Cango (CANG) said it bought 4,451 Bitcoin over the weekend for internet proceeds of about $305 million as the corporate strikes to strengthen its steadiness sheet and assist a shift into synthetic intelligence infrastructure.
The Dallas-based Bitcoin miner introduced Monday that the transaction was settled immediately in Tether’s USDT stablecoin.
The corporate stated the total quantity of the proceeds was used to partially repay a Bitcoin-collateralized mortgage.
Cango stated the sale adopted a evaluation of market situations and was authorised by its board of administrators. The company framed the transfer as a balance-sheet adjustment aimed toward decreasing leverage moderately than a retreat from its mining enterprise.
The corporate’s inventory is at the moment down 9%.
“The divestment of a portion of the Firm’s Bitcoin holdings was executed to strengthen its steadiness sheet and cut back monetary leverage,” Cango stated in its assertion.
The corporate stated the debt discount gives better capability to fund its strategic growth into AI compute infrastructure. Cango is pursuing a plan to construct an built-in power and AI compute platform by utilizing its grid-connected mining websites to supply distributed computing companies for the AI trade.
The bitcoin miner stated its strategy will roll out in phases. The primary stage will deploy modular, containerized GPU compute nodes throughout current websites. The corporate stated it plans to supply inference capability for small and medium enterprises, a section it described as underserved.
A later section will deal with constructing a software program orchestration platform to unify distributed compute assets throughout its international footprint.
Cango’s AI and bitcoin miner pivot
As a part of the AI push, the bitcoin miner introduced the appointment of Jack Jin as chief expertise officer of its AI enterprise line.
The corporate stated Jin beforehand labored at Zoom Communications, the place he led deployments of multi-node GPU clusters supporting massive language mannequin inference and fine-tuning. Cango stated his background aligns with its roadmap to construct a distributed inference platform.
Cango stated its AI improvement leverages current strengths in computing operations and power administration. The corporate added that it stays dedicated to its Bitcoin miner operations, with continued deal with bettering mining economics and balancing hashrate scale with operational effectivity.
The sale comes as mining firms face tighter margins following the Bitcoin halving cycle, rising energy prices, and value volatility.
Public miners have begun exploring AI and high-performance computing as various income streams tied much less on to Bitcoin market cycles.
Cango entered the digital asset area in November 2024 and operates bitcoin miner websites throughout North America, the Center East, South America, and East Africa.
The corporate additionally continues to run an internet worldwide used automotive export enterprise via AutoCango.com. Cango stated it would preserve a disciplined framework for asset allocation because it pursues long-term worth creation whereas advancing its AI transformation.
