Cango also reported total operational hashrate of 37.01 EH/s, split between 27.9 EH/s of self-mining and 9.02 EH/s of hashrate leasing. BitcoinMiningStock described the company as the world’s sixth-largest miner by hashrate at 27.9 EH/s, representing 2.82% of global hash power.

Balance Sheet Snapshot: Remaining Loans and Treasury BTC After the March Sale

After the March sale and debt paydown, Cango reported $30.6 million in Bitcoin-backed loans outstanding as of March 31. Treasury holdings stood at 1,025.69 BTC.

The combination is the tell. A miner can sell coins and still be structurally long BTC via treasury and operations, but the presence of remaining Bitcoin-backed debt keeps the incentive skewed toward further deleveraging if volatility spikes.

Cango also disclosed a $65 million equity investment from members of its leadership team and a $10 million convertible bond from DL Holdings. Alongside the “lean-production” framing, that funding mix reads like a push for financing flexibility while the company works toward a stated transition into energy and AI infrastructure.

Signals Traders Can Track From Miner Deleveraging and Cost Discipline

The next monthly operational report is the near-term catalyst. Traders will be looking for any additional BTC sales or buys and whether Bitcoin-backed loans fall from the reported $30.6 million level.

Cost is the second lever. Updates to production cost after March’s $68,215 print matter most if BTC trades below or above the ~$68,000 to $69,000 zone referenced in the sale range.

Treasury movement is the third signal. Changes from the reported 1,025.69 BTC level will indicate whether Cango continues to prioritize debt reduction or starts re-accumulating.

Finally, the strategic pivot needs receipts. Any new disclosures on the energy and AI infrastructure transition, and whether additional equity or convertible financing follows the $65 million leadership investment and $10 million DL Holdings convertible bond, will shape how the market prices the shift away from pure mining scale.

Why $68k-Level Cost Prints Matter When Miners Are Selling Into Strength

I treat Cango’s March sale as balance-sheet driven. The company sold 2,000 BTC and directly tied the proceeds to reducing Bitcoin-backed loans, then reported $30.6 million still outstanding at month-end. That is liability management, not a macro view.

The threshold that matters is the ~$68k zone, because Cango’s disclosed cash cost ($68,215) and its realized sale range ($68,000 to $69,000) cluster there. If that level holds, the setup starts to look structural rather than narrative-driven, with miners using strength to de-risk while keeping operating exposure. If it breaks and cost prints do not keep falling, deleveraging pressure becomes the dominant variable, and that is when miner flows start to matter for spot liquidity in practical terms.

Sources

• Cointelegraph