Key Highlights
- Cango liquidated 2,000 BTC (approximately $143M) during March to repay Bitcoin-collateralized loans
- Loan obligations decreased to $30.6M, leaving 1,025.69 BTC in corporate reserves
- Production expenses per Bitcoin dropped 19.3% to $68,216, compared to $84,552 during Q4 2024
- Combined hashrate reaches 37.01 EH/s through proprietary mining and leasing operations
- Strategic shift toward AI computing and energy infrastructure investments announced
Cango Inc. divested 2,000 Bitcoin during March, allocating the revenue to settle cryptocurrency-backed loan obligations. Based on prevailing market rates, the transaction generated approximately $143 million.
Following this strategic sale, Cango’s remaining debt obligation stands at $30.6 million. The firm retained 1,025.69 BTC in corporate reserves as of the end of March, representing a value exceeding $73 million.
This financial maneuver comes on the heels of a $65 million equity infusion from senior executives and a $10 million convertible note financing from DL Holdings, both aimed at strengthening the company’s financial position.
Cango simultaneously reduced its Bitcoin mining expenses to $68,216 per unit during March. This represents a substantial 19.3% decline from the $84,552 per coin recorded in the fourth quarter of 2025.
The cost optimization wasn’t achieved through expansion. Instead, Cango retired outdated, inefficient mining equipment and relocated operations to jurisdictions offering more competitive electricity rates.
In territories with elevated energy costs such as Paraguay and Oman, the organization is deploying its most advanced, power-efficient mining rigs — specifically the S21 and S21XP models. Additionally, the company has implemented profit-sharing agreements with colocation providers at certain facilities to preserve margins while avoiding full operational expense burdens.
Mining Capacity and Operations Overview
By the end of March, Cango’s aggregate hashrate measured 37.01 EH/s. This total comprises 27.98 EH/s from company-owned mining operations and 9.02 EH/s through hashrate leasing contracts.
The leasing strategy enables Cango to generate income from expensive locations without bearing complete operational expenditure responsibility.
The organization characterizes its methodology as a “streamlined production framework” that emphasizes profitability sustainability over expansion velocity.
Strategic Transition Toward Artificial Intelligence
Cango has indicated intentions to channel resources unlocked through debt reduction into AI computation infrastructure development. Management views the company’s current energy assets and operational facilities as an advantageous foundation for this strategic evolution.
This represents a common strategy gaining traction across the mining industry. MARA recently liquidated $1.1 billion in Bitcoin holdings and eliminated 15% of its workforce. Core Scientific has considered divesting its complete BTC portfolio to finance an AI transformation. Cipher Digital executed a 15-year infrastructure agreement to pivot toward data center services.
Bitcoin is presently valued at approximately $71,329, remaining roughly 43% beneath its record peak of $126,080 established in October of last year. This sustained pricing pressure has compelled mining operators to scrutinize profitability metrics and explore diversified revenue opportunities.
Despite Wednesday’s 3.3% uptick, CANG shares have plummeted nearly 39% throughout the previous month and declined over 80% across the past half-year.
Bitcoin registered approximately 4% gains during the trading session at publication time, buoyed by conditional ceasefire developments between the United States and Iran.
