Core Scientific is selling nearly all of its Bitcoin holdings as it accelerates a strategic shift toward artificial intelligence and high performance computing infrastructure.
Key Takeaways
- Core Scientific plans to sell most of its 2,537 BTC holdings to fund AI expansion and strengthen liquidity.
- The company already sold over 1,900 BTC in January for approximately $175 million.
- Management says Bitcoin mining is now “essentially in runoff” as AI hosting becomes the priority.
- The move reflects a broader industry pivot toward AI infrastructure among major miners.
What Happened?
Core Scientific announced plans to sell the majority of its Bitcoin reserves by the end of the first quarter of 2026. As of December 31, 2025, the company held 2,537 BTC valued at about $222 million at the time.
The decision comes as the company deepens its focus on AI driven data center operations, using proceeds from Bitcoin sales to fund infrastructure growth rather than expand mining capacity.
Core Scientific’s fourth quarter and fiscal year 2025 results are out!
— Core Scientific (@Core_Scientific) March 2, 2026
– Announced an agreement to expand into Hunt County, Texas, which is expected to support ~430 MW of gross power capacity, with an approved ERCOT interconnection ramp schedule
– Increased gross power capacity… pic.twitter.com/wio3zD1PLZ
Core Scientific Accelerates Its AI Strategy
During its fourth quarter earnings call, Chief Financial Officer Jim Nygaard confirmed, “we also opportunistically sold just over 1,900 bitcoin for approximately $175 million,” adding, “at this time, we hold under 1,000 bitcoin and expect to remain opportunistic going forward.”
The January sale implies an average Bitcoin price of roughly $92,100 per coin. Following the transaction, the company’s holdings dropped to around 630 BTC.
Chief Executive Officer Adam Sullivan described the mining segment as “essentially in runoff,” explaining that operations are now maintained primarily to meet minimum power draw requirements while legacy sites are converted into colocation facilities supporting AI and high performance computing workloads.
The company is leveraging approximately 1.3 gigawatts of power capacity and expanding its colocation platform toward a 1.5 gigawatt pipeline ready for lease. Sullivan said:
Financial Performance and Liquidity Position
Core Scientific ended 2025 with approximately $533 million in liquidity. Management also highlighted up to $4 billion in potential financing tied to its 590 megawatt CoreWeave contract at stabilization.
In July 2025, AI focused CoreWeave acquired Core Scientific for $9 billion, reinforcing the miner’s transition into digital infrastructure services.
However, recent earnings showed pressure on traditional mining operations:
- Fourth quarter revenue came in at $79.8 million, below the $122.08 million consensus estimate.
- Cryptocurrency mining revenue fell to $42.2 million.
- Total revenue declined from $94.9 million the previous year.
- The company reported a loss of $0.42 per share.
- Adjusted EBITDA remained negative at $42.7 million.
At the same time, revenue from leasing computing infrastructure more than tripled year over year to $31.3 million from $8.5 million, underscoring the growing importance of AI related services.
Industry Wide Shift Toward AI
Core Scientific is not alone. The broader mining industry is increasingly pivoting toward AI and high performance computing.
Riot Platforms reported record annual revenue of $647.4 million in 2025, nearly doubling from $376.7 million the prior year. The company attributed much of the growth to its strategic move into AI infrastructure. CEO Jason Les said:
Riot currently holds over 18,000 BTC and recently announced a facility partnership with chip manufacturer AMD.
Meanwhile, other miners including MARA Holdings, Cipher Digital, Bitfarms, and Bitdeer have either sold Bitcoin reserves, rebranded, or signaled a stronger focus on AI and high performance computing.
CoinLaw’s Takeaway
In my view, this is one of the clearest signals yet that Bitcoin mining alone is no longer enough to drive sustainable growth for large operators. I see Core Scientific’s move as pragmatic rather than desperate. Selling Bitcoin at strong prices to fund infrastructure that offers 3 to 5 times higher margins makes strategic sense.
I found the phrase “essentially in runoff” particularly telling. It confirms that mining is becoming secondary to AI hosting. If AI demand continues to surge, companies that control large scale power infrastructure could be sitting on some of the most valuable digital real estate in the market.
This pivot may reduce exposure to crypto volatility and provide more predictable revenue. For investors, that could mean a fundamentally different risk profile compared to traditional mining stocks.
