Bitcoin mining firm Cango (CANG) has sold 4,451 bitcoins over the weekend, raising roughly $305 million in USDT, as the company moves to cut leverage and reposition its business around artificial intelligence infrastructure.
The sale price averaged around $68,524 per BTC, not far from multi-year lows. Cango's shares saw little change on Monday but are down 83% year-over-year.
Proceeds Used to Pay Down BTC-Backed Loan
In a letter to shareholders, Cango explained the sale was “based on a comprehensive assessment of current market conditions.” The company plans to deploy modular GPU units across its global network of over 40 sites to serve small and mid-sized businesses requiring on-demand AI inference capacity. The raised funds were first used to repay a bitcoin-collateralized loan, strengthening its balance sheet.
Despite the large sell-off, Cango still holds 3,645 BTC worth over $250 million, according to BitcoinTreasuries data.
Miners Flock to AI, but Risks Loom
Cango is not alone. A growing list of bitcoin miners is scaling back pure mining and redirecting capital toward AI data centers and high-performance computing. Bitfarms (BITF) has declared it will exit crypto mining entirely by around 2027 and is no longer calling itself a bitcoin company.
KBW analysts, however, warn that the pivot is compelling but the path to monetization carries execution risks. The firm downgraded not only Bitfarms but also Bitdeer (BTDR) and Hive Digital (HIVE). The shift is real — but so are the hurdles.