- Bitcoin miner Cango sold 4,451 BTC for $305 million in USDT, used the funds to repay a bitcoin-collateralized loan and reduce leverage.
- The company still holds 3,645 BTC worth more than $250 million and plans to deploy modular GPU units at over 40 sites for AI inference capacity.
Bitcoin miner Cango has sold a substantial portion of its digital asset holdings as it reshapes its strategy around artificial intelligence infrastructure. Over a single weekend, the company disposed of thousands of bitcoins, raised hundreds of millions of dollars in USDT, and outlined plans to redirect capital away from pure mining toward AI-focused computing services.
Bitcoin miner Cango raises $305 million and trims leverage
During the weekend sale, bitcoin miner Cango liquidated 4,451 BTC, generating roughly $305 million in USDT. Based on the company’s disclosure of total proceeds, the transactions imply an average selling price of about $68,524 per bitcoin, which it described as close to multi-year lows for the asset. The move is part of an effort to lower leverage and adjust the firm’s treasury structure in response to current conditions in the crypto market.
Cango directed the entire sum from the sale toward repaying a bitcoin-collateralized loan. By retiring this debt, the company sought to strengthen its balance sheet and create more room for investment in new business lines. In a letter to shareholders, Cango described the step as a “treasury adjustment” designed to reinforce the balance sheet, cut financial leverage, and open additional capacity to finance its expansion into AI computing infrastructure.
Despite the sizable divestment, the firm retains a notable bitcoin position. According to figures cited from BitcoinTreasuries, Cango continues to hold 3,645 BTC, valued at more than $250 million. This remaining stash underscores that the company has not exited bitcoin exposure but has shifted the mix between digital assets, debt, and planned capital spending.
The share price reaction to the announcement was muted in the short term. The stock traded largely flat on Monday, even as it remains sharply lower on a longer view, down 83% compared with the same point a year earlier.
Strategic pivot from mining to AI compute
The asset sale accompanies a broader operational shift. Cango stated that the decision to sell bitcoin followed a comprehensive review of the market backdrop and its own prospects, leading management to prioritize AI-related infrastructure. The company plans to roll out modular GPU units across more than 40 locations in its global network. These units are intended to provide on-demand AI inference capacity, with a particular focus on small and mid-sized enterprises that require computation but lack the scale to build dedicated data centers.
In its communication to investors, Cango described a structural imbalance between accelerating demand for compute resources and the limitations of existing grid capacity. The firm argued that its infrastructure footprint positions it to address this gap by reusing or upgrading its sites to serve AI workloads. The reallocation of capital from a leveraged balance sheet to growth projects in AI compute is presented as central to its next phase.
The company’s shift also reflects a reassessment of the role bitcoin mining will play in its business model. While mining remains part of its history and asset base, Cango is directing more attention and capital to services tied to AI, which may provide different revenue characteristics than block rewards and transaction fees from crypto networks.
Broader industry move toward AI and high-performance computing
Cango’s repositioning is occurring alongside similar moves across the mining sector. A growing number of bitcoin miners are cutting back on exclusive reliance on mining and channeling resources into AI data centers and high-performance computing facilities. These companies are looking to convert energy access, physical sites, and technical know-how into infrastructure that can support a wider range of workloads.
Bitfarms has provided one of the clearest examples of this trend. The company has outlined a plan to exit crypto mining completely by around 2027 and has publicly stated that it no longer identifies as a bitcoin company. Its strategy centers on transitioning existing capacity to high-performance computing and AI-oriented tasks instead of mining new coins.
Other mining firms have drawn similar attention from market analysts. Bitdeer and Hive Digital have been grouped with Bitfarms as miners that are redirecting focus toward AI workloads. Analysts at KBW have described the pivot toward AI as strategically attractive, given rising demand for compute, but have stressed that the path from investment to reliable earnings is uncertain and difficult to execute. Concerns about these implementation risks led KBW to downgrade Bitfarms, Bitdeer, and Hive Digital, signaling that the market does not view the transition as straightforward despite its potential appeal.
Against this backdrop, bitcoin miner Cango’s actions fit into a broader narrative: miners are increasingly viewing their infrastructure as a platform for AI and high-performance computing, rather than solely as an engine for producing bitcoin. The combination of treasury adjustments, leverage reduction, and investment in modular GPU deployments shows how one company is attempting to navigate that sector-wide recalibration.
Conclusion
By selling 4,451 BTC for roughly $305 million in USDT, paying down a bitcoin-backed loan, and retaining 3,645 BTC worth more than $250 million, Cango has restructured its balance sheet while preparing for a push into AI compute services. The company plans to deploy modular GPU units across more than 40 global sites to offer on-demand AI inference capacity, focusing on smaller and mid-sized businesses and seeking to address a gap between rising demand for computing power and constrained grid resources. Its strategic change mirrors a wider industry move, as miners such as Bitfarms, Bitdeer, and Hive Digital shift toward AI and high-performance computing, a direction that analysts view as promising but operationally challenging to monetize.
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