Strategic Bitcoin Sale to Strengthen Financial Position
Recently, the Nasdaq-listed Bitcoin mining company Cango announced the completion of a strategic Bitcoin disposal after a comprehensive market evaluation and board approval last weekend.
The transaction involved the sale of 4,451 Bitcoins, settled in USDT, generating a net revenue of approximately $305 million. The entire proceeds have been allocated to partially repay a Bitcoin-backed loan.
Reducing Leverage and Focusing on AI Infrastructure
The company emphasized that this sale is aimed at strengthening the balance sheet, reducing financial leverage, and supporting the strategic shift toward artificial intelligence computing infrastructure.
- Bitcoin Sold: 4,451
- Settlement: USDT
- Net Proceeds: ~$305 million
- Funds Allocation: Loan repayment, AI expansion