Cango Sells 2,000 BTC for $143 Million to Retire Loans in Q1
Cango sold 2,000 BTC in March for about $143 million, using the proceeds to retire Bitcoin-backed loans. Public Bitcoin miners liquidated a record 32,000 BTC in Q1 2026 as margins collapsed, surpassing full-year 2025 net sales.
1. Q1 2026 Record Miner Liquidations
Public Bitcoin miners offloaded over 32,000 BTC in the first quarter of 2026, more than doubling their full-year 2025 net sales and exceeding the 20,000 BTC sold during the Q2 2022 Terra-Luna collapse.
2. Cango’s March Sale Details
In March, Cango sold 2,000 BTC for roughly $143 million, marking a key move to strengthen its balance sheet by retiring Bitcoin-backed loan obligations.
3. Margin Compression Drivers
Mining economics remain under pressure with hashprice near historic lows at around $30 per petahash-per-second, block rewards halved in April 2024, and network difficulty about ten times higher than in 2021.
4. Industry Outlook and Risks
Unless hashprice recovers or Bitcoin price rallies significantly, the Q1 sell-off may signal a broader shakeout in the public mining sector, with further asset liquidations possible.