TLDR
- Cango sold 2,000 BTC (~$143M) in March to pay down Bitcoin-backed debt
- Outstanding loan balance reduced to $30.6M, with 1,025.69 BTC remaining in treasury
- Bitcoin production cost cut 19.3% to $68,216 per BTC, down from $84,552 in Q4 2024
- Total hashrate stands at 37.01 EH/s across self-mining and leasing arrangements
- Company plans to redirect capital toward AI and energy infrastructure
Cango Inc. sold 2,000 Bitcoin in March, using the proceeds to pay down its crypto-backed debt. At current prices, that Bitcoin was worth around $143 million.
The sale brought Cango’s outstanding loan balance down to $30.6 million. The company still held 1,025.69 BTC in its treasury as of March 31, worth over $73 million.
The move follows a $65 million equity investment from top company leaders and a $10 million convertible bond from DL Holdings, which together helped shore up the balance sheet.
Cango also cut its Bitcoin production cost to $68,216 per coin in March. That’s a 19.3% drop from $84,552 per coin in Q4 2025.
The cost reduction didn’t come from scaling up. Cango decommissioned older, less efficient mining hardware and moved operations to regions with lower power costs.
In higher-cost locations like Paraguay and Oman, the company is deploying its most energy-efficient miners — the S21 and S21XP series. It’s also using a revenue-sharing model with hosting partners at select sites to keep margins intact without absorbing full operating costs.
Hashrate and Operational Snapshot
As of March 31, Cango’s total hashrate stood at 37.01 EH/s. Of that, 27.98 EH/s came from self-mining and 9.02 EH/s from hashrate leasing arrangements.
The leasing model lets Cango maintain revenue at high-cost sites without carrying the full weight of operating expenses there.
The company describes its approach as a “lean-production model” that prioritizes margin resilience over raw scale.
AI Pivot in the Works
Cango has said it plans to redirect capital freed up from deleveraging into AI computing infrastructure. The company views its existing power assets and facilities as a natural base for that transition.
It’s a familiar playbook in the mining sector right now. MARA recently sold $1.1 billion in Bitcoin and cut 15% of its workforce. Core Scientific has explored selling its entire BTC holdings to fund an AI transition. Cipher Digital struck a 15-year infrastructure deal to shift toward data center operations.
Bitcoin is currently trading around $71,329, still roughly 43% below its all-time high of $126,080 set in October last year. That price pressure has pushed miners to look hard at unit economics and alternative revenue streams.
Despite Wednesday’s 3.3% gain, CANG has fallen nearly 39% over the past month and is down more than 80% over the last six months.
Bitcoin was up around 4% on the day at press time, helped by a conditional ceasefire announcement between the U.S. and Iran.
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