Cango Sells $305M in Bitcoin to Fuel AI Expansion
Bitcoin miner Cango (CANG) has sold 4,451 BTC over the weekend, raising roughly $305 million in USDT as it reduces leverage and shifts focus toward AI infrastructure. The sale averaged about $68,524 per bitcoin, just above recent multi-year lows.
Shares were little changed in Monday trading but remain down 83% year-over-year.
The company said the move was “based on a comprehensive assessment of current market conditions” and used the proceeds to repay a bitcoin-backed loan, strengthening its balance sheet. Cango continues to hold 3,645 BTC, valued at over $250 million according to BitcoinTreasuries data.
Cango plans to deploy modular GPU units at more than 40 sites globally, providing small and mid-sized businesses with on-demand AI inference capacity. In a shareholder letter, the company said the treasury adjustment “reduces financial leverage and increases capacity to fund our strategic expansion into AI compute infrastructure.”
The pivot comes as Cango identifies a gap between growing compute demand and current grid capacity, positioning the company to take advantage of rising AI workloads.
Cango joins a growing number of miners diversifying beyond traditional crypto operations. Bitfarms (BITF) plans to exit bitcoin mining by 2027, emphasizing high-performance computing and AI workloads. Analysts at KBW note that while the AI pivot is promising, execution risks remain high, leading to downgrades on Bitfarms, Bitdeer (BTDR), and Hive Digital (HIVE).
