4,451 Bitcoin Sold, $305 Million Generated

Cango announced that it sold 4,451 Bitcoin (BTC) on the open market over the past weekend. According to the company’s statement, the sale was conducted in USDT, generating approximately $305 million in net proceeds. Management noted that the timing of the sale was determined in line with current market conditions, liquidity needs, and the company’s short- and mid-term financial priorities, emphasizing that the transaction was part of an active balance sheet management and debt-reduction strategy.

The company stated that the entire USDT proceeds were used to partially repay a Bitcoin-collateralized loan. Management highlighted that the primary objectives of this decision were to:

• Strengthen the balance sheet
• Reduce financial leverage
• Provide financial flexibility for the ongoing strategic transformation

This move indicates that the Bitcoin sale was not driven by operational necessity, but rather by proactive balance sheet optimization.

Bitcoin Mining Operations Continue

Despite reducing a portion of its Bitcoin holdings, Cango made it clear that it remains committed to its Bitcoin mining operations. Management emphasized that the BTC sale does not signal an exit from mining activities, but instead aims to build long-term operations on a stronger and more sustainable financial foundation. This approach is intended to enhance resilience against market volatility while improving operational flexibility.

Cango also announced plans to leverage its globally accessible, grid-connected infrastructure to provide distributed computing capacity for the artificial intelligence (AI) sector. This strategy reveals the company’s intention to extend its mining infrastructure beyond purely crypto-focused use cases and integrate it into high-performance computing (HPC) and AI applications. Management believes this transformation could create new revenue streams and position Cango within a broader, technology-driven ecosystem.

Assessment

Cango’s sale of 4,451 BTC does not signal a complete exit from Bitcoin, but rather a prioritization of balance sheet optimization and strategic transformation. When considered alongside its AI initiatives, new CTO appointment, and distributed computing ambitions, it becomes clear that Cango is moving toward a hybrid business model that combines crypto mining and artificial intelligence under one roof. This move may serve as a closely watched example for other institutional players navigating similar transitions.

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As of October 2–3, 2025, the total Bitcoin network hash rate surpassed 1.05 ZH/s. Mining difficulty increased 5% to 150.84 trillion (T), providing unprecedented computational power that secures the blockchain. Despite this, the hashprice—revenue per petahash—fell below $50, pressuring miners’ profitability. This is particularly challenging for miners with high energy costs.

Bitcoin Mining Difficulty and Hash Rate: What It Means

Mining difficulty adjusts automatically every 2,016 blocks to maintain an average block time of 10 minutes and to secure the network. The adjustment reflects changes in the network’s hash rate. An increasing hash rate indicates more miners joining the network and using more computational power. This strengthens security but also raises hardware and energy costs.

MARA’s Bitcoin Treasury Reaches $6.4 Billion

U.S.-based Marathon Digital (MARA) added 373 BTC in September, bringing its total Bitcoin reserves to 52,850 BTC, valued at approximately $6.4 billion. The company mined 736 BTC during the month, representing 5.2% of total network miner rewards. MARA increased its hash rate by 1% to 60.4 EH/s and activated all mining containers at its Texas wind farm.

MARA produced 218 blocks in September, a 5% increase from the previous month. With a market value of around $7 billion, MARA is the third-largest publicly traded miner.

Cango Reserves Rise to 5,810 BTC

China-based Cango mined and held 616.6 BTC in September, raising its total Bitcoin treasury to 5,810 BTC (~$700 million). The company operates at a 50 EH/s hash rate, efficiently utilizing 89.7% of its capacity. CEO Paul Yu noted that this performance provides a strategic foundation for expansion into high-performance computing (HPC). According to Bitcoin Treasuries, Cango ranks 18th among publicly traded companies.

Bitcoin Price and Market Outlook

Bitcoin is currently trading at $120,373. Public mining companies’ BTC reserves are as follows:

• Strategy (Michael Saylor): 640,031 BTC – $77 billion
• MARA: 52,850 BTC – $6.4 billion
• Tether-backed Twenty One: 43,514 BTC
• Metaplanet: 30,823 BTC
• Bitcoin Standard Treasury: 30,021 BTC

This data highlights that institutional accumulation of Bitcoin continues, with mining companies playing a critical role in the ecosystem.

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