Cango, the bitcoin mining company, has sold a large amount of its bitcoin holdings to reduce debt and shift its business toward artificial intelligence (AI). The move shows how bitcoin mining companies are changing their strategies as mining becomes less profitable.

Over the weekend, Cango sold 4,451 bitcoin out of its 8,095 BTC stash for about $305 million. The deal was settled using USDT, a stablecoin linked to the U.S. dollar. The company said its board approved the sale after reviewing market conditions.

Cango said it used all of the money from the sale to pay down a loan backed by bitcoin. This helped lower the company’s debt and improve its financial position.

“The divestment of a portion of the Company’s Bitcoin holdings was executed to strengthen its balance sheet and reduce financial leverage,” Cango said.

The sale is one of the largest confirmed bitcoin sales by a mining company in 2026. After selling the 4,451 bitcoin, Cango’s total holdings dropped by about 60%, leaving the company with just over 3,644 bitcoin, according to BitcoinTreasuries.

Bitcoin prices have been weak in early 2026, while mining costs remain high. At the same time, competition between miners has increased. This has lowered hashprice, which measures how much money miners earn from their computing power each day.

When mining profits fall and companies carry debt, selling bitcoin is often the fastest way to raise cash. That pressure has pushed several miners to reduce their holdings this year.

Cango said the bitcoin sale does not mean it is leaving the mining business. Instead, the company described the move as a financial adjustment. The company said the transaction was meant to cut leverage and strengthen its balance sheet during volatile mining conditions.

Cango said it will continue mining bitcoin but will focus on operating more efficiently and carefully managing costs.

Still, the company is facing challenges. In January, Cango mined about 496 bitcoin, down from 569 bitcoin in December. Its daily output and computing power also declined.
Cango’s stock price has struggled as well. Shares are trading near their lowest levels of the past year and are sharply lower compared to a year ago.

Beyond paying down debt, Cango plans to use its existing infrastructure to expand into AI computing. The company operates more than 40 grid-connected sites around the world, originally built for bitcoin mining.

Cango plans to install modular, container-style GPU systems at these sites. These systems will provide AI inference services, which allow businesses to run AI models without owning their own hardware.

The company said it will first target small and mid-sized businesses, which often lack access to affordable AI computing. Later, Cango plans to build software that connects all of its computing sites into one platform.

“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 said.

To support this shift, Cango appointed Jack Jin as chief technology officer for its AI business. Jin previously worked at Zoom Communications, where he managed large GPU systems used for AI models.

Cango is not alone in exploring AI. Many public bitcoin miners are looking for new revenue sources as mining margins shrink and bitcoin prices fluctuate.