Cango sells 2,000 BTC, cuts Bitcoin production cost by 19% in March

Bitcoin mining company Cango just dropped some serious numbers: they slashed their Bitcoin production cost to $68,215 per coin. That's a massive 19.3% cut from the $84,552 per coin they were spending in Q4 2025. They're calling it a 'lean-production model'—prioritizing margin resilience over raw scale. Smart move to weather Bitcoin's wild price swings.

Here's the real tea: Cango sold 2,000 Bitcoin in March at an average price between $68,000 and $69,000. That's around $137 million in the bank. A company spokesperson told Cointelegraph they used the cash to pay down Bitcoin-backed loans. As of March 31, they still had $30.6 million in loans outstanding and held 1,025.69 BTC in their treasury.

This update shows how listed Bitcoin miners are shifting gears—deleveraging and focusing on cash-margin discipline instead of just scaling up, especially with tight financing conditions. Cango also scored a $65 million equity investment from their own leadership team and a $10 million convertible bond from DL Holdings. They're planning to keep reducing debt to fuel their pivot into energy and AI infrastructure.

Cango is the world's sixth-largest Bitcoin mining company by hashrate, with 27.9 exahashes per second (EH/s)—that's 2.82% of the global Bitcoin mining hash power, according to BitcoinMiningStock data. Their total operational hashrate is 37.01 EH/s, including 27.9 EH/s in self-mining and 9.02 EH/s in hashrate leasing.

Cango's stock price jumped 3.44% in pre-market trading on Wednesday, but it's down about 72% year-to-date, per Google Finance data.

Cango isn't the only one selling. MARA Holdings, the second-largest BTC miner, disclosed they sold about $1.1 billion worth of Bitcoin in March to repurchase convertible debt at a discount.

But here's the plot twist: the largest public holder of Bitcoin is still stacking. Michael Saylor's Strategy just disclosed a $330 million Bitcoin acquisition on Monday, bought at an average price of $67,718 per coin. This is despite paper losses on their holdings surpassing $14.5 billion in Q1. Now that's conviction.