Cango, a publicly traded bitcoin mining firm, sold 4,451 BTC over the weekend, raising about $305 million in USDT as it restructures its business and pivots toward artificial intelligence infrastructure. The transaction implies an average sale price near $68,500 per coin, close to recent multi-year lows. The proceeds were primarily used to repay a bitcoin-backed loan and reduce leverage, part of what the company described as a broader balance-sheet strengthening effort. Despite the sale, Cango still holds 3,645 BTC valued at more than $250 million.
Management said the decision followed a review of market conditions and reflects a strategic shift away from pure mining. Cango plans to deploy modular GPU systems across more than 40 global sites, targeting small and medium-sized clients that need on-demand AI inference and computing power.
