Cango sold 4,451 bitcoin over Feb. 7–8, completing one of the largest confirmed miner liquidations of 2026 as falling prices and tight margins pressure the sector.
The company said the sale was settled in USDT for about $305 million in net proceeds and approved by its board to reduce leverage and repay a bitcoin-collateralised loan.
Following the transaction, Cango’s bitcoin holdings dropped by about 60% to just over 3,000 BTC, after an earlier disposal of roughly 550 BTC in January.
The divestment comes as bitcoin prices in early 2026 remain below levels many miners need to operate profitably, while mining difficulty and competition continue to rise.
Lower prices and higher difficulty have pushed hashprice to depressed levels, forcing miners to choose between raising capital or selling bitcoin to cover power, hosting and debt costs.
Other miners have also sold bitcoin this year, including Riot Platforms and CleanSpark, while transfers by Marathon Digital have fuelled speculation about further selling.
Analysts say if bitcoin prices and hashprice remain subdued, additional miner selling is likely through the first half of the year, adding pressure to the market.
At the time of reporting, Bitcoin price was $70,904.19.