Cango Inc. Completes Bitcoin Sale to Strengthen Financial Position and Advance AI Transformation

Cango (NYSE: CANG) completed the sale of 4,451 Bitcoin for approximately US$305 million in USDT on Feb 9, 2026.

Rhea-AI Summary

Cango (NYSE: CANG) completed the sale of 4,451 Bitcoin for approximately US$305 million in USDT on Feb 9, 2026. The proceeds were used to partially repay a Bitcoin-collateralized loan to strengthen the balance sheet and reduce leverage.

The company announced a strategic pivot to deploy modular, containerized GPU compute nodes across existing sites and will build a software orchestration platform for distributed AI inference. Cango also appointed Jack Jin as CTO of its AI business line to lead AI/ML infrastructure and GPU orchestration efforts.

Positive

• Proceeds of approximately US$305 million used to partially repay a Bitcoin-collateralized loan
• Strategic pivot to deploy modular, containerized GPU compute nodes across existing sites
• Appointment of Jack Jin as CTO to lead AI infrastructure and GPU orchestration

Negative

• Sale of 4,451 Bitcoin reduces the company’s crypto reserve and upside exposure
• Partial repayment implies remaining leverage tied to Bitcoin-collateralized financing

Argus Feb 9 session

-5.52% close to close Open Argus

Details

News Market Reaction – CANG

On Feb 9, the day this news came out, CANG closed 5.52% below the previous close.

Data tracked by StockTitan Argus for the Feb 9 session.

Key Figures

Bitcoin sold: 4,451 BTC Sale proceeds: US$305 million Shelf registration size: US$500,000,000 +5 more

Bitcoin sold

4,451 BTC

Sold on open market during past weekend

Sale proceeds

US$305 million

Aggregate net proceeds in USDT equivalent from BTC sale

Shelf registration size

US$500,000,000

Maximum under F-3 shelf filed Dec 17, 2025

Current share price

US$0.985

Price before publication of this article

52-week range

US$0.9324–US$5.75

Low to high prior to this news

Volume today

2,010,319 shares

Trading volume vs 20-day average 942,696

Deployed hashrate

50 EH/s

Reported in recent mining updates

EWCL investment

US$10.5 million

Equity investment agreement dated Dec 29, 2025

Historical Context

5 past events · Latest: Feb 03

5 events

1. Feb 03

   Mining update

   24h Move

   +0.0%

   January 2026 Bitcoin production fell vs December but hashrate remained deployed.

2. Jan 05

   Mining update

   24h Move

   +16.3%

   December BTC production and holdings increased plus US$10.5M commitment for mining/AI.

3. Dec 30

   Equity investment

   24h Move

   -6.6%

   US$10.5M EWCL investment to accelerate mining efficiency and energy/AI compute growth.

4. Dec 29

   Equity investment

   24h Move

   -2.2%

   Agreement for 7M Class B shares at $1.50, increasing EWCL’s equity and voting power.

5. Dec 24

   Analyst rating

   24h Move

   +2.2%

   Initiation with buy rating and US$4.00 target citing asset-light mining and AI/HPC.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

bitcoin-collateralized loan, usdt, gpu, ai/ml, +4 more

8 terms

bitcoin-collateralized loan financial

"The full amount of the USDT proceeds has been utilized to partially repay a Bitcoin-collateralized loan."

A bitcoin-collateralized loan is a loan where the borrower pledges bitcoin as security so the lender can seize or sell the bitcoin if the borrower fails to repay. Think of it like pawning a valuable item or taking a mortgage: the asset stays tied to the loan and can be sold to cover missed payments. For investors this matters because the loan’s safety and the chance of forced sales depend directly on bitcoin’s price swings, influencing lender credit risk and borrower liquidity.

usdt financial

"settled directly in USDT for aggregate net proceeds of approximately US$305 million"

A digital token pegged to the U.S. dollar that is used on cryptocurrency platforms to move and store value without converting back to bank-issued cash. Think of it as a digital dollar bill used inside trading venues: it helps investors move quickly between assets, manage short-term cash needs, and measure portfolio value in dollar terms, but its stability depends on the issuer’s reserves and market trust.

gpu technical

"deployment of modular, containerized GPU compute nodes across existing sites"

A GPU (graphics processing unit) is a specialized computer chip designed to handle many calculations at once, originally for rendering images and video but now widely used for tasks like artificial intelligence, data analysis and high-performance computing. Investors watch GPU demand and prices because strong sales often signal growth for chip makers and their customers, affect profit margins and capital spending, and can forecast wider trends in gaming, AI adoption and cloud services.

ai/ml technical

"an accomplished technology leader with deep expertise in AI/ML infrastructure"

AI/ML stands for artificial intelligence and machine learning, software systems that identify patterns in data and make predictions or automate decisions, improving performance as they process more information. Investors care because these technologies can boost revenue, cut costs and create competitive advantages — like a factory that learns to produce goods faster and with fewer mistakes — while also introducing execution, ethical and regulatory risks that can affect a company’s value.

large language model (llm) technical

"deployment of high-performance, multi-node GPU clusters supporting large language model (LLM) inference"

A large language model (LLM) is a type of artificial intelligence trained on massive amounts of text to read, write and analyze language, behaving like a very well-read assistant that can draft reports, answer questions and summarize information. For investors it matters because LLMs can boost productivity, enable new products or cost savings, and change competitive dynamics, while also creating risks around accuracy, bias and regulatory compliance that can affect a company’s value.

multi-tenant technical

"developed multi-tenant model training scheduling and GPU orchestration systems"

A multi-tenant system is software or a cloud service where a single instance runs and stores data for multiple separate customers—called tenants—while keeping each tenant’s data and settings logically isolated. Think of it like an apartment building: residents share the same structure and services but have private units. Investors care because multi-tenancy typically enables lower costs, faster scaling and steady recurring revenue, while raising issues around security, customization and operational risk.

cloud-native technical

"His background in cloud-native infrastructure and high-performance computing"

Cloud-native describes a way of creating and running applications that are designed specifically to operate smoothly on cloud computing platforms. Think of it as building a house with flexible, lightweight materials that can be easily moved, scaled, or adjusted as needed, rather than using rigid, traditional construction. For investors, it signifies technology that is more adaptable, efficient, and capable of quickly responding to changing market demands.

inference technical

"to rapidly offer inference capacity, particularly targeting the underserved long-tail demand"

Inference is the process of drawing a conclusion from available evidence or data, like a detective piecing together clues to form a likely story. For investors it matters because these judgments turn raw reports, test results, or market signals into expectations about future performance, risk, or regulatory outcomes—so how someone infers from the same facts can change investment decisions and valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, Feb. 9, 2026 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced that, based on a comprehensive assessment of current market conditions and upon approval of the Company's Board of Directors, it completed the sale of 4,451 Bitcoin on the open market during the past weekend, which were settled directly in USDT for aggregate net proceeds of approximately US$305 million in equivalent value. The full amount of the USDT proceeds has been utilized to partially repay a Bitcoin-collateralized loan.

The divestment of a portion of the Company's Bitcoin holdings was executed to strengthen its balance sheet and reduce financial leverage, which provides increased capacity to fund the Company's strategic expansion into AI compute infrastructure.

The Company is executing a strategic pivot by utilizing its globally accessed, grid-connected infrastructure to provide distributed compute capacity for the AI industry. This initiative will be implemented through a phased roadmap, beginning with the deployment of modular, containerized GPU compute nodes across existing sites to rapidly offer inference capacity, particularly targeting the underserved long-tail demand from small and medium enterprises. Cango's asset-light, modular approach is designed to achieve faster deployment timelines compared to traditional data center models, while a subsequent phase will focus on developing a software orchestration platform to unify its distributed compute resources.

To advance its AI business strategy, Cango announced the appointment of Mr. Jack Jin as the Chief Technology Officer (CTO) of its AI business line. Mr. Jin is an accomplished technology leader with deep expertise in AI/ML infrastructure, large-scale GPU systems, and scalable computing platforms. Previously at Zoom Communications Inc., he architected and led the deployment of high-performance, multi-node GPU clusters supporting large language model (LLM) inference and fine-tuning. He also developed multi-tenant model training scheduling and GPU orchestration systems that significantly improved resource utilization and elastic on-demand inferencing efficiency. His background in cloud-native infrastructure and high-performance computing aligns closely with Cango's roadmap to build a global distributed inference platform.

Cango's development of AI high-performance computing leverages its established infrastructure capabilities in computing and energy management. The partial divestment of the Company's Bitcoin holding underscores the strategic importance of strengthening the balance sheet to fund new growth initiatives. Cango remains committed to its mining operations, with a continued focus on enhancing mining economics and seeking an optimal balance between hashrate scale and operational efficiency. The Company will be guided by a disciplined framework for asset allocation in pursuit of long-term value creation.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy. The Company's mining operations span over 40 sites across North America, the Middle East, South America, and East Africa.

Since entering the digital asset space in November 2024, Cango has activated pilot projects in both integrated energy solutions and distributed AI computing. In parallel, Cango continues to operate an online international used car export business through AutoCango.com.

For more information, please visit: www.cangoonline.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, statements regarding expected financial benefits from the Bitcoin sale, the development and commercialization of the Company's AI business, the expected synergy between Bitcoin mining and AI business, the performance of the Company's AI computing infrastructure services, and the Company's outlook on the Bitcoin industry and digital asset market, and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Juliet Ye, Head of Communications
Cango Inc.
Email: ir@cangoonline.com 

Christensen Advisory
Tel: +852 2117 0861
Email: cango@christensencomms.com

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SOURCE Cango Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Cango (CANG) sell 4,451 Bitcoin on February 9, 2026?

The company sold 4,451 Bitcoin to strengthen its balance sheet and reduce leverage. According to the company, proceeds of about US$305 million in USDT were used to partially repay a Bitcoin-collateralized loan, improving capacity to fund AI expansion.

How much did Cango (CANG) receive from the Bitcoin sale and how were proceeds used?

Cango received approximately US$305 million in USDT from the sale. According to the company, the full USDT amount was applied to partially repay a Bitcoin-collateralized loan to lower financial leverage.

What is Cango's (CANG) AI strategy following the Bitcoin sale?

Cango is pivoting to provide distributed AI compute using modular GPU nodes at existing sites. According to the company, a phased roadmap begins with containerized GPU deployments, then a software orchestration platform for unified inference capacity.

Who is Jack Jin and what role will he play at Cango (CANG)?

Jack Jin was named CTO of Cango's AI business line to lead AI/ML infrastructure and GPU orchestration. According to the company, his experience includes architecting multi-node GPU clusters and improving resource utilization for LLM inference.

Will Cango (CANG) stop Bitcoin mining after this divestment?

No, Cango will continue mining operations while rebalancing assets to fund AI initiatives. According to the company, it remains focused on enhancing mining economics and balancing hashrate scale with operational efficiency.

How will Cango's (CANG) modular GPU approach affect deployment speed and target customers?

The modular, containerized approach aims for faster deployment than traditional data centers and targets SMEs with long-tail inference demand. According to the company, this asset-light model enables rapid, distributed inference capacity across existing sites.