Bitcoin miner Cango sold $305 million of BTC during market slump to fund AI shift

Bitcoin miner Cango sold 4,451 BTC for $305 million, with plans to use proceeds to reduce leverage and prepare for a strategic shift into AI computing infrastructure.

The company plans to deploy modular GPU units across 40+ global sites to provide on-demand AI inference capacity for small and mid-sized businesses.

Cango is part of a growing trend of bitcoin miners pivoting to AI, with analysts warning of execution risks in the transition to AI-focused business models.

The company said it raised $305 million from the sale, suggesting an average sale price of about $68,524 per coin, or not far above multi-year low prices for bitcoin.