Key Highlights
- Cango liquidated 2,000 BTC (approximately $143M) during March to settle Bitcoin-collateralized loans
- Loan obligations decreased to $30.6M, leaving 1,025.69 BTC in corporate reserves
- Per-coin production expenses dropped 19.3% to $68,216, compared to $84,552 in Q4 2024
- Combined hashrate reaches 37.01 EH/s through owned operations and leasing contracts
- Firm intends to allocate freed capital toward artificial intelligence and power infrastructure projects
Cango Inc. liquidated 2,000 Bitcoin units throughout March, deploying the funds to settle cryptocurrency-backed loan obligations. Based on prevailing market rates, the digital assets were valued at approximately $143 million.
The transaction reduced Cango’s remaining debt obligation to $30.6 million. The organization maintained 1,025.69 BTC in corporate holdings as of the end of March, representing more than $73 million in value.
This strategic decision comes after the company secured a $65 million equity injection from senior executives and a $10 million convertible note from DL Holdings, both of which strengthened the financial position.
Cango simultaneously reduced its Bitcoin production expense to $68,216 per unit during March. This represents a 19.3% decline from the $84,552 per-coin cost recorded in the fourth quarter of 2025.
The efficiency gains weren’t achieved through expansion. Instead, Cango retired outdated, inefficient mining equipment and relocated operations to jurisdictions offering more competitive electricity rates.
In high-cost operational territories such as Paraguay and Oman, the organization has deployed its most power-efficient hardware — specifically the S21 and S21XP models. Additionally, the company implemented a profit-sharing arrangement with facility partners at certain locations to preserve profitability without bearing complete operational expenses.
Mining Capacity and Operational Overview
By the conclusion of March, Cango’s aggregate hashrate measured 37.01 EH/s. Within that total, 27.98 EH/s originated from company-owned mining operations, while 9.02 EH/s came from hashrate rental agreements.
The rental strategy enables Cango to generate income at expensive locations without shouldering the entire burden of operational costs.
The organization characterizes its strategy as a “streamlined production approach” emphasizing profit margin stability rather than sheer operational scale.
Artificial Intelligence Strategy Takes Shape
Cango has announced intentions to channel capital liberated through debt reduction into AI computational infrastructure. The company sees its current energy resources and operational facilities as an ideal foundation for this strategic shift.
This represents a common pattern within the mining industry currently. MARA recently liquidated $1.1 billion worth of Bitcoin and reduced headcount by 15%. Core Scientific has considered selling its complete BTC portfolio to finance an AI transformation. Cipher Digital executed a 15-year infrastructure agreement to pivot toward data center services.
Bitcoin currently trades near $71,329, remaining approximately 43% beneath its peak valuation of $126,080 reached in October of last year. This pricing environment has compelled miners to scrutinize operational efficiency metrics and explore diversified revenue opportunities.
Notwithstanding Wednesday’s 3.3% uptick, CANG has declined nearly 39% during the preceding month and has lost over 80% across the past six-month period.
Bitcoin registered roughly 4% gains at publication time, boosted by announcements of a provisional ceasefire agreement between the United States and Iran.
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