Wu Blockchain learned that Cango Inc. (NYSE: CANG), a US-listed company, announced that it sold 4,451 bitcoins on the open market over the weekend, settled in USDT, netting approximately $305 million. The proceeds have been used entirely to partially repay loans secured by bitcoins. The company stated that this move aims to strengthen its balance sheet, reduce financial leverage, and provide financial support for its transformation into AI computing infrastructure. Cango also announced the appointment of Jack Jin as CTO of its AI business line to advance the construction of its distributed GPU inference and computing platform.
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