In the wake of the U.S.-Iran ceasefire announcement on April 7, Bitcoin (BTC) experienced a brief uplift; however, it remains significantly below its all-time high (ATH) of $126,080, which was achieved on October 6 of last year, reflecting a decline of 43%. This downturn has prompted various prominent miners, including MARA Holdings and Bitdeer, to offload their Bitcoin holdings in recent months.
One company making headlines in the Bitcoin mining sector is Cango Inc., which operates across North America, the Middle East, South America, and East Africa. On April 8, Cango released its operational report for March, disclosing the sale of 2,000 Bitcoin during that month. The company stated that this strategic move was aimed at reducing its outstanding Bitcoin-backed loans, which amounted to $30.6 million as of March 31, alongside a treasury holding of 1,025.69 Bitcoin.
This sale has bolstered Cango’s balance sheet, particularly following a recent $65 million equity investment from its top leaders and a $10 million convertible bond from DL Holdings. These financial maneuvers enhance the company’s ability to pivot toward energy and artificial intelligence infrastructure, aligning with ongoing industry trends where miners increasingly look toward alternative operations amid fluctuating Bitcoin prices.
In its efforts to become more financially resilient, Cango reported a notable reduction in its Bitcoin production costs, dropping from $84,552 per coin in the fourth quarter of 2025 to $68,215.82 in March—a decrease of 19.3%. The company is implementing numerous strategies to prioritize cash margin over production scale, including the deployment of the S21/S21XP series miners, which are designed for higher energy efficiency. These miners are being utilized in regions with elevated power costs, such as Paraguay and Oman, while the broader fleet is being migrated to areas with lower operating expenses.
Cango is also employing a revenue-sharing model in collaboration with hosting partners in certain high-cost power locations, further enhancing its operational efficiency. As of March 31, the company reported a total operational hashrate of 37.01 EH/s, signaling a commitment to maintaining margin resilience over raw production volume.
Despite these strategic improvements, the company’s stock has faced significant volatility, losing over 80% of its value over the past six months. At the time of reporting, CANG stock was priced at $0.4259, reflecting a modest gain of 2.5% in a single day.
