TechFlow reports that on February 9, according to a disclosure by Cango Inc., the company completed the sale of 4,451 bitcoins, directly exchanging them for approximately $305 million worth of USDT on public markets. The proceeds have been used to partially repay loans collateralized by bitcoin.
Cango stated that this bitcoin sale aims to strengthen its balance sheet and reduce financial leverage, thereby supporting its strategic expansion into AI computing infrastructure. The company is undergoing a strategic transformation, leveraging its globally connected power grid infrastructure to deliver distributed computing capacity to the AI industry.
Cango will continue its bitcoin mining operations while seeking the optimal balance between hash rate scale and operational efficiency.
