Bitcoin (BTC) miner Cango announced that it sold 2,000 BTC in March 2026. The firm used the proceeds to retire outstanding Bitcoin-backed loans.
The sale left the miner with a treasury of 1,025.69 BTC and $30.6 million in remaining loan obligations.
Cango Sheds 2,000 BTC and Debt in One Move
The firm said that this deleveraging, combined with recent capital infusions, including a $65 million equity investment from members of the company’s leadership team and a $10 million convertible bond from DL Holdings, has significantly strengthened its balance sheet.
“Collectively, these measures provide a solid financial foundation to navigate market volatility and support the Company’s planned transition into energy and AI infrastructure,” the press release read.
On the cost side, the company brought its average cash cost per coin down to $68,215 in March, a 19.3% drop from Q4 2025’s $84,552 in Q4 2025. It also decommissioned inefficient miners and shifted to hashrate leasing in regions with high hosting fees.
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An Industry-Wide Bitcoin Selloff
Cango is not the only miner offloading BTC. Riot Platforms sold 3,778 BTC in Q1 2026 for roughly $289.5 million, more than 2.5 times its quarterly production. The company ended the quarter holding 15,680 BTC, down 18% from its 2025 close.
MARA went further, selling 15,133 BTC for approximately $1.1 billion in March. The firm directed the proceeds to retire over $1 billion in face value convertible debt.
On-chain tracker Lookonchain flagged additional transfers by both miners in early April, suggesting the selling has continued into Q2.
“Bitcoin miner MARA transferred out 250 BTC ($17.37 million) again,” the firm posted on April 7.
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Miners are selling into an environment where AI is increasingly competing for data center rack space. This shift is likely pushing Bitcoin mining towards more intermittent and cheaper power sources over the long term.
CoinShares estimates listed miners could derive as much as 70% of their revenue from AI by the end of 2026, up from roughly 30% at present.
