US Bitcoin Mining Firm Sells 4,451 BTC, Pivots to AI Business

On the 9th, US Bitcoin mining company Cango announced that, with the approval of its board of directors, it sold 4,451 BTC on the open market last weekend, generating approximately $305 million in net proceeds denominated in USDT. This massive sale contributed to the selling pressure during last week's Bitcoin market crash. The company allocated all the proceeds from the sale to partially repay Bitcoin-backed loans, thereby strengthening its balance sheet and reducing financial leverage. By selling a portion of its Bitcoin holdings, Cango has bolstered its financial base, enhancing its capacity to invest in strategic expansion into AI computational infrastructure. The company is globa...