Cango Inc. bought 6,451 Bitcoin between February and March 2026, utilizing the entire proceeds to repay a cryptocurrency-backed mortgage as the corporate transitions its mining infrastructure to synthetic intelligence (AI) computing providers.
Necessary factors:
- Cango Inc. 6,451 items bought $BTC From February to March 2026, it generated roughly $442 million in repayments of Bitcoin-backed loans.
- Kango stability decreased because of gross sales $BTC-By March thirty first, the corporate had secured $30.6 million in debt and lowered its hash fee to 37.01 EH/s.
- Cango has secured $65 million in insider fairness funding and $10 million in convertible debt from DL Holdings to fund its AI computing core.
Bitcoin miner Cango reduces crypto-backed loans on giant Bitcoin pairs $BTC sale
Cango Inc. (NYSE: CANG) carried out its first sale on February 7-8, promoting 4,451 models. $BTC Settled roughly $305 million in web proceeds straight on the open market $USDT. The implied common promoting value was $68,524 per coin. Cango introduced the transaction on February 9, citing board approval and a overview of market situations.
All proceeds from the February sale had been used to partially repay a Bitcoin-backed mortgage. After the shut, Cango held 3,313.4. $BTC It was saved within the Treasury and produced $454.83. $BTC Through the month.
In March, Cango bought one other 2,000 models. $BTC Repay the stability of excellent cryptocurrency collateralized debt. Secondary experiences recommend that the common sale value ranged from $68,000 to $69,000, leading to a proceeds of practically $137 million. The corporate didn’t disclose actual pricing in its April 8 enterprise replace.
By March thirty first, Kango's Bitcoin stability was 1,025.69. $BTCdown from an estimated 7,500 or extra folks. $BTC Earlier than its launch in February. The stability of Bitcoin-backed loans decreased to $30.6 million.
On the mining facet, the corporate reported a complete working hashrate of 37.01 EH/s on the finish of the month, together with 27.98 EH/s from self-mining and 9.02 EH/s from hashrate leases. This compares to the height of roughly 50 EH/s that the corporate reached in late 2025. This decline displays Cango's deliberate retreat from scale in favor of earnings.
The common money price per Bitcoin mined in March was $68,215.83, an enchancment of 19.3% from $84,552 in This autumn 2025. The corporate attributed the advantages to the retirement of older gear, the introduction of latest Bitmain S21 and S21XP mining rigs, the shift of manufacturing capability to lower-cost energy areas, and the implementation of revenue-sharing agreements at some high-cost websites.
To help the transition and never rely solely on Bitcoin gross sales, Cango closed on an roughly $65 million fairness funding from firm executives and insiders on March thirty first. $USDT. The corporate additionally secured $10 million in convertible debt from DL Holdings and acquired an preliminary capital injection of roughly $10.5 million in February.
Cango entered Bitcoin mining in November 2024, transferring away from its authentic auto financing and used automotive export companies. We expanded our operations throughout greater than 40 areas throughout North America, the Center East, South America, and East Africa earlier than pivoting to modular, containerized, GPU-based AI inference computing. The corporate targets small and medium-sized companies with its infrastructure.
Cango reported revenues of roughly $688 million and web losses of roughly $453 million for fiscal yr 2025. This pertains to mine build-up, value fluctuations and transition prices.
In early April 2026, the New York Inventory Change notified Cango that the corporate's inventory was buying and selling under $1 on a 30-day common closing value, triggering a overview of its continued itemizing. The corporate has a six-month therapeutic interval to deliver its inventory value again into compliance.
The 2 Bitcoin gross sales considerably diminished Cango's publicity to crypto-backed debt and freed up capital for AI deployment throughout present grid-connected websites. The corporate says it should proceed mining, however will prioritize money margin per web site over complete hash fee.
