Cango sold 4,451 Bitcoin over the weekend, raising about $305 million as it reshaped its balance sheet and prepared a larger move into AI computing. The company said the transaction was approved by its board, executed on the open market, and settled in USDT after a review of market conditions.
According to the company, the full amount was used to partially repay a loan backed by Bitcoin collateral. That reduced leverage and improved liquidity. Based on the disclosed figures, the sale points to an average price of roughly $68,524 per BTC.
Cango keeps a sizable Bitcoin position after the sale
Even after cutting its holdings, Cango said it still owns 3,645 BTC. BitcoinTreasuries data cited in the report values that position at more than $250 million. The company said it remains committed to its Bitcoin mining operations and described the sale as a capital allocation decision rather than a retreat from mining.
Cango shares were little changed in Monday trading. Even so, the stock is still down about 83% over the past year. The company’s disclosure frames the move as a deliberate deleveraging step tied to liquidity management.
More than 40 sites will support the AI compute buildout
After adjusting its balance sheet, Cango laid out its AI expansion plan. It intends to use its global, grid-connected infrastructure to offer distributed compute services, with support from more than 40 sites. The first phase will rely on modular, containerized GPU nodes designed to supply inference capacity to small and mid-sized businesses.
Cango described that market segment as underserved. Later stages of the plan include building a software orchestration platform to unify compute resources across multiple locations. The company said the modular model can be deployed faster than traditional data center construction.
New AI CTO joins as Cango builds GPU-focused operations
To support the new strategy, Cango appointed Jack Jin as chief technology officer for its AI business. The company said Jin previously worked at Zoom Communications Inc., where he led large-scale GPU cluster deployments for language model inference and training. Cango tied that experience directly to its own distributed compute roadmap.
The company presented the AI push as a response to rising compute demand and grid constraints. Other miners are making similar shifts. The report notes that Bitfarms plans to exit mining by 2027, while analysts at KBW recently downgraded Bitfarms, Bitdeer, and Hive Digital, citing execution risks tied to AI transitions.