From Oct 2025 to Feb 2026, five major miners dumped ~15,000 BTC. February sales hit a record 6,100 BTC as Bitcoin fell to $70k, driven by cost pressures.
Cango Inc. reported October 2025 mining results: 602.6 BTC produced, total holdings 6,412.6 BTC, average operating hashrate 46.09 EH/s. CEO Paul Yu highlighted operational maturity and plans for NYSE direct listing in November.
Cango sold 4,451 BTC ($305M) over the weekend, using proceeds to repay a BTC-backed loan and refocus on AI infrastructure. The company retains 3,645 BTC worth over $250M. Other miners like Bitfarms are also pivoting.
Bitcoin miner Cango closed $65M from management and a $10M convertible note with DL Holdings, earmarked for upstream acquisitions and AI infrastructure expansion.
Cango (CANG) sold 4,451 BTC in February 2026 to reduce debt and fund a pivot to AI. The mining firm reported $688.1M revenue and $452.8M net loss in 2025, with mining costs near $97K per BTC. CEO Paul Yu says the company is repositioning as an AI infrastructure provider.
U.S.-listed Bitcoin mining company Cango said it completed a 10-for-1 share consolidation at 5 p.m. Eastern Time on July 20, 2026. The move covered the company’s authorized, issued and outstanding Class A ordinary shares and Class B ordinary shares. Following the consolidation, Cango’s Class A ordinary shares are set to resume trading on the New York Stock Exchange at the market open on July 21, 2026, under the unchanged ticker symbol CANG. The company said the shares will trade under a new CUSIP number, G1820C 110. After the reverse split, Cango’s total authorized share capital remains unchanged at $100,000, divided into 100 million ordinary shares with a par value of $0.001 per share. That total includes 92.067428 million Class A ordinary shares and 7.932572 million Class B ordinary shares, according to PRNewswire.
Cango Inc. shares jumped 10.86% to $0.46 on May 1, according to CoinFound data, reflecting investor interest in crypto-related equities.
Cango has secured about $75 million through equity financing and convertible notes to support its shift from bitcoin mining toward AI computing and energy infrastructure via its Ecohash platform.
