Cango Inc. (NYSE: CANG) executed two large-scale Bitcoin sales in February and March 2026, liquidating a total of 6,451 BTC for approximately $442 million to fully repay its cryptocurrency-backed loans. Concurrently, the company raised $75 million through insider equity financing and a convertible note to pivot its mining infrastructure toward artificial intelligence (AI) computing services.
Bitcoin Liquidation Details
The first sale occurred on February 7–8, when Cango sold 4,451 BTC on the open market, netting about $305 million in USDT at an implied average price of $68,524 per coin. The proceeds were used to partially repay a Bitcoin-backed loan. Following the sale, Cango held 3,313.4 BTC as corporate reserve and mined an additional 454.83 BTC that month.
In March, the company sold another 2,000 BTC to clear the remaining cryptocurrency mortgage debt. Market sources indicate an average selling price between $68,000 and $69,000, yielding roughly $137 million. As of March 31, Cango's Bitcoin treasury stood at 1,025.69 BTC, down from over 7,500 BTC before the February sale. The outstanding balance of Bitcoin-backed loans fell to $30.6 million.
Mining Operations and Cost Improvements
On the mining front, Cango reported total operational hashrate of 37.01 EH/s at month-end, comprising 27.98 EH/s from self-mining and 9.02 EH/s from hashrate leasing. This represents a reduction from the ~50 EH/s peak in late 2025, consistent with the company's strategy to shrink scale for higher margins. Average cash cost per Bitcoin mined in March was $68,215.83, a 19.3% improvement from $84,552 in Q4 2025. The improvement was attributed to retiring older equipment, deploying more efficient Bitmain S21 and S21XP miners, shifting capacity to lower-cost power regions, and implementing profit-sharing arrangements at high-cost sites.
AI Pivot and New Capital
To fund the transition to AI computing, Cango completed an insider equity raise of approximately $65 million on March 31, settled in USDT. The company also secured a $10 million convertible note from DL Holdings, plus about $10.5 million in earlier equity in February. The funds will support the expansion of the Ecohash AI computing platform, which leverages modular, containerized GPU-based inference computing for small and medium enterprises. Cango entered Bitcoin mining in November 2024 and has now largely exited its legacy auto financing and used-car export business.
For fiscal 2025, Cango reported revenue of approximately $688 million and a net loss of about $453 million, driven by mining site construction, price volatility, and transition costs.
NYSE Delisting Risk
In early April 2026, the New York Stock Exchange notified Cango that its stock had traded below $1 for 30 consecutive days, triggering a continued listing review. The company has six months to regain compliance. Despite the delisting risk, Cango stated it will continue mining but will prioritize cash margin per site over total hashrate.