'Cango Secures $352M Asset Sale to Supercharge Bitcoin Mining Strategy'

Cango sells Chinese assets for $352 million, eyes Bitcoin mining growth

According to Bitcoin.com News, Cango has finalized the sale of its Chinese assets for a total of $352 million. This strategic move is aimed at reallocating resources to expand its operations in the Bitcoin mining sector. The company sees significant potential in the cryptocurrency market and plans to leverage its expertise to establish a stronger foothold in this growing industry.

The decision to divest from China aligns with Cango's broader strategy to focus on markets with higher growth potential. The company has not disclosed specific details about its upcoming Bitcoin mining projects but has emphasized its commitment to innovation and sustainability in this space.

“This sale allows us to redirect our efforts towards more promising opportunities in the cryptocurrency sector,” a company spokesperson stated.

Key Takeaway: Cango's $352 million asset sale marks a pivotal shift towards Bitcoin mining, signaling its confidence in the cryptocurrency market's future.

Crypto stocks hit by tariff concerns

As reported by Der Aktionär, the U.S. stock market experienced turbulence following President Donald Trump's announcement of new tariffs. This has significantly impacted crypto-related stocks, with Coinbase shares dropping 7% in pre-market trading, reaching their lowest level since mid-October. Similarly, Strategy (formerly MicroStrategy) saw a 6% decline, while Bitcoin mining companies like MARA Holdings, Riot Platforms, and CleanSpark faced losses of 7%, 8%, and 9%, respectively.

The tariffs are expected to increase the cost of specialized mining equipment, most of which is sourced from Asia. Lauren Lin from Luxor Technology highlighted that U.S. miners could face at least a 20% rise in hardware costs, severely affecting their return on investment.

Key Takeaway: New tariffs are creating uncertainty in the crypto market, with significant cost implications for U.S.-based Bitcoin miners.

Riot Platforms achieves record Bitcoin production in March

Investing.com Deutsch reports that Riot Platforms, a major player in the Bitcoin mining industry, achieved a record production of 533 Bitcoin in March 2025. This represents a 13% increase from February and a 25% rise compared to March 2024. The company also reported holding 19,223 Bitcoin by the end of March, marking a 126% year-over-year increase.

Despite the production gains, Riot faced a 92% drop in power credits, which fell to $0.2 million in March. The company is also exploring the potential of its Corsicana facility for AI and high-performance computing applications, supported by a feasibility study highlighting its 1.0 GW secured power supply.

Key Takeaway: Riot Platforms continues to expand its Bitcoin production capabilities while exploring diversification into AI and HPC applications.

Square and Bitkey advance Bitcoin payment integration

IT-Boltwise.de highlights that Jack Dorsey, co-founder of Block, has confirmed ongoing efforts to integrate Bitcoin payments into Square and Bitkey services. Block, which holds 8,485 BTC valued at over $700 million, aims to decentralize Bitcoin mining infrastructure and promote cryptocurrency adoption in everyday transactions.

Additionally, Block is developing a Bitcoin mining system featuring advanced 3-nanometer chips. The company plans to reduce investments in other areas, such as its music streaming app Tidal, to focus on Bitcoin-related initiatives.

Key Takeaway: Block's strategic focus on Bitcoin payments and mining underscores its commitment to driving cryptocurrency adoption and innovation.

Bitcoin market reacts to tariff news

Cryptodnes.bg reports that Bitcoin's price fell to $81,580 following President Trump's tariff announcement, with a brief recovery to $88,000 before stabilizing around $82,000. Despite the volatility, institutional investors like Fidelity and Ark Invest increased their Bitcoin ETF holdings by $119 million and $130 million, respectively.

Market analysts are closely monitoring whether Bitcoin can break the $86,900 resistance level. Meanwhile, trading volume surged by 85% to $54 billion, reflecting active market participation during the price fluctuations.

Key Takeaway: Institutional investors remain optimistic about Bitcoin's long-term potential despite short-term market volatility caused by tariff concerns.

Bitfarms secures $300 million loan for HPC expansion

Newsbit.de reports that Bitfarms has secured a $300 million loan from the Macquarie Group to develop high-performance computing (HPC) data centers. The initial $50 million will fund the Panther Creek project in Pennsylvania, which will have a capacity of nearly 500 MW upon completion. The remaining $250 million will be released as development milestones are achieved.

Bitfarms also plans to acquire Stronghold Digital Mining for $125 million to enhance its capacity. The company mined 654 Bitcoin in Q4 2024 at an average cost of $60,800 per Bitcoin and currently holds 1,152 BTC in reserves.

Key Takeaway: Bitfarms is leveraging significant investments to expand its HPC capabilities and strengthen its position in the Bitcoin mining industry.

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