Cango Sells $143M BTC to Cut Debt, Mining Cost Down 19%
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- Cango cut its Bitcoin mining cost to $68,216 per coin in March 2026, down 19.3% from $84,552 in Q4 2025, by decommissioning older hardware and relocating operations to lower-cost power regions.
- Cango sold 2,000 BTC worth roughly $143 million to reduce its outstanding Bitcoin-backed loan balances to $30.6 million.
- Cango still held 1,025.69 BTC (~$73M) in treasury as of March 31, operating a 37.01 EH/s hash rate split between 27.98 EH/s self-mining and 9.02 EH/s from leasing arrangements.
- Cango plans to redirect capital from deleveraging into AI computing infrastructure, positioning the cost reductions as preparation for a business model expansion beyond pure-play mining.
- CANG shares closed up 3.3% at $0.4291 on Wednesday but remain down nearly 39% over the past month.
- The move mirrors public-miner peers: MARA sold $1.1B in BTC to retire convertible debt while cutting 15% of its workforce, Core Scientific is exploring selling all its Bitcoin to fund an AI transition, and Cipher Digital shifted to data center operations under a 15-year infrastructure deal.
Why it matters: Cango sold $143M in BTC to cut debt to $30.6M, joining MARA ($1.1B BTC sale) and Core Scientific (exploring total liquidation) in treating coin reserves as fungible capital. The company explicitly plans to redirect that capital into AI computing infrastructure, following Cipher Digital's 15-year data center pivot — a concrete migration away from hash rate accumulation.
