Bitcoin Miner Cango Dumps $305 Million in BTC to Fuel AI Pivot
Cango, a publicly traded Bitcoin miner, sold 4,451 BTC for around $305 million to repay part of a Bitcoin-backed loan and support its strategic shift toward providing computing power for artificial intelligence (AI). The company is expanding its AI business while continuing Bitcoin mining, aiming to balance hashrate scale with operational efficiency. Jack Jin, formerly of Zoom, has been appointed CTO to help grow the AI division. Cango operates more than 40 sites in four regions and mined about 500 BTC in January, selling 550 BTC that month and ending with 7,474.6 BTC valued at $528 million. The company plans to continue selectively selling newly mined Bitcoin to fund expansion and maintain liquidity. Shares have dropped nearly 3% following the news, and are down 62% over the past six months. Bitcoin’s price has also seen recent declines.
