Cango Offloads $305M in Bitcoin to Fund AI Expansion

Bitcoin miner Cango (CANG) sold 4,451 BTC over the weekend, raising roughly $305 million in USDT as it looks to reduce leverage and shift toward artificial intelligence infrastructure. The average sale price was about $68,524 per coin, slightly above bitcoin’s recent multi-year lows.

The proceeds were used to repay a bitcoin-backed loan, strengthening Cango’s balance sheet, while the company continues to hold 3,645 BTC valued at more than $250 million, according to BitcoinTreasuries data. Shares were largely flat in Monday trading but remain down 83% year-over-year.

Cango plans to deploy modular GPU units across more than 40 global sites, providing small and mid-sized businesses with on-demand AI inference capacity. In a shareholder letter, the company said the treasury adjustment “reduces financial leverage and increases capacity to fund our strategic expansion into AI compute infrastructure.”

The move reflects a wider trend of bitcoin miners diversifying into AI and high-performance computing. Bitfarms (BITF) plans to exit crypto mining by 2027. Analysts at KBW caution that while AI-focused strategies are promising, execution risks remain high, prompting downgrades on Bitfarms, Bitdeer (BTDR), and Hive Digital (HIVE).