Key Takeaways:
Cango Inc. offered 6,451 BTC throughout February and March 2026, producing roughly $442 million to retire bitcoin-backed loans. The gross sales minimize Cango’s excellent BTC-collateralized debt to $30.6 million and diminished its hashrate to 37.01 EH/s by March 31. Cango secured a $65 million insider fairness funding and a $10 million convertible notice from DL Holdings to fund its AI compute pivot.
Bitcoin Miner Cango Cuts Crypto-Backed Loans With Pair of Massive BTC Gross sales
Cango Inc. (NYSE: CANG) executed the primary sale on roughly Feb. 7-8, offloading 4,451 BTC on the open marketplace for internet proceeds of roughly $305 million, settled straight in USDT. The implied common sale worth was $68,524 per coin. Cango introduced the transaction Feb. 9, citing board approval and a overview of market situations.
All proceeds from that February sale went towards partially repaying a Bitcoin-backed mortgage. After the transaction closed, Cango held 3,313.4 BTC in treasury and had produced 454.83 BTC in the course of the month.
In March, Cango offered a further 2,000 BTC to retire the remaining steadiness on excellent crypto-secured debt. Secondary studies positioned the common sale worth within the $68,000 to $69,000 vary, implying proceeds close to $137 million. The corporate didn’t disclose a precise worth in its April 8 operational replace.
By March 31, Cango’s bitcoin treasury stood at 1,025.69 BTC, down from an estimated 7,500-plus BTC earlier than the February sale. The excellent steadiness on Bitcoin-backed loans fell to $30.6 million.
On the mining aspect, the corporate reported complete operational hashrate of 37.01 EH/s at month-end, comprising 27.98 EH/s of self-mining and 9.02 EH/s by way of hashrate leasing. That compares to a peak of roughly 50 EH/s the corporate reached in late 2025, a discount that displays Cango’s deliberate pullback from scale in favor of margin.
The common money price per bitcoin mined in March got here in at $68,215.83, a 19.3% enchancment from $84,552 within the fourth quarter of 2025. The corporate attributed the achieve to decommissioning older tools, deploying newer Bitmain S21 and S21XP mining rigs, shifting capability to lower-cost energy areas, and implementing revenue-sharing preparations at choose high-cost websites.
To assist the transition with out relying solely on bitcoin gross sales, Cango closed a roughly $65 million fairness funding from firm management and insiders on March 31, settled in USDT. The corporate additionally secured a $10 million convertible notice from DL Holdings and acquired an earlier fairness infusion of roughly $10.5 million in February.
Cango entered bitcoin mining in November 2024, shifting away from its unique automotive financing and used-car export enterprise. It scaled operations throughout greater than 40 websites spanning North America, the Center East, South America, and East Africa earlier than pivoting towards modular, containerized GPU-based AI inference compute. The corporate is focusing on small- and medium-sized enterprises with that infrastructure.
For fiscal yr 2025, Cango reported income of roughly $688 million and a internet lack of roughly $453 million, which was tied to the mining buildout, worth volatility, and transition bills.
In early April 2026, NYSE notified Cango that its inventory had traded beneath $1 on a 30-day common closing worth foundation, triggering a continued-listing overview. The corporate has a six-month treatment interval to convey the share worth again into compliance.
The 2 bitcoin gross sales have materially diminished Cango’s publicity to crypto-collateralized debt whereas releasing capital for AI deployment throughout its current grid-connected websites. The corporate says it’ll hold mining however intends to prioritize per-site money margins over complete hashrate.
