“Hold my beer.” - Cango Bitcoin Mining. - Cango Inc., a NYSE-listed Bitcoin miner, sold 4,451 BTC for $305 million in USDT to partially repay a Bitcoin-collateralized loan and support its pivot to an integrated AI COMPUTE PLATFORM. - The sale, representing about 60% of Cango's prior 7,476 BTC reserves, occurred over a weekend amid a market slump, aiming to reduce leverage and capitalize on AI's growing energy demands. - This move reflects a broader trend among miners treating BTC as deployable treasury capital, prioritizing sticky AI revenue over cyclical mining margins without signaling systemic selling pressure.
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“NEVER sell your bitcoin!” - Michael Saylor
“Hold my beer.” - Cango Bitcoin Mining.
- Cango Inc., a NYSE-listed Bitcoin miner, sold 4,451 BTC for $305 million in USDT to partially repay a Bitcoin-collateralized loan and support its pivot to an integrated AI COMPUTE PLATFORM.
- The sale, representing about 60% of Cango's prior 7,476 BTC reserves, occurred over a weekend amid a market slump, aiming to reduce leverage and capitalize on AI's growing energy demands.
- This move reflects a broader trend among miners treating BTC as deployable treasury capital, prioritizing sticky AI revenue over cyclical mining margins without signaling systemic selling pressure.