作者: Joy Lou

事件：Canggu (Cang.us) consecutively released three important announcements in November, acquiring Bitmain's 32Eh/s operational cryptocurrency mining machines for $256 million; planning to issue $144 million in stocks for the subsequent acquisition of 18Eh/s operational cryptocurrency mining machines; and generating 393 Bitcoins in November.

点评：

1. Canggu's first phase obtained 32Eh/s operational cryptocurrency mining machines, with a shutdown price of about $70,000 per coin (including Bitmain's custody and operational costs). The project is primarily distributed across five countries, including the United States, the Middle East, and Africa. The mining machines mainly use Bitmain's flagship S19 miner, which currently still has a depreciation period of about 4 years.

2. The second phase requires $144 million for 18Eh/s in operational cryptocurrency mining machines, which will be obtained through a targeted issuance method, primarily formed by an investment entity of nine individuals. The event is expected to be completed by March 2025, with the seller being Golden TechGen (GT).

3. Canggu also signed a supplemental agreement as an option reward. If Canggu'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 investment entity formed by the nine individuals.

4. Despite a significant recent increase in Bitcoin prices, the company engaged with the project early, reaching an agreement with the seller of the target project when Bitcoin was around $60,000-$70,000 per coin, so this acquisition price is basically at par.

5. After this acquisition is completed, Canggu's main business will transition from automobile dealership to self-operated mining business. The company will then rely on these businesses to continue extending and expanding into diversified business operations, including computing power leasing, cloud hosting, etc., further smoothing out the significant profit fluctuations of the company caused by Bitcoin price volatility.

投资建议：After Canggu completes the remaining 18Eh/s project acquisition in March 2025, the operational computing power will reach 50Eh/s, making it the largest listed mining stock 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 $170 million/Eh; Cleanspark (Clsk.us) has a self-operated mining power of 32Eh/s and a market value of $3.6 billion, corresponding to $110 million/Eh. Considering the company's shutdown price is relatively high, we choose $110 million/Eh as the valuation basis, corresponding to a market value of $3.52 billion before the completion of the second batch of acquisitions in March, and a post-acquisition market value of $5.5 billion. Compared to the company's current market value of only $720 million, it is significantly undervalued, with growth potential reaching 3.9 to 6.6 times.

This article was written on December 18, 2024, with the current CANG price at $6.