Cango Completes $442M Bitcoin Liquidation and Secures $75M in New Capital for AI Pivot

Key Takeaways:

• Cango Inc. sold 6,451 BTC crossed February and March 2026, generating astir $442 cardinal to discontinue bitcoin-backed loans.
• The income chopped Cango’s outstanding BTC-collateralized indebtedness to $30.6 cardinal and reduced its hashrate to 37.01 EH/s by March 31.
• Cango secured a $65 cardinal insider equity concern and a $10 cardinal convertible enactment from DL Holdings to money its AI compute pivot.

Bitcoin Miner Cango Cuts Crypto-Backed Loans With Pair of Large BTC Sales

Cango Inc. (NYSE: CANG) executed the archetypal merchantability connected astir Feb. 7-8, offloading 4,451 BTC connected the unfastened marketplace for nett proceeds of astir $305 million, settled straight successful USDT. The implied mean merchantability terms was $68,524 per coin. Cango announced the transaction Feb. 9, citing committee support and a reappraisal of marketplace conditions.

All proceeds from that February merchantability went toward partially repaying a Bitcoin-backed loan. After the transaction closed, Cango held 3,313.4 BTC successful treasury and had produced 454.83 BTC during the month.

In March, Cango sold an further 2,000 BTC to discontinue the remaining equilibrium connected outstanding crypto-secured debt. Secondary reports placed the mean merchantability terms successful the $68,000 to $69,000 range, implying proceeds adjacent $137 million. The institution did not disclose an nonstop terms successful its April 8 operational update.

By March 31, Cango’s bitcoin treasury stood astatine 1,025.69 BTC, down from an estimated 7,500-plus BTC earlier the February sale. The outstanding equilibrium connected Bitcoin-backed loans fell to $30.6 million.

On the mining side, the institution reported full operational hashrate of 37.01 EH/s astatine month-end, comprising 27.98 EH/s of self-mining and 9.02 EH/s done hashrate leasing. That compares to a highest of astir 50 EH/s the institution reached successful precocious 2025, a simplification that reflects Cango’s deliberate pullback from standard successful favour of margin.

The mean currency outgo per bitcoin mined successful March came successful astatine $68,215.83, a 19.3% betterment from $84,552 successful the 4th fourth of 2025. The institution attributed the summation to decommissioning older equipment, deploying newer Bitmain S21 and S21XP mining rigs, shifting capableness to lower-cost powerfulness regions, and implementing revenue-sharing arrangements astatine prime high-cost sites.

To enactment the modulation without relying solely connected bitcoin sales, Cango closed a astir $65 cardinal equity concern from institution enactment and insiders connected March 31, settled successful USDT. The institution besides secured a $10 cardinal convertible enactment from DL Holdings and received an earlier equity infusion of astir $10.5 cardinal successful February.

Cango entered bitcoin mining successful November 2024, moving distant from its archetypal automotive financing and used-car export business. It scaled operations crossed much than 40 sites spanning North America, the Middle East, South America, and East Africa earlier pivoting toward modular, containerized GPU-based AI inference compute. The institution is targeting small- and medium-sized enterprises with that infrastructure.

For fiscal twelvemonth 2025, Cango reported gross of astir $688 cardinal and a nett nonaccomplishment of astir $453 million, which was tied to the mining buildout, terms volatility, and modulation expenses.

In aboriginal April 2026, NYSE notified Cango that its banal had traded beneath $1 connected a 30-day mean closing terms basis, triggering a continued-listing review. The institution has a six-month cure play to bring the stock terms backmost into compliance.

The 2 bitcoin income person materially reduced Cango’s vulnerability to crypto-collateralized indebtedness portion freeing superior for AI deployment crossed its existing grid-connected sites. The institution says it volition support mining but intends to prioritize per-site currency margins implicit full hashrate.