Cango, a Chinese bitcoin mining enterprise publicly traded on Nasdaq, announced the liquidation of 2,000 bitcoins in March 2026. The proceeds from this transaction were strategically allocated to settle bitcoin-secured debts, consequently reducing the company’s crypto reserves to 1,025.69 BTC and settling loan commitments amounting to $30.6 million.
Cango fortifies its position with fiscal maneuvers
This substantial reduction in debt, paired with fresh financial inflows, has notably bolstered Cango’s economic standing. Recent capital injections featured a $65 million equity boost from the firm’s leadership, accompanied by a $10 million convertible bond from Hong Kong’s DL Holdings, specializing in sectors like blockchain and digital finance.
Originally a platform for automotive transactions, Cango has expanded its portfolio into bitcoin mining and associated infrastructure. The latest fiscal maneuvers signal a strategic shift to stabilize operations amidst market volatility, all while gearing up for ventures in energy and artificial intelligence infrastructure sectors.
In a formal statement, Cango highlighted that this financial strategy aims to secure a robust base for navigating unpredictable markets and fostering business growth. The company also reported cost improvements, with the average cash cost per bitcoin reducing to $68,215 in March, reflecting a decline of 19.3% from the previous quarter.
“Collectively, these measures provide a solid financial foundation to navigate market volatility and support the Company’s planned transition into energy and AI infrastructure.”
In addition to selling assets, Cango has also stopped using outdated mining equipment in favor of leasing hashrate in areas with high hosting expenses, thereby optimizing production efficiencies.
Company leaders expressed confidence that these steps will afford greater agility as Cango aligns itself with shifting market landscapes.
Why are miners selling more bitcoins now?
Across the industry, major bitcoin mining entities have ramped up liquidations in 2026. Riot Platforms, a premier U.S. mining firm, disposed of 3,778 BTC in Q1, surpassing its production for that period, resulting in an 18% reduction in reserves to 15,680 BTC since the close of 2025.
Furthermore, Marathon Digital Holdings made its own massive transaction, shedding 15,133 BTC during March. The proceeds were directed towards settling over $1 billion in convertible debt, illustrating a widespread industry trend aimed at enhancing financial stability and fueling growth.
Lookonchain, a blockchain analytics firm, noted continuous transactions by these firms into the second quarter, documenting a notable transfer of 250 BTC by MARA in April, signaling an ongoing trend.
“Bitcoin miner MARA transferred out 250 BTC ($17.37 million) again,” Lookonchain posted on April 7.
As demand for data center capacities increases due to the proliferation of AI businesses, miners are expected to seek flexible and cost-efficient energy sources, given the intensifying competition for infrastructure.
CoinShares research suggests that by 2026, revenues from AI-related services for listed mining companies could reach 70%, a stark rise from the current 30%. This indicates a deepening connection between traditional bitcoin mining and emerging AI infrastructure industries.
