Cango diversifies by leveraging its mining infrastructure for AI computing and reducing its Bitcoin liabilities.
Bitcoin miner Cango completed a sale of 4,451 Bitcoin worth roughly $305 million to reduce debt and fund its transition to AI computing, the company announced Monday.
The company currently holds more than 3,600 Bitcoin, worth about $251 million at current market prices, making it the 27th-largest publicly traded firm with Bitcoin on its balance sheet.
The transaction marks the largest disclosed Bitcoin sale by the firm since it entered the mining sector. In January, Can