"Interview with Executives of Crypto Concept Stocks" From Automotive Finance to Global Mining Enterprises: Canggu CEO Paul Yu Decodes the Web 3.0 Computing Power Ecosystem Strategy

Abstract: In this interview, MetaEra interviewed Paul Yu, the new CEO and Director of Cangu, a seasoned builder and entrepreneur with over 18 years of experience in Bitcoin Mining, energy infrastructure, cross-border mergers and acquisitions, and asset management, who is leading Cangu onto a new growth trajectory. Article Author: Lesley Source: MetaEra Core Viewpoint • Compared to a pure holding strategy, using Mining as a strategic path to enter Web 3.0 has three advantages: strong volatility resistance, stable cash flow resilience, and the potential for collaborative asset appreciation. • Canggu does not view Mining as the ultimate goal, but rather establishes long-term capabilities for controlling power resource costs and optimizing efficiency through Mining, laying the foundation for the long-term development of the enterprise. • The essence of traditional enterprises entering Web 3.0 is to exchange physical resources for on-chain value anchoring. Only by achieving breakthroughs in three dimensions: technological innovation, compliance construction, and economic model optimization, can they truly leverage strengths and avoid weaknesses, maintaining stability and sustainability.

The Web 3.0 strategies and layouts of listed companies have become a hot topic of increasing public interest. Against this backdrop, MetaEra officially launches the "High-End Dialogue" series of interviews with executives of crypto concept stocks. We will converse with those business leaders who dare to be pioneers in the wave of digital transformation, delving into their strategic layouts, business innovations, and financial innovations through the first-person perspectives of decision-makers, providing forward-looking insights for industry participants.

In November 2024, Cango Inc. (NYSE: CANG), a company listed on the New York Stock Exchange that has been deeply engaged in the automotive finance sector for years, decisively announced its entry into the Bitcoin Mining field to address the growth bottleneck of its traditional main business, becoming a pioneer among listed companies exploring the Web 3.0 track. On July 23, 2025, Cango announced the completion of a secondary acquisition and simultaneously appointed a new management team with extensive experience in blockchain, marking the company's official completion of its transformation into a Bitcoin mining enterprise.

In this interview, MetaEra interviewed Paul Yu, the newly appointed CEO and Chairman of Cangu, a seasoned builder and entrepreneur with over 18 years of experience in Bitcoin Mining, energy infrastructure, cross-border mergers and acquisitions, and asset management, who is leading Cangu onto a new growth track. From automotive finance to global mining enterprises: the magnificent transformation of Cangu. Looking back on its development history, Cangu has been an important player in China's automotive finance sector. In 2018, the company successfully listed on the New York Stock Exchange, becoming a Chinese enterprise that rang the bell on Wall Street. However, with the changes in the internet finance business environment and facing traditional business bottlenecks, Cangu urgently needs to find new growth engines. In November 2024, Cangu officially entered the cryptocurrency field, fully transforming into a "Bitcoin mining company," with its business rapidly expanding to North America, the Middle East, South America, and East Africa. On July 23, 2025, Cangu announced the appointment of a new board of directors and executive team with expertise in digital asset infrastructure, finance, and energy investment, officially completing its full transformation into a Bitcoin mining company. As a veteran in the blockchain industry, why did Paul Yu join Canggu at this time as the CEO and director? MetaEra conducted an exclusive interview with him.

When talking about the reasons for joining Canggu, Paul Yu said he was impressed by the company's transformation determination. "As a long-term practitioner in the Bitcoin mining field, I deeply resonate with Canggu's strategic transformation determination," Paul Yu said, "In just 9 months, the company has raised its computing power from zero to 50 EH/s, the second highest in the world, through cash acquisitions and equity swaps. This efficient execution aligns perfectly with my industry philosophy." He pointed out that the successful transformation of Cangu relies on precise market timing: "When the transaction was finalized in 2024, Bitcoin (BTC) was still at a cyclical low, mining machine prices were low (the cost-effective model S19 XP was chosen at that time), and the competition for computing power had not yet intensified, laying a low-cost advantage for subsequent profitability." He cited data indicating that in the fourth quarter of 2024, the company's Bitcoin mining revenue reached 653 million yuan (approximately 89.5 million USD), with total quarterly revenue of 668 million yuan (approximately 91.5 million USD), a year-on-year rise of over 400%, completely reversing the decline of the automotive business. Paul Yu is full of confidence in the future of Cangu, and the specific reason behind it is: Cangu's Q1 2025 financial report shows strong financial resilience. He introduced, "As of the end of the first quarter of 2025, the company holds cash, cash equivalents, and short-term investments totaling RMB 2.5 billion (approximately $346.7 million), with a cumulative holding of 2,475 Bitcoins." He pointed out that joining Cangu coincides with a favorable policy: "Many states in the U.S. are incorporating Bitcoin into their fiscal reserves, pushing the coin price to break through $120,000, opening up profit windows for mining companies." Against this backdrop, Paul Yu expressed, "With the triple resonance of business fundamentals, capital strength, and industry opportunities, I look forward to leading the team in achieving a leap from transformation exploration to global leadership." The transformation of CanGu is not only an adjustment in business direction but also a true reflection of a listed company's construction of a new growth curve in the era of cryptocurrency. Layout for the Future: How Can Cangu Build a Global Computing Power Ecosystem? Traditional enterprises enter the cryptocurrency market in different ways. Some choose to invest in blockchain technology or adopt a holding coin strategy, while others enter this emerging field through mergers and acquisitions or cross-industry collaborations. However, in the face of increasingly fierce competition in the cryptocurrency market, Canggu has chosen to enter by focusing on Bitcoin Mining, building a global computing power ecosystem. Strategic Direction: Why Choose Mining Instead of Holding Coins? In the strategic selection of cryptocurrency enterprises, holding coins or mining is always an unavoidable core topic. In the face of mainstream US companies generally choosing the "buy and hold" strategy, Canggu decisively chose the "mining production" track in the early stages. Paul Yu believes that, compared to a simple holding strategy, using Mining as a strategic path to enter Web 3.0 has three advantages: ・Volatility resistance: It can hedge against coin price fluctuations by dynamically adjusting the operating rate of mining machines, keeping the average holding cost of BTC within a controllable range; ・Cash flow resilience: With the current hash rate of 50 EH/s, Cangu produces an average of over 20 BTC per day, providing the company with stable cash flow; ・Asset synergy and appreciation: Mining machines, as physical assets, can be used for collateral financing, forming a dual leverage structure with BTC liquidity assets. At the same time, geopolitical policy factors have strongly driven this strategic choice. "The Trump administration's policy support for cryptocurrencies has created an unprecedented strategic window for us," Paul Yu pointed out, "especially in terms of promoting the repeal of the SAB 121 bill and encouraging state governments to include BTC in their financial reserves, a series of policies are substantially improving the operational environment for mining companies." Canggu is also leveraging this policy tailwind to accelerate its layout in the North American and global markets. Paul Yu revealed that in order to better implement its global strategy, Canggu is also planning to establish a local team and headquarters in the United States, demonstrating its globalization layout and focus on the North American market. But Paul Yu also emphasized that Mining is not the end point, but the starting point for Canggu's entry into the computing power era. Under his leadership, Canggu is steadily expanding its business and establishing new growth points in the Web 3.0 and energy computing power fields. Strategic goal: Start with Mining, leading to a future of resilient computing power. The future layout of Cangu is not just a horizontal expansion of its business, but a systematic upgrade based on a profound understanding of the relationship between energy and computing power. "Can Valley starts with Bitcoin Mining to build large-scale computing power operation capabilities, with the core purpose of accumulating relevant experience in 'energy acquisition and management', such as selecting low electricity price areas and conducting dynamic electricity arbitrage," Paul Yu explained. Can Valley does not view mining as the ultimate goal, but rather establishes long-term capabilities for controlling electricity resource costs and optimizing efficiency through mining, laying the foundation for the long-term development of the enterprise.

Based on the above assumptions, in Paul Yu's strategic blueprint, the development path of Cangu is clearly divided into three major stages - from efficiency release, to energy integration, and finally to the positioning leap towards a computing power scheduling platform. Based on this, Paul Yu introduced the future goals of Cangu to MetaEra. ・Short-term goal: Release 50 EH/s of computing power value by enhancing operational efficiency, including improving operational efficiency, upgrading machines, etc., and by selectively acquiring low electricity cost mining farms to reduce the cost per BTC. ・Mid-term strategy: Build a "Energy + Computing Power" dual-driven model. Pilot the "Green Electricity + Energy Storage" project in areas rich in renewable energy, bringing the electricity cost of some mining sites close to zero, and converting surplus electricity into a source of income. At the same time, repurpose mining facilities to provide HPC (High Performance Computing) services for AI companies, opening up a second rise curve.

• Long-term positioning: To become a flexible computing power scheduler, dynamically allocating resources to BTC Mining and AI computing, forming a composite business model of "Mining revenue + AI service fees + green electricity trading." Regarding the future positioning of Cangu, Paul Yu summarized the advantages of the current strategy: "Cangu will focus on upgrading energy value, achieving zero marginal cost power supply for some mining sites through green electricity infrastructure, and gradually providing HPC services for AI customers, ultimately creating a flexible computing power pool, thereby significantly enhancing asset utilization and anti-cyclical capability." In the current context of a global surge in computing power demand and the increasingly clear trend of the integration of AI and cryptocurrency infrastructure, CanGoo's strategic layout is not only a reconstruction of the traditional mining model but also holds the potential to secure a decisive advantage for cross-cycle growth. The wave of coin-stock integration is coming: The second growth curve of traditional listed companies? Against the backdrop of the increasingly deep integration of cryptocurrency assets and traditional finance, listed companies are becoming key drivers of this historic transformation. The structural advantages of traditional listed companies in Web 3.0 Compared to native crypto enterprises, traditional listed companies have demonstrated unique structural advantages in their transformation to Web 3.0. Paul Yu provides strong evidence for this viewpoint through the practices of Cangu. Paul Yu believes that Cangu's core advantages are reflected in three dimensions. First is the compliance gene. "The listing on the New York Stock Exchange in 2018 has allowed us to accumulate a mature compliance system," Paul Yu explained, "from SEC disclosure standards to cross-border regulatory responses, this complete compliance framework is being fully migrated to the new business of Canggu." This compliance capability is particularly valuable in the current environment of tightening regulations. Secondly, there is the light asset path. Cangu chose to quickly enter the industry by acquiring second-hand mining machines, avoiding the market dilemma of tight supply and high prices for new machines, allowing Cangu to achieve industry-leading operational efficiency with relatively small capital investment. "The single coin depreciation cost of the S19XP model we use is only $13,000, far lower than the cost of new machines during the same period," Paul Yu pointed out, "more importantly, we have established strategic partnerships with key industry players including Bitmain and Antalpha to ensure robust development." The third is strategic determination. "We always adhere to the principle of prioritizing cash flow quality and focus on building hard power in computing efficiency and energy infrastructure," emphasized Paul Yu. This focused strategy allows Canggu to maintain a clear development direction in the complex and ever-changing cryptocurrency market, directing limited resources to the areas with the most long-term value. "In our view, the essence of traditional enterprises entering Web 3.0 is to exchange physical resources for on-chain value anchoring," Paul Yu summarized, "Only by achieving breakthroughs in the three dimensions of technological innovation, compliance construction, and economic model optimization can we truly leverage strengths and avoid weaknesses, ensuring stable and long-term development." It should be noted that against the backdrop of the integration of coins and stocks, the valuation logic of listed companies is also being redefined. Paul Yu pointed out that the trend of coin-stock integration will change the way companies are valued, and the valuation of listed companies needs to combine a dual model of traditional cash flow discounting (DCF) and on-chain asset value (such as BTC holdings, computing power scale). This shift places higher demands on listed companies: they must establish a transparent and efficient information disclosure mechanism to bridge the gap in traditional investors' understanding of Web 3.0 assets. Can Gu talks about stock tokenization: optimistic but not yet involved. When it comes to the major trend of stock tokenization, Paul Yu has shown a both approving and restrained attitude. "We recognize the potential of stock tokenization in enhancing liquidity, lowering investment thresholds, and optimizing capital efficiency. Investors can enjoy 24-hour global trading, on-chain real-time dividends, and other experiences. These innovations inject the efficient genes of blockchain into traditional finance." "Although the industry's innovation is exciting, Paul Yu admitted that Canggu has not yet initiated any substantial exploration into stock tokenization." He stated, "Our strategic priorities are clearly focused on two points: maximizing computing power efficiency and establishing energy infrastructure. These two pillars are the core of Canggu's transition from a 'mining company' to a 'comprehensive green energy service provider.'" Paul Yu stated that CanGoo's current strategic focus remains concentrated on the two core areas of computing power and energy. This strategy of "doing what is necessary and refraining from what is not" precisely reflects the mature enterprise's profound understanding of resource allocation efficiency. In the current landscape of Web 3.0, where opportunities are blooming everywhere, companies that can resist temptation and focus on core business often find it easier to build long-term competitive advantages. Summary: Traditional finance and Web 3.0 are merging. The stunning transformation of Cangu from an "automotive finance company" to a "Bitcoin mining company" reflects another path choice for traditional listed companies seeking a second growth curve. Against the backdrop of an increasingly friendly policy environment and the continuous influx of institutional funds, more and more traditional enterprises are beginning to incorporate digital assets into their strategic considerations, with the integration of "coin and stock" moving from concept to reality. But the success of the transformation is by no means accidental. Canggu has become a leading mining company globally within just 9 months, thanks to precise timing, efficient resource allocation, and clear strategic positioning. This reminds us that the Web 3.0 transformation tests not only the foresight of the enterprise but also its execution capability and risk control ability. In today's rapidly growing Web 3.0 industry, long-term builders are gradually replacing short-term speculators, becoming the dominant force in the industry's development. The transformation of Canggu is undoubtedly an important part of this change.