Cango sold 4,451 Bitcoins for approximately $305 million to repay its Bitcoin-backed debt and to facilitate its expansion into AI compute infrastructure. This move aligns with a broader industry trend where companies with cryptocurrency-backed loans are selling assets to reduce financial liabilities and invest in emerging growth areas. Additionally, firms with access to substantial power resources, like Cango, are repurposing their facilities to meet the growing demand for AI compute from technology companies.
Cango sells 4,451 Bitcoin to repay debt and support AI expansion
