Cango (NYSE: CANG) sold 4,451 BTC over the weekend for roughly $305 million, using the proceeds to partially repay a bitcoin-collateralized loan.
The miner said the transaction, settled in Tether’s USDT stablecoin, was aimed at reducing leverage and strengthening its balance sheet amid volatile mining economics.
Debt repayment and balance sheet move
Cango said the sale followed a review of market conditions and was approved by its board.
The company framed the move as a balance-sheet adjustment rather than a retreat from mining, saying it remains committed to its bitcoin operations while prioritizing capital flexibility.
AI compute plans
Cango said it expects the proceeds to support expansion into AI compute, including modular, containerized GPU deployments across its existing, grid-connected sites.
The initial phase is expected to focus on inference capacity for small and mid-sized enterprises, with a later stage aimed at developing software to coordinate its distributed resources.
Cango appointed Jack Jin as chief technology officer of its AI business line.
The company said Jin previously led large-scale GPU infrastructure and orchestration systems at Zoom Communications.
Miners broaden beyond bitcoin cycles
Cango said its shift mirrors a broader trend among public miners pursuing AI and high-performance computing to smooth revenue and reduce reliance on bitcoin price cycles.
The company stated in its announcement:
“The full amount was used to pay down debt backed by its bitcoin holdings, reducing leverage amid volatile mining economics.”
Cango entered bitcoin mining in late 2024 after restructuring its legacy auto-related business.
It said it closed 2025 with bitcoin reserves above 7,500 BTC, alongside its plan to balance mining scale and efficiency while advancing its AI strategy.
