Dallas-based Bitcoin mining company Kengen has sold 4,451 Bitcoins, generating approximately $305 million in revenue to improve its financial position and expand into the artificial intelligence sector. The proceeds were used for partial repayment of its Bitcoin-collateralized loan, with the transaction completed in Tether’s USDT stablecoin. Kengen stated that after reviewing market conditions, the sale was approved as a balance sheet adjustment to reduce debt and financial pressure, not as a retreat from mining operations. Following the announcement, the company’s stock price declined by about 9%.
Kengen plans to grow both its Bitcoin mining and AI computing infrastructure. It is developing an integrated energy and AI compute platform that leverages its grid-connected mining sites to provide distributed computing services. The initial phase involves deploying modular, containerized GPU compute nodes at existing sites to offer AI services to small and medium-sized businesses. Additionally, Kengen appointed Jack Jun as Chief Technology Officer for its AI business line; Jun brings experience in deploying GPU clusters for large language models at Zoom Communications. The company emphasized that its AI development builds on existing computing and energy management expertise while continuing mining operations, focusing on improving mining economics and maintaining hash rate balance.
This move comes amid challenges facing Bitcoin miners, including halving events, rising electricity costs, and price volatility, which have pressured profitability. Consequently, many public miners have begun adopting AI and high-performance computing as alternative revenue streams. Kengen entered the digital assets sector in November 2024 and operates Bitcoin mining sites across North America, the Middle East, South America, and East Africa. It will also continue its used car export business, AutoCango.com, while adopting a disciplined asset allocation strategy to create long-term value and advance AI transformation.
Source: bitcoinmagazine
