Another miner sells its bitcoin
Despite bitcoin being on the rebound, another bitcoin miner sold a chunk of its holdings to further its pivot to AI. In February, Cango, a former automotive service, said it sold 4,451 bitcoin in favor of AI, just a year after becoming a miner. The company said it used the proceeds of the sale to pay down long-term debt and “reduce the overall finance leverage and strengthen the balance sheet,” according to its fourth-quarter and full-year earnings release.
Shares were up 4.5% in premarket trading.
Cango recorded a net loss from continuing operations of $452.8 million in 2025, “primarily due to non-recurring transformation costs and market-driven fair-value adjustments,” it said.
Its “adjusted bitcoin treasury policy” will “provide the financial flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure,” Cango said.
Bitcoin’s earlier downward trajectory has pressured several miners, which are choosing to pivot to AI and sell their assets or exit the business entirely.
Cango’s move follows Core Scientific, which sold over 1,900 bitcoin for $175 million in January as it shifts even more of its focus to the AI data center boom.
Shares were up 4.5% in premarket trading.
Cango recorded a net loss from continuing operations of $452.8 million in 2025, “primarily due to non-recurring transformation costs and market-driven fair-value adjustments,” it said.
Its “adjusted bitcoin treasury policy” will “provide the financial flexibility needed to navigate volatility and invest in high-potential areas like AI infrastructure,” Cango said.
Bitcoin’s earlier downward trajectory has pressured several miners, which are choosing to pivot to AI and sell their assets or exit the business entirely.
Cango’s move follows Core Scientific, which sold over 1,900 bitcoin for $175 million in January as it shifts even more of its focus to the AI data center boom.
