Another crypto company sells Bitcoin amid 50% crash
Despite the momentary recovery following the U.S.-Iran ceasefire announcement on April 7, Bitcoin (BTC) is still trading 43% lower than the all-time high (ATH) of $126,080 it hit on Oct. 6 last year.
Several leading miners such as MARA Holdings (Nasdaq: MARA) and Bitdeer (Nasdaq: BTDR) have been selling Bitcoin in recent months.
Then, there is the lure of artificial intelligence (AI) too.
Related: What is Bitcoin mining? Explained
These companies have a ready infrastructure, and the slump in Bitcoin price has only encouraged them to transition to AI operations.
Now, another miner has announced a massive Bitcoin sale in its pursuit of an AI pivot and loan reduction.
More News:
Cango sells 2,000 Bitcoin in March
Cango Inc. (NYSE: CANG) is a Bitcoin mining company, with operations spread across North America, the Middle East, South America, and East Africa.
On Apr. 8, the company released its March operational report and revealed that it sold 2,000 Bitcoin last month.
Cango said it made the strategic sale to reduce outstanding Bitcoin-backed loans. As of March 31, its total outstanding Bitcoin-backed loan balance was $30.6 million with 1025.69 Bitcoin in its treasury.
The move has significantly strengthened the company's balance sheet following a $65 million equity investment from the top company leaders and a $10 million convertible bond from DL Holdings, Cango said.
These measures give a robust financial ground to pivot into energy and AI infrastructure as planned, the company said.
Cango also informed that it reduced its Bitcoin production cost to $68,215.82 a coin in March—a 19.3% reduction from $84,552 a coin in Q4 2025.
To prioritize cash margin over scale, the company is taking several measures:
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Deploy S21/S21XP series miners with superior energy efficiency (J/TH) in regions experiencing elevated power costs, such as Paraguay and Oman.
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Ongoing migration of broader fleet to stable, lower-cost regions.
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Deploy a revenue-sharing model for specific higher-cost power sites with hosting partners.
As of March 31, Cango's total operational hashrate stood at 37.01 EH/s:
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Self-mining: 27.98 EH/s
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Hashrate Leasing: 9.02 EH/s
The lean-production model prioritizes margin resilience over raw scale, the company said.
The CANG stock has lost more than 80% of its value over the last six months. It was trading at $0.4259 at press time, up 2.5% in a day.
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