Bitcoin miner Cango has announced it offloaded BTC worth $305 million over the weekend as it looks to fund a strategic pivot into AI compute.
Cango Has Offloaded 4,451 Bitcoin To Fund AI Pivot
As announced in a press release, Cango has completed a Bitcoin sale involving 4,451 tokens. The company’s offloading occurred on the open market over the weekend and was settled directly in the stablecoin USDT.
In total, the sale produced proceeds of about $305 million. “The full amount of the USDT proceeds has been utilized to partially repay a Bitcoin-collateralized loan,” noted the press release.
Founded in 2010, Cango was originally an automotive transaction service platform connecting car buyers, dealers, and financial institutions. In 2024, the firm diversified into Bitcoin mining, initially deploying 32 EH/s in hashrate and then upgrading it to 50 EH/s in 2025. At the same time, it also started accumulating the cryptocurrency.
After its buying over the course of 2025, Cango’s holdings grew to 7,528.3 BTC by the end of the year. In 2026, however, the company witnessed a change of strategy. The firm sold 550.03 BTC during January and now, an even larger sale of 4,451 BTC has come in February.
The Bitcoin distribution has arrived as Cango gears up for a shift into the AI compute business. As the statement said:
The Company is executing a strategic pivot by utilizing its globally accessed, grid-connected infrastructure to provide distributed compute capacity for the AI industry.
Cango plans to pivot into AI through a phased roadmap, with the first phase involving serving demand from small and medium enterprises. A subsequent phase will see the firm develop a software orchestration platform to unify its distributed compute resources. The firm has also announced the appointment of Jack Jin, who previously worked at Zoom Communications, as its AI business’ chief technology officer (CTO).
While Cango is diversifying into AI, it doesn’t seem to be leaving behind Bitcoin mining, at least not yet. “Cango remains committed to its mining operations, with a continued focus on enhancing mining economics and seeking an optimal balance between hashrate scale and operational efficiency,” noted the firm.
The firm’s mining operations are spread across 40 sites spanning North America, the Middle East, South America, and East Africa. In terms of the installed hashrate, the company is currently the joint third-largest public BTC miner in the world.
Cango isn’t the only Bitcoin mining company that is pivoting into AI. Bitfarms, another large public miner, announced last year that it plans to wind down its mining business over the course of 2026 and 2027 as it adopts a GPU-as-a-service model.
BTC Price
Bitcoin has made some recovery since last week’s low as the cryptocurrency’s price is now trading around $68,900.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
