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

Cango Inc., a leading Bitcoin mining company, announced today the completion of a significant asset sale. Over the past weekend, the firm sold 4,451 BTC in the open market. The transactions were settled directly in USDT, resulting in net proceeds of approximately $305 million. This entire amount was used to partially repay a Bitcoin-collateralized loan.

The sale is part of the firm’s effort to transition to building an artificial intelligence (AI) computing infrastructure. It also reflects broader industry challenges, including bitcoin price volatility and changing economic conditions for miners.

Bitcoin Sale and Financial Restructuring

Cango operates mining sites in various regions, including North America, the Middle East, South America, and East Africa. The company executed the transaction after a thorough board review of the current market landscape. Now, the firm holds less than the 7,474 BTC stash as of January.

The sale proceeds amounted to approximately $68,500 per bitcoin, based on the final figures. The company’s management highlighted that this reduction in leverage strengthens the balance sheet’s resilience amid ongoing pressures in the crypto sector. Cango remains committed to its bitcoin mining activities.

The firm focuses on enhancing efficiency and maintaining a balanced approach to asset management. This strategic move is in line with its aim to safeguard long-term shareholder value while navigating tighter profit margins. Industry observers have noted that miners are adopting similar strategies as they adapt to uncertain conditions.

Strategic Shift to AI Compute

Cango is transforming its global, grid-connected infrastructure to support distributed AI computing. The first phase of this initiative involves deploying modular, containerized GPU nodes to enable rapid implementation. This rollout aims to address the inference capacity needs of small and medium-sized enterprises that currently face unmet demand.

By adopting an asset-light model, Cango can significantly accelerate timelines compared to traditional data center construction. Looking ahead, Cango plans to develop a software orchestration platform that will integrate and manage distributed resources more effectively. To spearhead this project, Cango has appointed Jack Jin as Chief Technology Officer of its AI division.

Jin has extensive experience from his time at Zoom Communications, where he designed and implemented large-scale GPU clusters for large language models, with a focus on inference, fine-tuning, resource scheduling, and orchestration systems. This background equips Cango to create scalable, high-performance AI platforms.

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