Bitcoin miner Cango Inc. (NYSE: CANG) sold 4,451 BTC on the open market for approximately $305 million in USDT. The company’s market cap sits at around $333 million, making this sale nearly as large as the entire firm itself.
Cango confirmed Monday that all proceeds were used to partially repay a Bitcoin-collateralized loan. The company is dealing with $407 million in debt, a current ratio of 1.2, and negative free cash flow of $252 million. Its stock is trading near a 52-week low of $0.93.
“The partial divestment of the Company’s Bitcoin holding underscores the strategic importance of strengthening the balance sheet to fund new growth initiatives,” Cango stated in a press release.
Cango is transitioning its mining infrastructure toward AI computing. The company plans to deploy modular, containerized GPU compute nodes across its existing sites to provide inference capacity, targeting small and medium enterprises first.
To lead this shift, Cango brought in Jack Jin as CTO of its AI business line. Jin previously worked at Zoom Communications, where he managed GPU cluster deployments supporting large language model operations.
Cango’s January 2026 production fell to 496.35 BTC, down from 569 in December 2025. Average daily output also dropped from 18.35 to 16.01 BTC, with the hashrate declining as well.
The company only entered crypto mining in November 2024 and currently operates across 40+ sites in North America, the Middle East, South America, and East Africa.
Cango said it remains committed to mining while seeking “an optimal balance between hashrate scale and operational efficiency.”
Despite the financial pressure, Cango recently secured $10.5 million from Enduring Wealth Capital Limited, which purchased 7 million Class B shares at $1.50 each. The investment raised EWCL’s stake from 2.81% to 4.69%.
Analysts expect 5.23% revenue growth this fiscal year, though profitability is not on the cards yet.
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