Cango Sells 6,451 Bitcoins to Repay Debt in Early 2026

Cango Inc., a publicly traded company transitioning from automotive financing to cryptocurrency mining and artificial intelligence infrastructure, sold more than 6,400 bitcoins in February and March 2026 to reduce its debt obligations and improve operational efficiency.

The New York Stock Exchange-listed firm, known as Cango, offloaded approximately 4,451 bitcoins in early February at an average price of about $68,524 each, generating roughly $305 million in proceeds settled in USDT stablecoin. Company officials announced the transaction on February 9, stating it followed board approval amid a review of market conditions. All funds from the sale went toward repaying a portion of bitcoin-collateralized loans. In March, Cango sold an additional 2,000 bitcoins at prices between $68,000 and $69,000 per coin, yielding around $137 million. A company spokesperson confirmed the details in an April 8 operational update, noting the proceeds fully retired the remaining balance on those loans. By March 31, outstanding bitcoin-backed debt had fallen to $30.6 million, and the company's treasury held 1,025.69 bitcoins.

These moves mark a deliberate deleveraging strategy as Cango shifts focus...