"Cango Inc. executed a significant sale of 4,451 BTC on February 7-8, generating net proceeds of approximately $305 million, which were used to partially repay a Bitcoin-backed loan. The average sale price was around $68,524 per coin, reflecting favorable market conditions and board approval for the transaction."
"In March, Cango sold an additional 2,000 BTC, further reducing its outstanding balance on crypto-secured debt. Secondary reports indicated an average sale price in the $68,000 to $69,000 range, leading to proceeds near $137 million, although the exact price was not disclosed in the operational update."
"By the end of March, Cango's bitcoin treasury decreased to 1,025.69 BTC from over 7,500 BTC prior to the February sale. The company's operational hashrate was reported at 37.01 EH/s, down from a peak of approximately 50 EH/s in late 2025, indicating a strategic shift towards margin over scale."
Cango Inc. sold 6,451 BTC in February and March 2026, generating approximately $442 million to retire bitcoin-backed loans. The first sale involved 4,451 BTC for about $305 million, while the second sale of 2,000 BTC aimed to eliminate remaining crypto-secured debt. By March 31, Cango's outstanding BTC-collateralized debt decreased to $30.6 million, and its hashrate was reported at 37.01 EH/s. The company also secured a $65 million insider equity investment and a $10 million convertible note to support its AI compute pivot.
Read at news.bitcoin.com
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