Cango Inc. released a February 2026 operations update on March 6 2026 that outlines a comprehensive shift from a Bitcoin‑mining focus to a broader AI‑compute and green‑energy platform. The update details the company’s revised Bitcoin treasury policy, operational restructuring, and capital‑allocation strategy designed to support the new business model.
February 2026 saw Cango produce 454.83 BTC, hold 3,313.4 BTC as of February 28, and deploy 50 EH/s of hashrate, with an average operating hashrate of 34.55 EH/s. These figures illustrate the scale of the company’s mining operations at the time of the update.
The treasury update includes the sale of 4,451 BTC for approximately $305 million, which was used to repay a Bitcoin‑collateralized loan and strengthen the balance sheet. The proceeds also free capital that can be deployed into AI‑compute infrastructure and other strategic initiatives.
Operational changes announced in the update involve renegotiating hosting agreements, upgrading mining equipment, and divesting a portion of the rig fleet. These actions are intended to reduce electricity costs, improve operational efficiency, and free up capital for the company’s AI projects.
Cango has established EcoHash Technology LLC, a wholly‑owned subsidiary in Dallas, Texas, to spearhead its AI‑compute initiatives. The company has also appointed Jack Jin, formerly of Zoom, as Chief Technology Officer of the AI business line, underscoring its commitment to building a global distributed AI‑compute network powered by green energy.
Capital for the transition comes from multiple sources: the Bitcoin sale, a $75.5 million equity raise (including $10.5 million from EWCL and $65 million from insider‑led investors), and the company’s existing liquidity. These funds provide the financial foundation for the AI‑compute expansion and the associated infrastructure upgrades.
The strategic pivot represents a diversification of revenue streams and a hedge against the volatility of the Bitcoin market. While declining hashprice and execution risk remain headwinds, the company’s focus on green‑energy‑powered AI compute positions it to capture growth in the high‑demand AI services market.
Cango’s announcement signals a decisive move toward a more resilient, diversified business model, with capital allocation and operational changes designed to support long‑term growth in AI compute and energy infrastructure.
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