Bitcoin Sale and Debt Repayment Details
Cango Inc. (NYSE: CANG) executed two major bitcoin sales between February and March 2026, liquidating a total of 6,451 BTC for approximately $442 million. The first sale occurred around February 7-8, with 4,451 BTC sold on the open market for net proceeds of roughly $305 million, implying an average price of $68,524 per BTC. In March, an additional 2,000 BTC were sold at prices between $68,000 and $69,000, generating around $137 million. All proceeds were used to repay existing bitcoin-backed loans, reducing the outstanding debt to just $30.6 million as of March 31. Cango’s bitcoin treasury shrank from over 7,500 BTC to 1,025.69 BTC.
Hashrate and Cost Optimization
Following the asset sales, Cango’s total operational hashrate decreased to 37.01 EH/s (27.98 EH/s self-mined, 9.02 EH/s from hosting), down from a peak of about 50 EH/s at the end of 2025. However, the company improved its cost efficiency by decommissioning older models, deploying newer Bitmain S21 and S21XP rigs, relocating capacity to lower-cost power regions, and introducing profit-sharing arrangements at some high-cost sites. As a result, the average cash cost per bitcoin mined in March fell to $68,215.83, a 19.3% improvement from $84,552 in Q4 2025.
Funding the AI Pivot
To support its transformation beyond bitcoin mining, Cango secured approximately $75 million in new capital. On March 31, 2026, the company closed a roughly $65 million equity round funded by management and insiders (settled in USDT), and also obtained a $10 million convertible note from DL Holdings. Combined with an earlier $10.5 million equity injection in February, these funds will fuel the expansion of Cango’s Ecohash AI computing platform, which repurposes existing mining infrastructure into GPU-based, modular, containerized AI inference services targeting small and medium-sized enterprises.
Financial Performance and Listing Risk
Cango entered bitcoin mining in November 2024, gradually exiting its legacy auto finance and used-car export business. For fiscal 2025, the company reported revenue of approximately $688 million but recorded a net loss of $453 million, primarily due to mining site construction, price volatility, and transition costs. In early April 2026, the New York Stock Exchange notified Cango that its stock had traded below $1.00 for 30 consecutive days, triggering a potential delisting risk. The company has six months to regain compliance.
Management emphasized that going forward, Cango will prioritize cash profit margins over raw hashrate. The bitcoin liquidation and new funding represent a strategic shift to reduce crypto-collateralized debt exposure while injecting capital into AI-focused growth.