Cango Dumps 2,000 BTC, Slashes Production Costs by 19% — Deleveraging Like a Boss

Bitcoin miner Cango sold 2,000 BTC in March at an average price between $68,000 and $69,000, netting approximately $137 million. The proceeds were used to reduce outstanding Bitcoin-backed loans.

The company slashed its Bitcoin production cost to $68,215 per coin, representing a 19.3% reduction compared to the average cash cost of $84,552 per coin reported in Q4 2025. Cango attributed the cost reduction to its shift toward a "lean-production model" that prioritizes margin resilience over raw scale.

As of March 31, Cango had $30.6 million in Bitcoin-backed loans outstanding and held 1,025.69 BTC in its treasury. The company also received a $65 million equity investment from members of its leadership team and a $10 million convertible bond from DL Holdings.

Cango is the world's sixth-largest Bitcoin mining company by hashrate, with 27.9 exahashes per second (EH/s), accounting for 2.82% of the global Bitcoin mining hash power. The company reported a total operational hashrate of 37.01 EH/s, including 27.9 EH/s in self-mining and 9.02 EH/s in hashrate leasing.

The Bitcoin miner said the production cost reduction will help weather Bitcoin price volatility as it continues deleveraging to support its planned transition into energy and artificial intelligence infrastructure.

Cango's stock rose 3.44% in pre-market trading on Wednesday but has fallen by around 72% year-to-date.