Cango Sells 4,451 BTC, Cuts Bitcoin Reserves by 60% to Repay Loan
Bitcoin mining giant Cango sold 4,451 BTC over the weekend, reducing its digital asset holdings by 60% as it moved to repay debt amid renewed market volatility.
In a statement released Monday, Cango said the bitcoin was sold on the open market and settled directly in USDT, generating net proceeds of about $305 million at a price of around $68,000. The company said the proceeds were used to partially repay a bitcoin-collateralized loan.
The sale comes after Cango had already reported a decline in its bitcoin reserves to 7,474 BTC as of the end of January, down from 7,528 BTC at the end of 2025. The additional weekend sale represents a significant further reduction in its holdings and was executed as bitcoin prices rebounded from a recent local low near $60,000 following a bout of market volatility.
Cango said the divestment was approved by its board after a review of market conditions and was intended to strengthen the company’s balance sheet and reduce leverage. The move provides additional financial flexibility as the company continues to push beyond its core mining business.
Alongside the bitcoin sale, Cango announced the appointment of Jack Jin as chief technology officer of its new AI business line. Jin previously worked at Zoom Communications, where he focused on large-scale GPU clusters and AI infrastructure.
While emphasizing its AI ambitions, Cango said it remains committed to bitcoin mining and will continue to focus on mining economics and operational efficiency, even as it adjusts its asset allocation and capital structure in response to tighter industry conditions.
