Overview
- Cango sold 2,000 BTC in March for roughly $143 million to pay down crypto‑backed loans.
- The sale left $30.6 million in loans outstanding and 1,025.69 BTC in treasury at March 31.
- The company cut its March production cost to $68,216 per Bitcoin, a 19.3% drop from Q4 2025.
- It achieved the lower cost by retiring older rigs, moving to cheaper power regions, installing S21/S21XP units at costlier sites, and using hashrate leasing with revenue shares.
- A $65 million insider equity raise and a $10 million DL Holdings convertible help fund a pivot to AI computing that uses Cango’s existing power and facility footprint.