In a significant strategic move, Bitcoin mining firm Cango has announced the sale of 4,451 BTC, totaling approximately $305 million. This decision comes as the company pivots towards the burgeoning AI compute industry.
Cango Offloads 4,451 Bitcoin to Fuel AI Transition
As detailed in a recent press release, Cango successfully offloaded its BTC holdings on the open market, with the transaction being settled primarily in Tether (USDT). The proceeds from this sale have been earmarked to partially repay a Bitcoin-collateralized loan, as stated by the company.
Founded in 2010, Cango initially served as an automotive transaction platform connecting buyers, dealers, and financial organizations. The company ventured into Bitcoin mining in 2024, launching with an initial hashrate of 32 exahashes per second (EH/s) before scaling up to 50 EH/s by 2025. Alongside mining, Cango began accumulating BTC, increasing its holdings to 7,528.3 BTC by the close of 2025.
However, 2026 marked a pivotal change in strategy. Following the sale of 550.03 BTC in January, the latest offloading of over 4,400 BTC indicates a decisive shift as Cango positions itself for new opportunities.
The decision to liquidate a substantial portion of its Bitcoin supply aligns with Cango’s plans to venture into AI. The company is set to harness its extensive, grid-connected infrastructure for distributed computing tailored to the AI sector. In the press release, they conveyed their ambition:
The Company is executing a strategic pivot by utilizing its globally accessed, grid-connected infrastructure to provide distributed compute capacity for the AI industry.
This transition will unfold in phases, starting with a focus on serving small and medium businesses, eventually leading to the development of a software orchestration platform that will unify the company’s compute resources. To lead this endeavor, Cango has appointed Jack Jin, formerly of Zoom Communications, as the Chief Technology Officer for its AI division.
Despite its new focus, Cango intends to continue its Bitcoin mining activities. The firm expressed its ongoing commitment to optimizing mining operations while balancing hashrate scaling and operational efficiency. Currently, Cango operates mining sites across four continents, making it one of the largest public BTC miners globally.
Interestingly, Cango is not alone in this strategic pivot; other Bitcoin mining firms, such as Bitfarms, are similarly adjusting their business models. Bitfarms indicated last year that it would progressively wind down its mining operations in favor of a GPU-as-a-service model by 2026 and 2027.
Current BTC Market Status
In the wake of these market developments, Bitcoin has begun to recover from a recent low, currently trading around $68,900. This recovery could signal improved investor sentiment in an ever-evolving crypto landscape.
