Cango (CANG) said it sold 4,451 Bitcoin over the weekend for net proceeds of about $305 million as the company moves to strengthen its balance sheet and support a shift into artificial intelligence infrastructure.

The Dallas-based Bitcoin miner announced Monday that the transaction was settled directly in Tether’s USDT stablecoin. 

The company said the full amount of the proceeds was used to partially repay a Bitcoin-collateralized loan.

Cango said the sale followed a review of market conditions and was approved by its board of directors. The company framed the move as a balance-sheet adjustment aimed at reducing leverage rather than a retreat from its mining…

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