Coinpaper 2026-04-08 17:23:53

Cango Sells More Bitcoin as It Cuts Debt and Funds AI Shift

Chinese automotive services company turned Bitcoin miner Cango has sold another part of its Bitcoin holdings as it keeps cutting debt and reshaping its business. In a March operational update released Tuesday, the company said it sold 2,000 BTC during March and used the proceeds to retire more Bitcoin backed loans. As of March 31, Cango said its remaining Bitcoin backed loan balance stood at $30.6 million, while its treasury held 1,025.69 BTC. That sale followed a much larger transaction in February. Cango said on Feb. 9 that it had sold 4,451 BTC on the open market for about $305 million in net proceeds, settled in USDT. The company said it used the full amount to partially repay a Bitcoin collateralized loan. Together, the two disclosed sales show that Cango has sold at least 6,451 BTC this year. The company has tied the move to deleveraging and to a broader push beyond mining. It said the sales were meant to strengthen its balance sheet, reduce financial leverage and give it more room to invest in AI compute infrastructure. Cango links Bitcoin sales to AI expansion Cango said its strategy now goes beyond holding mined Bitcoin. In its February announcement, the company said it was using its grid connected mining infrastructure to build distributed compute capacity for the AI industry. It added that the first phase would focus on modular GPU compute nodes across existing sites. The shift comes as Cango faces pressure from its recent financial results. In its full year 2025 report, the company posted total revenue of $688.1 million. However, it also reported a net loss from continuing operations of $452.8 million, which it linked in part to transformation costs and market driven fair value adjustments. Even so, Cango said it is still improving its mining business while it changes direction. In the March update, the company reported an operational hashrate of 37.01 EH/s as of March 31. It also said its average cash cost per Bitcoin mined in March fell 19.3% from the fourth quarter of 2025 to $68,215.83, showing lower production costs as it trims debt and repositions the business.

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