Cango, the automotive services company that ventured into Bitcoin mining, recently sold another portion of its BTC holdings. In a March operational update, the firm announced the sale of 2,000 BTC, further stating that the proceeds will be used to cancel loans secured by the cryptocurrency itself.
This asset liquidation, following a larger sale in February, is part of an aggressive financial deleveraging plan. As of March 31, Cango had reduced its Bitcoin-backed debt to $30.6 million and held 1,025.69 BTC in its treasury. The strategy aims to strengthen the balance sheet and free up resources to invest in its new direction: computing infrastructure for Artificial Intelligence.
So far, Cango has sold more than 6,400 BTC to clean up its accounts, reflecting a shift in focus beyond mining toward the development of modular GPU computing nodes for the AI sector. The company’s next step will be to execute its operational transformation in this new field.
Source:https://goo.su/hJRv5sL
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