Cango Completes $442M Bitcoin Liquidation and Secures $75M in New Capital for AI Pivot

Cango Inc. sold 6,451 bitcoin across February and March 2026, applying the proceeds entirely to retire crypto-collateralized loans as the company transitions its mining infrastructure toward artificial intelligence (AI) compute services.

Key Takeaways:

• Cango Inc. sold 6,451 $BTC across February and March 2026, generating roughly $442 million to retire bitcoin-backed loans.
• The sales cut Cango’s outstanding $BTC-collateralized debt to $30.6 million and reduced its hashrate to 37.01 EH/s by March 31.
• Cango secured a $65 million insider equity investment and a $10 million convertible note from DL Holdings to fund its AI compute pivot.

Bitcoin Miner Cango Cuts Crypto-Backed Loans With Pair of Large $BTC Sales

Cango Inc. (NYSE: CANG) executed the first sale on approximately Feb. 7-8, offloading 4,451 $BTC on the open market for net proceeds of roughly $305 million, settled directly in $USDT. The implied average sale price was $68,524 per coin. Cango announced the transaction Feb. 9, citing board approval and a review of market conditions.

All proceeds from that February sale went toward partially repaying a Bitcoin-backed loan. After the transaction closed, Cango held 3,313.4 $BTC in treasury and had produced 454.83 $BTC during the month.

In March, Cango sold an additional 2,000 $BTC to retire the remaining balance on outstanding crypto-secured debt. Secondary reports placed the average sale price in the $68,000 to $69,000 range, implying proceeds near $137 million. The company did not disclose an exact price in its April 8 operational update.

By March 31, Cango’s bitcoin treasury stood at 1,025.69 $BTC, down from an estimated 7,500-plus $BTC before the February sale. The outstanding balance on Bitcoin-backed loans fell to $30.6 million.

On the mining side, the company reported total operational hashrate of 37.01 EH/s at month-end, comprising 27.98 EH/s of self-mining and 9.02 EH/s through hashrate leasing. That compares to a peak of roughly 50 EH/s the company reached in late 2025, a reduction that reflects Cango’s deliberate pullback from scale in favor of margin.

The average cash cost per bitcoin mined in March came in at $68,215.83, a 19.3% improvement from $84,552 in the fourth quarter of 2025. The company attributed the gain to decommissioning older equipment, deploying newer Bitmain S21 and S21XP mining rigs, shifting capacity to lower-cost power regions, and implementing revenue-sharing arrangements at select high-cost sites.

To support the transition without relying solely on bitcoin sales, Cango closed a roughly $65 million equity investment from company leadership and insiders on March 31, settled in $USDT. The company also secured a $10 million convertible note from DL Holdings and received an earlier equity infusion of approximately $10.5 million in February.

Cango entered bitcoin mining in November 2024, moving away from its original automotive financing and used-car export business. It scaled operations across more than 40 sites spanning North America, the Middle East, South America, and East Africa before pivoting toward modular, containerized GPU-based AI inference compute. The company is targeting small- and medium-sized enterprises with that infrastructure.

For fiscal year 2025, Cango reported revenue of approximately $688 million and a net loss of roughly $453 million, which was tied to the mining buildout, price volatility, and transition expenses.

In early April 2026, NYSE notified Cango that its stock had traded below $1 on a 30-day average closing price basis, triggering a continued-listing review. The company has a six-month cure period to bring the share price back into compliance.

The two bitcoin sales have materially reduced Cango’s exposure to crypto-collateralized debt while freeing capital for AI deployment across its existing grid-connected sites. The company says it will keep mining but intends to prioritize per-site cash margins over total hashrate.

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