ShareCango Sells $305M in Bitcoin to Mitigate Loan Risk and Shift to AI Infrastructure

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2h ago

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Bitcoin Sale: ShareCango sold 4,451 Bitcoin over the weekend, raising $305 million to repay a Bitcoin-backed loan and support its pivot to artificial intelligence computing services, indicating a significant capital reallocation strategy.
Leverage Reduction: The transaction reduced leverage tied to Bitcoin collateral, freeing up capacity for new infrastructure investments, demonstrating the company's proactive approach to financial stability and business diversification amid earnings pressure in the mining sector.
Continued Mining: Despite the strategic shift, Cango plans to continue its Bitcoin mining operations rather than fully exit the sector, contrasting with many competitors who have moved away from mining due to tightening margins and rising energy costs.
Executive Appointment: The company also appointed a new chief technology officer with enterprise software experience, aimed at enhancing its technological capabilities in the AI space to support its expansion in the high-performance computing market.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	40819.519	50409.759	60006.329	69596.569	79193.139	88783.379	98379.949
Fibonacci	50409.759	57739.121	62267.208	69596.569	76925.931	81454.018	88783.379

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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