⚡️ Mining giant Cango (NYSE: CANG) sells 60% of its Bitcoin holdings: Is it exiting or transforming?
This weekend, the actions of mining giant Cango have attracted market attention. The company sold 4,451 BTC on the open market at an average price of approximately $68,000, cashing out about 305 million USDT.
📊 Data changes overview:
Before reduction: 8.1k BTC (data as of February 6) After reduction: 3.6k BTC (as of February 9) Ranking: Among publicly traded companies holding Bitcoin globally, Cango's ranking has fallen to 26th.
❓ Why sell?
Cango's board stated that after "reassessing market conditions," it decided to sell assets to repay loans secured by Bitcoin, aiming to reduce financial leverage and debt risk.
🚀 Strategic transformation: from mining to artificial intelligence (AI)
In addition to repaying debts, Cango revealed greater ambitions in a letter to shareholders: the company is undergoing a business transformation, aiming to shift from a traditional miner to a global distributed computing infrastructure operator.
Future directions include:
✅ Developing modular computing nodes.
✅ Launching self-developed computing power management software.
✅ Providing computing power support for global AI computing.
Currently, Cango operates over 40 mining sites, with a computing power of 37 EH/s. Although it has reduced its reserves, it still produced 496 BTC in January. Does this wave of "selling coins for change" signal a new trend of mining companies embracing the AI wave?🤔
