Cango, a former automotive services company turned Bitcoin (BTC) miner, sold 4,451 BTC worth approximately $305 million on the open market over the weekend as the firm moves to repay debt and redirect its infrastructure toward artificial intelligence computing.
What Happened: BTC Sale Funds Loan Repayment
The company announced in a press release that the sale was settled in the stablecoin USDT (USDT), with the full proceeds used to partially repay a Bitcoin-collateralized loan. Cango had accumulated 7,528.3 BTC by the end of 2025 after diversifying into crypto mining the previous year, initially deploying 32 EH/s in hashrate before upgrading to 50 EH/s in 2025.
The February sale follows a smaller disposal of 550.03 BTC in January, marking a clear shift in how the company manages its digital asset holdings.
Cango's mining operations span 40 sites across North America, the Middle East, South America and East Africa, making it the joint third-largest public Bitcoin miner in the world by installed hashrate.
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Why It Matters: Miners Eye AI Revenue
Cango said it plans to repurpose its globally distributed, grid-connected infrastructure to provide compute capacity for the AI industry.
The firm appointed Jack Jin, formerly of Zoom Communications, as chief technology officer for the AI business. Cango is not alone in pursuing the pivot — Bitfarms, another major public miner, announced plans last year to wind down mining operations through 2026 and 2027 in favor of a GPU-as-a-service model.
Cango said it remains committed to mining, with a focus on "enhancing mining economics and seeking an optimal balance between hashrate scale and operational efficiency."
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