Bitcoin miner Cango has sold approximately $305 million worth of BTC amid the recent market downturn, according to a regulatory filing. The firm says the liquidation was part of a strategic shift to diversify into artificial intelligence (AI) and related technologies, rather than a panic response to price weakness.
Cango’s move reflects a broader trend among miners seeking to reduce reliance on Bitcoin rewards and expand into higher-growth sectors. Management noted that AI presents “significant long-term opportunities,” and the funds will support investment in infrastructure, data centers, and AI development.
While selling mined BTC can put short-term pressure on price, Cango emphasized the decision was proactive and designed to strengthen its balance sheet and future competitive position.