Cango, a bitcoin mining firm headquartered in China and listed on the Nasdaq, announced the sale of 2,000 BTC during March 2026. The proceeds were used to pay down outstanding bitcoin-backed loans, leaving the company with a reduced treasury of 1,025.69 BTC and loan obligations of $30.6 million.
Cango strengthens balance sheet after bitcoin sale
The company indicated that this significant debt reduction, coupled with new capital inflows, has improved its financial position. Recent investments include a $65 million equity infusion from its leadership team and a $10 million convertible bond from DL Holdings, a Hong Kong-based asset management firm focused on blockchain, digital finance, and energy sectors.
Cango, originally established as an automotive transaction platform, has diversified into bitcoin mining and infrastructure in recent years. Its latest financial strategy aims to stabilize operations amid market fluctuations and to prepare for expansion into energy and artificial intelligence infrastructure projects.
The company shared in an official announcement that these combined moves are designed to provide a more stable financial base and to support new business directions. Improvements on the cost side were also highlighted, with a drop in average cash cost per coin to $68,215 for March, representing a 19.3% decrease 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.”
Alongside asset sales, Cango has decommissioned older, less efficient mining equipment and opted to lease hashrate in areas where hosting costs are high, further optimizing production costs.
Leadership stated that these actions will continue to provide greater flexibility as the company adapts to evolving market conditions.
Broader trend of bitcoin liquidations by miners
Several major mining firms have also increased bitcoin sales in 2026. Riot Platforms, a leading U.S. miner, sold 3,778 BTC in the first quarter, surpassing its own production figures for the period. This move resulted in its bitcoin reserves falling to 15,680 BTC, an 18% decline from the end of 2025.
Marathon Digital Holdings (MARA) executed an even larger sale, offloading 15,133 BTC in March. The capital raised was used to clear over $1 billion in convertible debt, reflecting a broader industry push to improve balance sheets and invest in future growth.
Blockchain analytics firm Lookonchain noted continued transfers by both companies into April, showing that bitcoin liquidations have persisted into the second quarter. The firm pointed to additional sales, including a reported transfer of 250 BTC by MARA in April.
“Bitcoin miner MARA transferred out 250 BTC ($17.37 million) again,” Lookonchain posted on April 7.
These industry changes are developing at a time when artificial intelligence businesses are increasing demand for data center capacity. This trend is expected to influence miners to explore intermittent and cost-effective energy sources over the long term, as competition for infrastructure intensifies.
Research from CoinShares indicates that by the end of 2026, listed mining companies could see as much as 70% of their revenue coming from AI-related services, up from around 30% this year. This shift points to a growing alignment between traditional bitcoin mining and emerging AI infrastructure businesses.
