Bitcoin miner Cango Inc. (NYSE: CANG) sold 4,451 Bitcoin over the weekend, generating approximately $305 million in proceeds, according to a company press release. The sale was undertaken to reduce outstanding debt and fund a strategic shift toward artificial intelligence infrastructure.
The move comes as Bitcoin’s price has fallen significantly from its peak of around $125,000 in October, though Cango affirmed its continued commitment to Bitcoin mining operations alongside the new AI venture. The transaction was settled using Tether’s USDT stablecoin.
Cango is not the first Bitcoin mining company to explore opportunities in the AI sector. Companies like IREN, Core Scientific, and Riot Platforms have already begun diversifying into AI-related infrastructure. The underlying infrastructure required for Bitcoin mining – particularly access to substantial and affordable electricity – is readily adaptable to the demands of AI data centers. However, some companies have fully abandoned cryptocurrency mining in favor of focusing solely on AI, according to reports.
The recent surge in AI-related announcements from publicly traded companies has drawn comparisons to the “blockchain” hype of 2017 and 2018, where numerous businesses attempted to capitalize on the emerging technology.
Bitcoin’s price decline has directly impacted the revenue generated by miners, while external factors, such as a recent snowstorm across much of the country, have provided some miners with profits through electricity curtailment deals, allowing them to sell excess power back to the grid. Other startups are exploring integrating mining machines into home heating systems to offset climate control costs.
The sale of a substantial Bitcoin holding by Cango is also notable given the increasing trend of companies holding Bitcoin as a long-term treasury asset. Concerns exist that deleveraging events among larger digital asset treasury (DAT) companies could trigger a further decline in Bitcoin’s price. Strategy, a Bitcoin treasury company, recently stated that the price would need to fall to $8,000 before its balance sheet would face significant issues. However, Strategy reported $17 billion in unrealized losses in the fourth quarter of 2025. Another DAT focused on Ethereum is currently dealing with $7.5 billion in unrealized losses, less than a year after its launch.
Executives at a recent Digital Assets at Duke event indicated their ability to withstand the recent price volatility, emphasizing a long-term investment horizon. However, the varying management and financial strategies among DAT companies suggest differing levels of resilience.