Cango Liquidates 2,000 BTC to Reduce Debt Amid Market Trends
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In March 2026, Bitcoin mining company Cango made a significant move by liquidating 2,000 BTC, using the funds to pay off existing Bitcoin-backed loans.
This decision resulted in Cango holding a reserve of 1,025.69 BTC alongside outstanding loan obligations totaling $30.6 million.
The firm noted that this strategic reduction of debt, coupled with recent capital inflows such as a $65 million equity investment from key leadership figures and a $10 million convertible bond secured from DL Holdings, has considerably bolstered its financial standing.
The company indicated that these measures collectively establish a robust financial base, enabling it to better manage market fluctuations and facilitate its upcoming shift towards energy and AI infrastructure.
On the expense side, Cango successfully lowered its average cash cost per mined Bitcoin to $68,215 in March, reflecting a notable decline of 19.3% from the $84,552 recorded in Q4 2025. Additionally, the firm has decommissioned less efficient mining units and has transitioned to hashrate leasing in regions with elevated hosting costs.
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Cango’s actions are part of a broader trend in the Bitcoin mining sector, where other miners are also liquidating BTC holdings. For instance, Riot Platforms sold 3,778 BTC in the first quarter of 2026, generating approximately $289.5 million, which was significantly more than its quarterly production. By the end of this quarter, Riot’s BTC reserves fell to 15,680, marking an 18% decrease from the end of 2025.
In a more drastic move, MARA sold off 15,133 BTC for around $1.1 billion in March, directing the revenues toward settling over $1 billion in convertible debt.
Recent tracking by Lookonchain has indicated ongoing transfers from these miners into early April, suggesting that the trend of selling may persist into the second quarter.
According to Lookonchain, MARA transferred out another 250 BTC (valued at approximately $17.37 million) on April 7.
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Riot Platforms also appears to have liquidated an additional 500 BTC ($34.87 million). Over the last five days, the company deposited a total of 1,500 BTC ($102.3 million) to NYDIG.
As miners navigate an environment increasingly influenced by the demand for data center space from AI, this shift may drive Bitcoin mining towards more intermittent and cost-effective energy sources.
CoinShares projects that by the end of 2026, publicly listed miners could derive up to 70% of their revenues from AI initiatives, a significant increase from the current estimate of around 30%.
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