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Home BlockchainBitcoin Miner Cango Dumps $305 Million in BTC to Fuel AI Pivot
Blockchain

Bitcoin Miner Cango Dumps $305 Million in BTC to Fuel AI Pivot

by Decrypt
written by Decrypt 0 comments
Bitcoin Miner Cango Dumps $305 Million in BTC to Fuel AI Pivot

In brief

  • Bitcoin miner Cango (CANG) sold 4,451 BTC or about $305 million worth this weekend.
  • The firm used the proceeds to repay a BTC-backed loan and clean its balance sheet as it expands into AI.
  • Shares are down around nearly 3% on the day, and 62% over the last six months.

Publicly traded Bitcoin miner Cango (CANG) parted ways with 4,451 BTC this weekend, raising approximately $305 million as it aims to fuel its expansion into providing compute power for the artificial intelligence (AI) boom.

The firm…

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