Cango Sells $305M in Bitcoin to Accelerate AI Strategy
Bitcoin miner Cango (CANG) sold 4,451 BTC over the weekend, raising approximately $305 million in USDT as it seeks to reduce leverage and reposition itself toward artificial intelligence infrastructure. The sale, averaging about $68,524 per coin, came just above bitcoin’s multi-year lows.
The company used the proceeds to repay a bitcoin-backed loan, strengthening its balance sheet, while still holding 3,645 BTC, valued at more than $250 million, according to BitcoinTreasuries data. Shares were largely flat in Monday trading but remain down 83% year-over-year.
Cango plans to deploy modular GPU units across more than 40 global sites, offering small and mid-sized businesses on-demand AI inference capacity. In a shareholder letter, the company described the treasury move as a way to “reduce financial leverage and increase capacity to fund our strategic expansion into AI compute infrastructure.”
The pivot mirrors a broader trend among bitcoin miners diversifying into AI and high-performance computing. Bitfarms (BITF) has said it plans to exit crypto mining by 2027. Analysts at KBW warn that while the AI shift is promising, execution risks remain high, leading to downgrades on Bitfarms, Bitdeer (BTDR), and Hive Digital (HIVE).
