The mining company Cango has sold 4,451 BTC on the open market, which represents about 60% of its Bitcoin reserves totaling 7,476 BTC.
We've taken a deliberate step to support the next phase of our transformation:
— CANGO (@Cango_Group) February 9, 2026
📌Balance sheet optimization: Completed the sale of 4,451 BTC, generating approximately US$305 million in net proceeds to reduce financial leverage and fund future growth initiatives.
📌Leadership…
The transaction was settled in the stablecoin USDT. The entire revenue of approximately $305 million is being used to repay a loan secured by the first cryptocurrency.
“The sale of part of our Bitcoin assets aims to strengthen our balance sheet and reduce our debt, which will provide additional opportunities for financing the company's strategic expansion in AI computing infrastructure,” the press release stated.
Following the significant sale of its crypto reserves, Cango's CEO Paul Yu outlined the company's next development phase in a letter to shareholders.
Building on today's Bitcoin sale update, our CEO Paul Yu shared a new Shareholder Letter outlining how we're thinking about Cango's next chapter.
— CANGO (@Cango_Group) February 9, 2026
Over the past year, we focused on building a solid foundation—scaling to 50 EH/s, tightening operations, exiting legacy businesses,… pic.twitter.com/TVhX69gOA0
“The demand for AI is rapidly growing, while the capacity of energy systems and grids is not. We see an increasing gap in energy supply and believe that globally distributed, network-connected infrastructure like ours can help bridge that gap,” the company head emphasized.
His proposed approach includes:
- short-term: implementing modular container solutions for AI computing tasks;
- mid-term: creating a software-defined platform for integrating distributed computing into a unified corporate network;
- long-term: globally scaling the initiative to generate stable cash flow.
The financial foundation for the AI direction will be the company's mining operations. In cryptocurrency mining, Cango will focus on improving efficiency and finding a balance between its established hash rate (50 EH/s) and operational capacity (approximately 36.6 EH/s on average over the past week).
In January, the company mined 496 BTC.
At the beginning of February, industry participants began massively shutting down equipment amid falling mining profitability. After a network difficulty adjustment on February 7 of 11% and Bitcoin rebounding from a local minimum around $60,000, the hash price recovered from about $27 per PH/s per day to approximately $35.
Source: Hashrate Index.
However, not all miners can sustain the current level of profitability.
NFN8 Files for Bankruptcy
The mining company NFN8 Group and its subsidiaries have filed for Chapter 11 bankruptcy in Texas, according to TheMinerMag.
The firm owns over 5,000 Bitcoin mining rigs free of financial obligations and manages thousands of devices under lease.
A key feature of NFN8's business was a scheme to sell mining equipment while simultaneously leasing it back. Payments were generated from mining income, making this structure highly sensitive to equipment uptime and hash price.
The company's financial situation worsened due to several events. In mid-2023, the restructuring Core Scientific terminated its hosting agreement with NFN8. As a result, some of the managed mining rigs were temporarily shut down. After signing a contract with an alternative provider, about 95% of device owners agreed to the new terms.
After the halving in April 2024, mining profitability significantly declined and recovered much slower than in previous cycles. By June 2024, NFN8's revenues were insufficient to cover current expenses and lease payments, which were suspended.
Payments resumed a few months later, but by the end of 2025, the company faced liquidity issues again. A fire at a leased data center in Crystal City, Texas, resulted in the loss of about 50% of its mining capacity and revenue. The timeline for insurance payouts remains unknown.
In October 2024, three of NFN8's counterparties sued the company for breach of contracts, securities laws, and fraud. The case has been referred to arbitration. Restructuring director Eric White believes the proceedings will be costly for the company and may result in debt recovery.
According to NFN8's statement, its assets are less than $50,000, while liabilities do not exceed $10 million.
It is worth noting that reports have emerged in Russia about the potential bankruptcy of Bitcoin miner BitRiver.