Key Highlights
- Cango liquidated 2,000 BTC (approximately $143M) during March to settle Bitcoin-collateralized loans
- Remaining loan obligation now sits at $30.6M, with 1,025.69 BTC still held in company reserves
- Production expenses per Bitcoin dropped 19.3% to $68,216, compared to $84,552 during Q4 2024
- Combined hashrate capacity reaches 37.01 EH/s through direct mining operations and leasing agreements
- Strategic shift underway to allocate resources toward artificial intelligence and energy projects
Cango Inc. divested 2,000 Bitcoin during March, channeling the funds toward paying off cryptocurrency-backed obligations. Based on prevailing market rates, the transaction generated approximately $143 million in proceeds.
This transaction lowered Cango’s remaining debt obligation to $30.6 million. The firm maintained possession of 1,025.69 BTC in corporate reserves through the end of March, representing a value exceeding $73 million.
The strategic divestment occurred alongside a $65 million equity injection from senior executives and a $10 million convertible debt instrument from DL Holdings, both contributing to improved financial stability.
Cango simultaneously achieved a reduction in Bitcoin mining expenses to $68,216 per unit during March. This represents a 19.3% improvement compared to the $84,552 per coin recorded in Q4 2025.
The efficiency gains didn’t stem from capacity expansion. Instead, Cango retired outdated, power-hungry mining equipment and relocated operations to jurisdictions offering more competitive electricity rates.
For facilities situated in higher-expense territories such as Paraguay and Oman, the organization deployed its most power-efficient mining rigs — specifically the S21 and S21XP models. Additionally, the company implemented revenue-sharing arrangements with hosting providers at certain locations to preserve profitability while avoiding full operational expense absorption.
Mining Capacity and Performance Metrics
By the conclusion of March, Cango reported aggregate hashrate capacity of 37.01 EH/s. Direct mining operations contributed 27.98 EH/s, while hashrate leasing contracts accounted for 9.02 EH/s.
The leasing framework allows Cango to generate revenue from expensive facilities without shouldering complete operational overhead.
Management characterizes this strategy as a “lean-production approach” emphasizing profitability sustainability over aggressive expansion.
Artificial Intelligence Strategy Takes Shape
Cango announced intentions to funnel capital resources liberated through debt reduction into AI computing infrastructure development. Company leadership believes its current power infrastructure and physical facilities provide an advantageous foundation for this transformation.
This strategic direction mirrors broader industry trends. MARA recently liquidated $1.1 billion worth of Bitcoin while eliminating 15% of personnel. Core Scientific has considered divesting its complete BTC portfolio to finance artificial intelligence initiatives. Cipher Digital secured a 15-year infrastructure agreement to transition toward data center services.
Bitcoin currently trades near $71,329, representing approximately 43% below its record peak of $126,080 reached last October. This sustained pricing pressure has compelled mining operators to scrutinize production economics and explore diversified income sources.
Despite Wednesday’s 3.3% uptick, CANG stock has declined nearly 39% throughout the previous month and experienced losses exceeding 80% across the past six months.
Bitcoin registered approximately 4% gains during the trading session at publication time, receiving support from a provisional ceasefire agreement between the United States and Iran.
