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A large miner named the reason for selling the mined cryptocurrency
The company said it sold cryptocurrency on the open market for USDT stablecoins at an average price of about $68,000 per BTC, which generated proceeds of approximately $305 million.
“The proceeds are directed toward partial repayment of a loan secured by bitcoins. The decision to sell was approved by the board of directors after reviewing market conditions and as part of a strategy to reduce debt burden and optimize the balance sheet,” Cango representatives explained.
The company also announced that it plans to use part of its mining infrastructure for tasks related to an artificial intelligence business.
Taking into account the latest sale of bitcoins, Cango’s reserves decreased to 3,645 BTC, which corresponds to 27th place among the largest public corporate holders of the leading cryptocurrency.
In 2025, Cango entered the top 3 largest mining companies by deployed capacity. The company owns more than 40 mining farms in North America, the Middle East, South America, and East Africa.
Earlier, analysts at GoMinig stated that the Bitcoin network for the first time in history entered the “zetahash era,” while the profitability of mining companies sharply declined.
See also: "CoinShares: quantum computing will affect only a small portion of bitcoins"
