Cango, a company traded on the US stock exchange, announced last weekend that it sold 4,451 Bitcoin (BTC) on the open market.
The company announced that the sale was conducted in USDT and generated approximately $305 million in net revenue in total.
It was stated that all of the USDT proceeds were used to partially repay a Bitcoin-backed loan. Company management argued that this step was taken to strengthen the balance sheet structure, reduce financial leverage, and provide financial flexibility during the strategic transformation process.
Cango also announced the appointment of Jack Jin as CTO to lead its AI business. Jin previously designed and deployed high-performance, multi-node GPU cluster architectures supporting large language model (LLM) inference and fine-tuning processes at Zoom Communications.
The company announced that it is continuing its mining operations despite divesting some of its Bitcoin assets.
In addition, Cango aims to offer distributed computing capacity for the artificial intelligence (AI) sector by leveraging its existing globally accessible and grid-connected infrastructure.
*This is not investment advice.