Cango Ditches Bitcoin, Bets Big on AI and Still Has $75M to Burn

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Cango Inc., a name once synonymous with Bitcoin mining, has waved goodbye to 6,451 bitcoins across February and March 2026, using the windfall to erase crypto-collateralized loans. Why? Well, it’s pivoting to artificial intelligence compute services. Because why not throw some AI into the mix after a good old-fashioned crypto fire sale?

Key Takeaways:

  • Cango Inc. unloaded 6,451 BTC in February and March 2026, netting around $442 million to wipe out its Bitcoin-backed debts. Good job, guys. At least it wasn’t all for nothing.
  • These sales slashed Cango’s Bitcoin-collateralized loans down to $30.6 million, and oh yes, the hashrate took a dive to 37.01 EH/s by March 31.
  • They’ve also secured $65 million in insider equity and another $10 million in a convertible note from DL Holdings. Looks like someone still believes in their AI dream.

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

Cango Inc. (NYSE: CANG) kicked off its grand sale on or around February 7-8, offloading 4,451 BTC for a net of $305 million, settled in USDT. The implied average sale price? $68,524 per coin. At least they had the decency to announce it, after getting board approval, of course.

That February sale was all about paying off part of a Bitcoin-backed loan. By the end of it, Cango was left with 3,313.4 BTC in its vault, having mined 454.83 BTC that month. Not bad, huh?

In March, Cango decided to sell another 2,000 BTC to clear the remaining balance of its crypto-backed debts. Sources report the sale price was somewhere between $68,000 and $69,000, meaning they pocketed around $137 million. But who needs exact numbers when you’re sitting on piles of crypto cash?

By March 31, Cango’s Bitcoin stash was down to 1,025.69 BTC-a far cry from the 7,500-plus they had before February’s fire sale. Bitcoin-backed loans? Gone, down to a mere $30.6 million.

As for mining, Cango’s hashrate had dwindled to 37.01 EH/s by month-end, including 27.98 EH/s from self-mining and 9.02 EH/s from hashrate leasing. A far cry from the 50 EH/s peak at the end of 2025. Guess they don’t mind scaling back if it means getting smarter-and lighter on the wallet.

The cost of mining each Bitcoin in March was $68,215.83, which is 19.3% cheaper than it was in Q4 2025. How’d they do it? By ditching old equipment, upgrading to the shiny new Bitmain S21 and S21XP mining rigs, and focusing on cheaper power regions. Talk about making a profit with style.

Not just relying on Bitcoin sales, Cango closed a $65 million equity investment from insiders on March 31. Plus, they bagged a $10 million convertible note from DL Holdings and another $10.5 million in equity in February. They’re all in on AI. Or so they say.

Cango, which started out in the used-car financing business, began mining Bitcoin in November 2024, spreading its operations across more than 40 sites from North America to East Africa. Now, they’re taking the AI plunge with modular, GPU-based compute for small- and medium-sized enterprises. Because mining’s so last year, right?

In fiscal year 2025, Cango reported $688 million in revenue and a loss of $453 million. And you thought your side hustle was risky?

In early April 2026, the NYSE sent a little love note to Cango, letting them know their stock had dipped below $1 on a 30-day average, triggering a review. They have six months to fix it. No pressure.

Thanks to these two big Bitcoin sales, Cango has greatly reduced its exposure to crypto-collateralized debt and freed up some cash to pour into AI. Mining’s still in the picture, but now they’re prioritizing cash margins per site over sheer hashrate. Guess the future is AI, after all.

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2026-04-09 07:57