Bitcoin miner Cango (NYSE: CANG) has completed the sale of 4,451 bitcoin, raising approximately $305 million in USDT as it moves to reduce leverage and reposition its business around artificial intelligence (AI) computing infrastructure. The transaction, which took place over the weekend, comes amid a broader market slump for cryptocurrencies and highlights a growing shift within the mining industry.
According to the company, the sale implies an average price of roughly $68,524 per bitcoin—only modestly above multi-year lows for the digital asset. While bitcoin prices have remained under pressure, Cango emphasized that the decision was driven by strategic considerations rather than short-term market timing. As of Monday trading, the company’s shares were little changed on the day, though they remain down approximately 83% year over year.
Importantly, the proceeds from the bitcoin sale were used to pay down a bitcoin-collateralized loan, thereby strengthening Cango’s balance sheet and reducing financial leverage. Even after the sale, the company continues to hold 3,645 BTC valued at more than $250 million, according to data from BitcoinTreasuries.
Meanwhile, Cango made clear that the transaction is closely tied to its longer-term transformation. The company said the sale was based on a “comprehensive assessment of current market conditions” and is intended to support its transition into AI computing infrastructure. Specifically, Cango plans to deploy modular GPU units across a global network of more than 40 sites, offering on-demand AI inference capacity to small and mid-sized businesses.
In a letter to shareholders, management underscored the rationale behind the move. “In response to recent market conditions, we have made a treasury adjustment to strengthen our balance sheet and reduce financial leverage,” the company wrote. As a result, Cango believes it now has greater flexibility to fund its strategic expansion into AI compute infrastructure.
At the same time, the company framed its AI push as an opportunity to address structural constraints in the market. Cango pointed to a growing gap between rising demand for compute power and limited grid capacity, arguing that its global footprint positions it well to capitalize on that imbalance.
Notably, Cango’s strategy mirrors a broader industry trend. Across the bitcoin mining sector, an increasing number of companies are scaling back their reliance on pure crypto mining and reallocating capital toward AI data centers and high-performance computing. For example, Bitfarms (BITF) has stated it plans to exit crypto mining entirely by around 2027, repositioning itself as an AI and high-performance computing company. Similarly, miners such as Bitdeer (BTDR) and Hive Digital (HIVE) are redirecting infrastructure to support AI workloads.
However, analysts have urged caution. KBW has warned that while the pivot to AI is strategically appealing, the path to monetization carries significant execution risks. Consequently, those concerns have led to recent downgrades not only for Bitfarms, but also for Bitdeer and Hive Digital.
Even so, Cango remains optimistic. By reducing leverage, preserving a sizable bitcoin treasury, and leveraging its global infrastructure, the company believes it can successfully navigate the transition and establish a foothold in the fast-evolving AI infrastructure market.
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