Crypto Quill

In a brutal crypto market crash that has wiped out billions in hours, Cango, one of the largest Bitcoin mining and treasury companies, just sold 4,451 Bitcoin for $305 million, sending shockwaves through the industry.

The New York-listed giant announced the massive sale late Thursday, confirming it offloaded the coins at an average price of roughly $68,550 each. This is the single largest Bitcoin sale by a public company since the 2024 bull run peak.

Cango stated the proceeds will be used to “strengthen its overall financial position, advance its AI transformation strategy, and partially repay its Bitcoin-collateralized loan.”

The company has been aggressively pivoting into artificial intelligence and high-performance computing since early 2025, with CEO Brandon Li repeatedly calling AI “the biggest opportunity since Bitcoin itself.”

Sources close to the matter say Cango faced margin calls on its Bitcoin-backed loans as BTC plunged below $67,000. Selling now locks in profits from coins mined at under $20,000 while avoiding forced liquidation at lower prices.

Who Bought the Dip?

While Cango sold, major players rushed in.

Strategy (formerly Strategy) confirmed it purchased another 2,850 BTC during the dip, bringing its total holdings to over 280,000 Bitcoin. At current prices, Strategy now owns more than 1.3% of all Bitcoin ever created.

BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund also reported heavy inflows Thursday, absorbing much of the sell pressure. On-chain data shows large wallets accumulated over 12,000 BTC in the past 48 hours.

How Bad Is the Current Crash?

Bitcoin fell from $73,800 to $66,200 in less than 12 hours Thursday night, its sharpest single-day drop since the November 2022 FTX collapse.

Total crypto market capitalization has plunged by more than $420 billion in four days. Ethereum dropped below $2,600, Solana crashed under $140, and Dogecoin lost 28% in 24 hours.

Liquidations exceeded $1.1 billion across exchanges, with over 280,000 traders wiped out.

What This Means for the Mining Industry

Cango still holds approximately 18,700 BTC valued at around $1.25 billion after the sale, making it the third-largest corporate Bitcoin holder behind Strategy and Marathon Digital.

But the move signals growing pressure on miners. Rising energy costs, the April 2024 halving that slashed rewards, and now falling Bitcoin prices are crushing profit margins.

Several mid-sized miners have already shut down operations this week. Industry insiders warn more capitulation is coming if Bitcoin fails to hold $65,000.

Yet Cango’s pivot to AI is being closely watched. The company has already converted three mining facilities into AI data centers and signed power deals for an additional 500 megawatts dedicated to GPU computing.

Wall Street appears to love the move. Cango shares jumped 8% in after-hours trading despite the broader crypto bloodbath.

The crypto world is split. Some call Cango’s sale the ultimate betrayal of the HODL mantra. Others praise it as smart capital management in a maturing industry.

One thing is clear: when the third-biggest corporate Bitcoin holder sells nearly 20% of its stack during a crash, the game has changed.