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A significant American mining firm, Cango, has announced the sale of 4,451 bitcoins, attributing this decision to the need to settle debts amounting to $407 million.
The company disclosed that it sold the cryptocurrency on the open market for USDT stablecoins at an average price of approximately $68,000 per BTC, generating revenue of around $305 million.
“The funds raised will be used for partial repayment of a loan secured by bitcoins. The decision to sell was approved by the board of directors after reviewing market conditions and is part of a strategy to reduce debt burden and optimize the balance sheet,” representatives of Cango explained.
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Additionally, the company announced plans to repurpose parts of its mining infrastructure for a business focused on artificial intelligence.
Following the recent sale of bitcoins, Cango’s reserve has decreased to 3,645 BTC, placing it 27th among the largest public corporate holders of the leading cryptocurrency.
In 2025, Cango ranked among the top three largest mining companies by deployed capacity. The company owns over 40 mining farms across North America, the Middle East, South America, and East Africa.
Previously, analysts from GoMinig indicated that the Bitcoin network has entered a “zetahash era” for the first time in history; however, the profitability of mining companies has sharply declined during this period.
