Cango ADRs Rise 13% as It Continues to Boost Bitcoin Production

By Connor HartCango's American depositary receipts were higher after the Chinese automotive platform said it accelerated its bitcoin production in December.The ADRs gained 13%, to $4.98, on Thursday afternoon. They ended 2024 having more than quintupled, up 401%.The company produced 569.9 bitcoin in December, compared with 363.9 a month earlier. It didn't sell any bitcoin during the month, bringing its number held to 933.8.Bitcoin has experienced a surge following the U.S. election, boosted by anticipation of a more amenable regulatory environment under the administration of President-elect Donald Trump and the election of crypto-friendly lawmakers to Congress.Write to Connor Hart at [email protected]