NYSE-listed Bitcoin mining and infrastructure firm Cango Inc. confirmed it sold 4,451 BTC on the open market over the weekend, generating roughly $305 million in net proceeds to repay a Bitcoin-collateralized loan, bolster its balance sheet and support a strategic expansion into artificial intelligence (AI) computing infrastructure.
The sale — one of the largest miner liquidations so far in 2026 — was completed in Tether (USDT) and approved by the company’s board of directors following a review of current market conditions. Cango said the transaction was designed to reduce financial leverage and provide capital flexibility as it advances its growth strategy.
Major Sale and Debt Repayment
According to Cango’s announcement, the company sold 4,451 BTC — roughly 60 % of its previously reported holdings — in a transaction that generated around $305 million in net proceeds. All of the cryptocurrency proceeds were used to settle a portion of a Bitcoin-secured loan, helping to lower debt levels and strengthen the firm’s financial position amid volatile mining economics.
The sale followed earlier divestments, including a smaller disposal of 550 BTC in January as Cango managed liquidity and capital allocation while navigating challenging mining margins.
Strategic Pivot Toward AI Computing Infrastructure
Cango emphasized that the BTC sale was not a retreat from Bitcoin mining but part of a broader strategic pivot into AI computing infrastructure, where it plans to leverage its existing grid-connected facilities to deploy modular, containerized GPU compute nodes capable of supporting distributed workloads.
The initial phase of the AI initiative is expected to focus on providing inference capacity for small and mid-sized enterprises, with subsequent efforts aimed at building software to coordinate its distributed compute resources. As part of this transformation, Cango has named Jack Jin, a former Zoom Communications engineer with experience in GPU infrastructure orchestration, as Chief Technology Officer of its AI business division.
Executives and industry observers see Cango’s transition as part of a wider industry trend in which publicly traded mining companies — challenged by tight mining economics and high operational costs — are diversifying revenue streams by entering adjacent technology sectors such as AI and high-performance computing.
Cango’s Mining Operations and Market Conditions
Founded in late 2024, Cango operates Bitcoin mining facilities across multiple regions, including North America, the Middle East, South America and East Africa. The company reported that it closed 2025 with over 7,500 BTC in reserves before executing its recent sales.
Despite maintaining a commitment to its mining segment, Cango highlighted the importance of capital discipline and balance sheet optimization as it adjusts to evolving market dynamics. This approach includes balancing mining operations with investments in AI computing capabilities that could offer more stable and diversified revenue potential over time.
Industry Context
The broader Bitcoin mining sector has faced pressure from declining mining profitability and increased operational costs, prompting several firms to explore alternative business models. Some companies have moved toward AI and high-performance computing (HPC) solutions to capitalize on existing infrastructure and energy access. Cango’s move reflects this shift and underscores the competitive landscape’s fluidity as miners seek long-term growth pathways.
