Cango offloads extra Bitcoin while trimming debt to finance its AI pivot.

crypthub

about 18 hours ago

Bitcoin Sales and Debt Reduction

Cango sold 2,000 BTC in March, using the proceeds to retire Bitcoin‑backed loans and lowering its loan balance to $30.6 million. By the end of March the treasury held 1,025.69 BTC after a February sale of 4,451 BTC that generated about $305 million in USDT. The two transactions total at least 6,451 BTC sold in 2025, aimed at reducing leverage and freeing capital for other investments.

Strategic Shift Toward AI Compute

The company now leverages its grid‑connected mining infrastructure to provide distributed GPU compute nodes for the AI industry. The first phase focuses on modular GPU clusters installed at existing mining sites. This pivot supports Cango’s broader goal of expanding beyond pure Bitcoin mining.

Financial Results and Mining Efficiency

Cango reported 2025 revenue of $688.1 million but a net loss of $452.8 million, citing transformation costs and fair‑value adjustments. Despite the loss, its operational hashrate reached 37.01 EH/s and the average cash cost per mined Bitcoin fell 19.3% to $68,215.83. Lower costs reflect the ongoing debt‑trim and business re‑positioning.