Cango, the world’s sixth-largest Bitcoin mining company by hashrate, has cut its Bitcoin production cost to $68,215 per coin, representing a 19.3% reduction from the $84,552 average cash cost recorded in the fourth quarter of 2025. The company disclosed the figures in its monthly operational report released on Wednesday. Cango attributed the improvement to a shift toward a lean-production model that emphasizes margin resilience rather than expanding raw scale. The company said the lower production cost positions it to better withstand swings in Bitcoin prices.
In March, Cango sold 2,000 BTC at an average price between $68,000 and $69,000, generating approximately $137 million in proceeds. A company spokesperson confirmed the sale to Cointelegraph, noting that the funds were directed toward reducing outstanding Bitcoin-backed loans. As of March 31, Cango held 1,025.69 BTC in its treasury and carried $30.6 million in Bitcoin-backed loans, reflecting meaningful progress in its deleveraging effort.
The company also reported a $65 million equity investment from members of its own leadership team, alongside a $10 million convertible bond from DL Holdings. Cango said it intends to continue reducing debt as part of a broader strategic transition into energy and artificial intelligence infrastructure. The moves reflect a wider trend among publicly listed Bitcoin miners, who are increasingly prioritizing financial discipline and cash-margin management as financing conditions remain constrained.
Cango operates a total hashrate of 37.01 exahashes per second, comprising 27.9 EH/s in self-mining and 9.02 EH/s through hashrate leasing. Its 27.9 EH/s self-mining capacity accounts for 2.82% of global Bitcoin mining hash power, according to data from BitcoinMiningStock. Despite the operational update, Cango’s stock has declined roughly 72% year-to-date, though shares rose 3.44% in pre-market trading on Wednesday, per Google Finance data.
Cango’s treasury sale is not an isolated move among Bitcoin-linked public companies. MARA Holdings, the second-largest BTC miner, disclosed that it sold approximately $1.1 billion worth of Bitcoin in March, using the proceeds to repurchase convertible debt at a discount. These actions highlight how several miners are opting to strengthen their balance sheets rather than accumulate additional holdings.
By contrast, Strategy, led by Michael Saylor, continues to add to its Bitcoin position. The firm disclosed a $330 million Bitcoin purchase on Monday at an average price of $67,718 per coin, even as paper losses on its holdings exceeded $14.5 billion during the first quarter of the year. Strategy remains the largest public corporate holder of Bitcoin and has maintained its accumulation strategy despite significant unrealized losses.
Originally reported by CoinTelegraph.
