Cango Completes $442M Bitcoin Liquidation and Secures $75M in New Capital for AI Pivot – Mining Bitcoin News
Key Takeaways:
Cango Inc. 6,451 were sold BTC Between February and March 2026, bitcoin-backed loans generated about $442 million for retirement. The sale reduced Cango's BTC-linked debt to $30.6 million and reduced Hashrate up to 37.01 EH/s on March 31. Cango has received an internal investment of $65 million and a convertible note of $10 million from DL Holdings to support its AI computing pillar.
Bitcoin Miner Kango has cut a large pair of Crypto-backed loans BTC sale
Cango Inc. (NYSE: CANG ) had its first selloff around Feb. 7-8, down 4,451. BTC Direct net income of approximately 305 million dollars on the open market USDT. The average sale price implied was $68,524 per coin. Kango announced the transaction on February 9 after reviewing board approval and market conditions.
All of the proceeds from the February sale went to partially repay a loan backed by Bitcoin. After the transaction was closed, Kango has 3,313.4 BTC in Treasury and yielded 454.83. BTC in a month.
In March, Kango sold an additional 2,000 BTC To retire the remaining balance on crypto-secured debt. Secondary reports put the average sale price in the $68,000 to $69,000 range, which would put the proceeds at around $137 million. The company did not disclose the exact price in an April 8 operating update.
On March 31, the Cango Bitcoin Treasury stood at 1,025.69. BTCApproximately 7,500-plus down BTC Before the February sale. Outstanding balances on Bitcoin-backed loans dropped to $30.6 million.
On the mining side, it reported a total operational hashrate of 37.01 EH/s at the end of the month, including 27.98 EH/s of head mining and 9.02 EH/s. Hashrate Renting. This is the company in the year Compared to the peak of 50 EH/s reached at the end of 2025, this reduction reflects Cango's deliberate reversion to marginalization.
Average cost of money at bitcoin In March, the mine earned $68,215.83, a 19.3% improvement from $84,552 in the fourth quarter of 2025. The company attributed the gains to decommissioning old equipment, deploying new Bitmain S21 and S21XP mining rigs, consolidating capacity into lower-cost power regions and implementing revenue distribution facilities.
To support the transition beyond relying solely on bitcoin sales, Cango closed an equity investment of nearly $65 million in USDT from company management and insiders on March 31. The company also received a $10 million convertible note from DL Holdings and previously raised approximately $10.5 million in equity in February.
Kango entered bitcoin mining in November 2024, exiting its core automotive finance and used car export businesses. It scaled operations at more than 40 sites in North America, the Middle East, South America, and East Africa before moving to modular, containerized GPU-based AI inference computing. The company is targeting small and medium enterprises on that infrastructure.
For fiscal year 2025, Cango reported revenues of approximately $688 million and a net loss of approximately $453 million, attributable to mine construction, price volatility and transition costs.
In early April 2026, the NYSE notified Cango that its stock was trading below its 30-day average closing price of $1, prompting a subsequent listing review. The company has a six-month healing period to bring its share price back up.
The two bitcoin sales materially reduced Cango's exposure to crypto-collateralized debt while freeing up capital on existing grid-connected sites. Although the company says it will continue mining, it intends to prioritize profit margins at each site rather than overall profitability.
