Cango sells 4,451 BTC to shrink debt and bankroll an AI pivot
Cango (CANG), the bitcoin miner that once focused on automotive services, has begun liquidating part of its BTC reserves to shore up its balance sheet and fund a strategic move into AI infrastructure.
The company reported full-year 2025 revenue of $688.1 million and a net loss of $452.8 million. Mining activity dominated results: Cango generated $675.5 million of revenue from bitcoin and produced 6,594 BTC during the year. But profitability collapsed as the firm took impairment charges on mining rigs, recorded fair-value losses and faced high production costs — which Cango says ran to roughly $97,000 per bitcoin on an all-in basis.
In February 2026 Cango sold 4,451 BTC. Management said the proceeds were used to “reduce the overall finance leverage and strengthen the balance sheet,” freeing capital to pursue new initiatives. The move signals a shift away from hoarding bitcoin toward using BTC as an active treasury asset to finance transformation.
Leadership frames the change as a deliberate repositioning. CEO Paul Yu said the company is “advancing our pivot to become an AI infrastructure provider,” pointing to its EcoHash platform as a vehicle for “flexible, cost-effective AI inference solutions.” CFO Michael Zhang attributed the 2025 loss largely to “non-recurring transformation costs” and stressed ongoing efforts to secure funding for AI investments.
Cango’s BTC-to-AI pivot mirrors a broader trend among public miners. Research from CoinDesk has found miners increasingly selling bitcoin to fund AI ventures as mining margins shrink and demand for high-performance computing grows. Many miners are exploring ways to repurpose existing infrastructure and monetize crypto holdings to access the faster-growing AI market.
Investors have reacted cautiously: Cango shares trade around $0.68, down about 43% over the past three months. The company’s next steps — execution of the EcoHash offering, securing sufficient capital for AI buildout, and stabilizing mining economics — will be key to whether the pivot can deliver turnaround results.
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