Cango Sells 4,451 Bitcoins to Strengthen Financial Position

Bitcoin mining company Cango, listed on the U.S. stock market, has disclosed the sale of 4,451 bitcoins. According to Odaily, this decision followed a comprehensive assessment of current market conditions and received approval from the company's board of directors. The transaction, completed over the past weekend, was settled in USDT, yielding net proceeds of approximately $305 million. All USDT proceeds have been used to partially repay a bitcoin-collateralized loan. This move aims to enhance Cango's balance sheet and reduce financial leverage, facilitating its strategic expansion into artificial intelligence computing infrastructure.