Cango Sells $305M in Bitcoin to Fund Global AI Expansion
Bitcoin miner Cango (CANG) sold 4,451 BTC over the weekend, raising roughly $305 million in USDT as part of a strategic move to reduce leverage and pivot toward artificial intelligence infrastructure. The sale averaged around $68,524 per coin, just above bitcoin’s recent multi-year lows.
The company used the proceeds to pay down a bitcoin-backed loan, bolstering its balance sheet, while retaining 3,645 BTC, currently valued at over $250 million, according to BitcoinTreasuries data. Shares were largely flat in Monday trading but remain down 83% year-over-year.
Cango plans to roll out modular GPU units across more than 40 global sites to provide small and mid-sized businesses with on-demand AI inference capacity. In a shareholder letter, the company said the treasury adjustment “reduces financial leverage and increases capacity to fund our strategic expansion into AI compute infrastructure.”
The shift reflects a broader trend among miners diversifying into high-performance computing and AI workloads. Bitfarms (BITF), for example, has announced plans to exit bitcoin mining by 2027. Analysts at KBW caution that while AI-focused strategies are promising, monetization remains challenging, prompting downgrades on Bitfarms, Bitdeer (BTDR), and Hive Digital (HIVE).
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