Cango Inc. (NYSE: CANG) executed two large Bitcoin sales between February and March 2026, offloading a total of 6,451 BTC to generate approximately $442 million in proceeds, all used to repay cryptocurrency-backed loans. The move marks a decisive step in the company’s strategic shift from Bitcoin mining to artificial intelligence (AI) computing services.
Massive BTC Liquidation Eases Debt Burden
In early February, Cango sold 4,451 BTC at an average implied price of $68,524 per coin, netting about $305 million in USDT. A second sale in March of 2,000 BTC added roughly $137 million. As of March 31, Cango’s Bitcoin treasury stood at just 1,025.69 BTC, down from over 7,500 BTC estimated before the February sale. Outstanding debt secured by Bitcoin dropped to $30.6 million.
The company’s total operational hashrate fell to 37.01 EH/s (27.98 EH/s self-mined, 9.02 EH/s via hashrate leasing), a deliberate reduction from the ~50 EH/s peak at end-2025. March’s average cash cost per mined Bitcoin improved to $68,215.83, a 19.3% decline from Q4 2025’s $84,552, thanks to retiring old rigs, deploying Bitmain S21/S21XP miners, relocating to cheaper energy regions, and implementing revenue-sharing agreements at high-cost sites.
$75M Fresh Capital Fuels AI Computing Pivot
To support the transition without relying solely on Bitcoin sales, Cango closed a $65 million equity investment from management and insiders on March 31, settled in USDT, and secured a $10 million convertible note from DL Holdings. Combined with a prior $10.5 million capital injection in February, the total new capital amounts to $75 million. Funds will be directed to expanding its modular, containerized GPU-based AI inference platform Ecohash, targeting small and medium-sized enterprises.
Cango entered Bitcoin mining in November 2024, pivoting from its original auto finance and used-car export business, and rapidly scaled to over 40 sites across North America, the Middle East, South America, and East Africa. The firm now pivots again to AI infrastructure, while stating it will continue mining with a renewed focus on cash margin per site rather than total hashrate.
Financial and Compliance Challenges
For fiscal 2025, Cango reported revenue of approximately $688 million and net losses of about $453 million, driven by mining expansion, price volatility, and transition costs. In early April 2026, the NYSE notified Cango that its shares had traded below $1 per share based on a 30-day average closing price, triggering a delisting review. The company has a six-month cure period to regain compliance.
The Bitcoin liquidation significantly reduces Cango’s exposure to crypto-backed debt while freeing capital for AI deployment. Market participants will watch closely whether the firm can achieve a profitable turnaround in AI computing and restore its NYSE listing status.