Crypto Correction Deepens: BTC Trades Weak at $66.6K, Major Support at $60K 
Bitcoin’s Weak Bounce Fades – Sell Rallies Near $70K Still in Play 
Struggling Bitcoin mining company Cango Inc. (NYSE: CANG) sharply lowered its crypto exposure by selling 4,451 BTC for approximately $305 million over the weekend of February 8–9 (USDT-settled at roughly $68,500 per coin). The transaction reduced leverage dramatically and fully repaid a Bitcoin-collateralized loan, thereby reducing the corporation's BTC holdings by around 60% to around 3,000 coins. This builds on a previous January disposal of 550 BTC caused by harsh weather disturbances and the continuing profitability squeeze following the 2024 Bitcoin halving.
The new liquidity is now propelling Cango's ambitious change from basic mining toward artificial intelligence (AI) and high-performance computing (HPC). To provide GPU-based artificial intelligence inference solutions targeted for small and medium-sized businesses (SMEs), the company intends to repurpose its current grid-connected data centers. The change will be phased, include sophisticated software choreography and modular GPU installations. Cango has hired Jack Jin, a former Zoom executive, as its new Chief Technology Officer for artificial intelligence to spearhead this change.
Post-halving reward cuts, soaring network difficulty, and Bitcoin's fall to multi-year lows have destroyed mining margins, therefore pushing many operators toward diversification—especially IREN's notable Microsoft AI cooperation. Cango shares jumped 3.26% after-hours to $0.95 on the news, although Bitcoin itself fell around 1% following the heavy sale despite an amazing 83% year-to-date drop.
