en
Back to the list

Bitcoin Miner Cango Sells 4,451 BTC Worth $305M to Fund AI Pivot

source-logo  coinpedia.org 09 February 2026 12:14, UTC
image
Story Highlights

  • Cango sold $305M worth of Bitcoin in a move that reshapes its balance sheet and future strategy.

  • The miner is redirecting capital toward AI infrastructure while keeping its Bitcoin operations intact.

  • Declining mining output adds urgency to Cango’s shift beyond pure crypto mining.

Bitcoin miner Cango Inc. (NYSE: CANG) sold 4,451 $BTC on the open market for approximately $305 million in USDT. The company’s market cap sits at around $333 million, making this sale nearly as large as the entire firm itself.

Cango confirmed Monday that all proceeds were used to partially repay a Bitcoin-collateralized loan. The company is dealing with $407 million in debt, a current ratio of 1.2, and negative free cash flow of $252 million. Its stock is trading near a 52-week low of $0.93.

app-logo

Know when your
coins move

Alerts, real-time prices, and market news — all in one app
4.8 based on 40K reviews in the App Store and Google Play

“The partial divestment of the Company’s Bitcoin holding underscores the strategic importance of strengthening the balance sheet to fund new growth initiatives,” Cango stated in a press release.

Cango Shifts Focus From Bitcoin Mining to AI

Cango is transitioning its mining infrastructure toward AI computing. The company plans to deploy modular, containerized GPU compute nodes across its existing sites to provide inference capacity, targeting small and medium enterprises first.

To lead this shift, Cango brought in Jack Jin as CTO of its AI business line. Jin previously worked at Zoom Communications, where he managed GPU cluster deployments supporting large language model operations.

Bitcoin Mining Numbers Already Declining

Cango’s January 2026 production fell to 496.35 $BTC, down from 569 in December 2025. Average daily output also dropped from 18.35 to 16.01 $BTC, with the hashrate declining as well.

The company only entered crypto mining in November 2024 and currently operates across 40+ sites in North America, the Middle East, South America, and East Africa.

Cango said it remains committed to mining while seeking “an optimal balance between hashrate scale and operational efficiency.”

New Investment Adds to the Picture

Despite the financial pressure, Cango recently secured $10.5 million from Enduring Wealth Capital Limited, which purchased 7 million Class B shares at $1.50 each. The investment raised EWCL’s stake from 2.81% to 4.69%.

Analysts expect 5.23% revenue growth this fiscal year, though profitability is not on the cards yet.

Read More: Is Bitcoin Safe From Quantum Computing? CoinShares Data Says Yes For Now

coinpedia.org