Cango Sells 2,000 Bitcoin in March After 4,616 BTC February Exit to Cut Debt

Cango sold down another 60% of its Bitcoin holdings in March as the NYSE-listed miner moved to shore up its balance sheet and lower operating costs amid a weak mining environment.

The company said Wednesday it sold 2,000 Bitcoin in March, using proceeds to repay outstanding Bitcoin-backed loans. That followed an even larger sale of 4,616 Bitcoin in February, underscoring a rapid drawdown of its treasury over the past two months.

Cango reported a remaining balance of $30.6 million in Bitcoin-backed loans as of March 31, alongside a treasury of 1,025.69 Bitcoin.

The sales come as industry economics remain under pressure, with hashprice hovering in the low-$30 per PH/s range in recent weeks, squeezing margins for miners with higher-cost fleets. Cango said it is shifting toward a leaner operating model focused on cost discipline and risk reduction.

As of March 31, Cango reported 37.01 EH/s of operational hashrate, including 27.98 EH/s from self-mining and 9.02 EH/s from leasing arrangements. The leasing strategy — structured with hosting partners such as Bitmain — allows the company to offload part of the operational burden in higher-cost regions while maintaining exposure to mining upside through revenue-sharing agreements.

The company said it is also upgrading portions of its fleet with more efficient machines, including Bitmain’s S21 and S21XP models, particularly in regions with elevated power prices such as Paraguay and Oman. At the same time, it is migrating other operations to lower-cost jurisdictions, a common strategy among miners seeking to preserve margins during downturns.

These measures contributed to a decline in Cango’s average cash cost of production to $68,216 per Bitcoin in March, down 19.3% from $84,552 in the fourth quarter of 2025. The reduction reflects both hardware efficiency gains and operational restructuring, including the use of revenue-sharing models with hosting providers.

Still, parts of the company’s disclosure leave questions unanswered.

Cango reported holding 1,025.69 Bitcoin as of March 31. However, the company previously disclosed holdings of 3,313 Bitcoin as of Feb. 28. Even assuming zero Bitcoin production in March, a sale of 2,000 Bitcoin would imply an ending balance of roughly 1,313 Bitcoin — higher than the reported figure.

The discrepancy suggests that either additional Bitcoin was sold during the month or other changes to the treasury occurred that were not fully detailed in the release. The company did not provide further clarification.

Cango said its latest steps — including a $65 million equity investment from management and a $10 million convertible bond — position the company to navigate continued volatility while advancing its longer-term push into energy and AI infrastructure.