Cango Inc. Sells 2,000 BTC to Slash Debt as Mining Costs Drop 19%

The NYSE-listed cryptocurrency mining firm Cango Inc. has announced a strategic reduction in its Bitcoin holdings, selling 2,000 BTC throughout March 2026. This move was primarily executed to settle outstanding Bitcoin-staked loans and optimize the company's balance sheet. Amidst a fluctuating market, the firm reported a significant improvement in operational efficiency, driven by the deployment of next-generation hardware and a strategic migration to lower-cost energy jurisdictions.

Operational Efficiency and Hash Rate Metrics

Cango Inc. continues to maintain a robust presence in the mining sector with a total hash rate of 37.01 EH/s. This capacity is divided between its self-operated fleet and leased infrastructure, providing a diversified approach to computational power.

• Self-operated hash rate: 27.98 EH/s
• Leased hash rate: 9.02 EH/s
• Current BTC treasury: 1,025.69 Bitcoins

The company’s management has prioritized cash profit margins over raw volume, opting to deactivate underperforming or inefficient mining rigs. By integrating Antminer S21 and S21XP models into its global operations, the firm has mitigated the impact of high electricity prices, effectively lowering its average cash cost per Bitcoin to $28,215.83. This represents a notable 19.3% decrease compared to the $34,952 average recorded in the fourth quarter of 2025.

Debt Reduction and Financial Restructuring

The decision to sell 2,000 BTC during the March period was a tactical move to deleverage the company’s financial position. Proceeds from the sale were utilized to repay BTC-staked loans, successfully reducing the total loan balance to $45.6 million. This aggressive debt repayment strategy follows a successful capital raise, where the firm secured $100 million in equity financing to bolster its liquidity.

Industry analysts note that such deleveraging is becoming common among large-scale miners seeking to insulate themselves from potential market volatility and rising network difficulty.

Through a combination of hardware upgrades and the relocation of assets to low-cost electricity regions, Cango Inc. has positioned itself as a more lean and resilient participant in the Bitcoin blockchain ecosystem. The company’s focus on high-efficiency hardware like the S21 series suggests a long-term commitment to maintaining profitability even as the global mining difficulty continues to climb. Cango's remaining holdings of over 1,000 BTC ensure it retains significant exposure to the primary digital asset while operating with a much cleaner balance sheet.