"Cango (CANG) said it sold 4,451 Bitcoin over the weekend for net proceeds of about $305 million as the company moves to strengthen its balance sheet and support a shift into artificial intelligence infrastructure. The Dallas-based Bitcoin miner announced Monday that the transaction was settled directly in Tether's USDT stablecoin. The company said the full amount of the proceeds was used to partially repay a Bitcoin-collateralized loan."
"The debt reduction provides greater capacity to fund its strategic expansion into AI compute infrastructure. Cango is pursuing a plan to build an integrated energy and AI compute platform by using its grid-connected mining sites to provide distributed computing services for the AI industry. The bitcoin miner said its approach will roll out in phases. The first stage will deploy modular, containerized GPU compute nodes across existing sites."
Cango sold 4,451 Bitcoin for net proceeds of about $305 million, with the transaction settled in USDT. The full amount of proceeds was used to partially repay a Bitcoin-collateralized loan to reduce leverage and strengthen the balance sheet. The sale followed a board-approved review of market conditions and was framed as a balance-sheet adjustment rather than an exit from mining; the company's stock fell 9%. Cango plans to expand into AI compute infrastructure using grid-connected mining sites, starting with modular, containerized GPU nodes offering inference capacity for small and medium enterprises, and later building a software orchestration platform. Jack Jin was appointed CTO of the AI business line.
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