further smoothing out the significant profit fluctuations caused by Bitcoin price volatility.
Investment Recommendation: After Cang.us completes the remaining 18Eh/s project acquisition in March 2025, the operational hash power will reach 50Eh/s, making it the largest publicly listed mining company in the United States to date. Currently, among North American mining companies, Marathon Digital (Mara.us) has a self-operated mining power of 46Eh/s and a market value of $7.9 billion, corresponding to $1.7 million/Eh; Cleanspark (Clsk.us) has a self-operated mining power of 32Eh/s and a market value of $3.6 billion, corresponding to $1.1 million/Eh. Considering the company's relatively high shutdown price, using $1.1 million/Eh as the valuation basis corresponds to a market value of $3.52 billion before the completion of the second batch of acquisitions in March, and $5.5 billion after the acquisition, significantly undervalued compared to the company's current market value of only $720 million, with a potential increase of 3.9 to 6.6 times.
This article was written on December 18, 2024, with the current CANG price at $6.
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