Catenaa, Thursday, February 12, 2026- Publicly traded Bitcoin miner Cango sold 4,451 Bitcoin worth about $305 million over the weekend, using the proceeds to repay a Bitcoin-backed loan and support its expansion into artificial intelligence computing services.
The Dallas-based company said the sale was part of a balance sheet cleanup as it reallocates capital toward providing distributed compute power for AI workloads. The transaction reduced leverage tied to Bitcoin collateral while freeing capacity for new infrastructure investment.
Cango shares fell nearly 3 percent in trading following the disclosure and are down about 62 percent over the past six months, reflecting investor concern over earnings pressure across the mining sector and uncertainty around strategic shifts toward AI.
The company said it plans to continue Bitcoin mining alongside its AI business, rather than fully exiting the sector. Several peers have moved more aggressively away from mining as margins tightened and energy costs rose, with some rebranding as infrastructure or compute providers focused on AI demand.
Cango also announced the appointment of a new chief technology officer with experience in enterprise software, signaling a push to build out its AI-focused operations. The company operates more than 40 sites across four geographic regions, giving it access to grid-connected infrastructure that can be repurposed for high-performance computing.
In January, Cango mined nearly 500 Bitcoin and sold about 550 Bitcoin worth roughly $39 million, according to its latest production update. The company ended the month holding more than 7,400 Bitcoin valued at about $528 million at prevailing prices.
Cango has indicated it may continue selectively selling newly mined Bitcoin to fund near-term growth initiatives tied to AI while managing liquidity and operating risk.
