Bitcoin mining firm Core Scientific announced plans to sell nearly all its remaining Bitcoin holdings this year to fund a strategic pivot toward artificial intelligence and high-performance computing infrastructure. The company, which currently holds less than 1,000 BTC, stated the majority of sales are expected in the first quarter. This move follows a broader industry trend, as the company also reported converting its Pecos, Texas facility from mining to colocation services aimed at AI data centers.
Core Scientific signaled it will continue selling Bitcoin to fund its transition, detailing plans to significantly reduce its holdings. The company intends to “monetize substantially all of [its] Bitcoin holdings,” according to an SEC filing.
The majority of these sales are expected in the first quarter, though they remain subject to market conditions. This strategy underscores a broader shift among former U.S. mining leaders capitalizing on AI demand.
CFO Jim Nygar stated the company currently holds less than 1,000 Bitcoin. In January, it sold 1,900 Bitcoin for $175 million at prices above current market levels.
This follows similar moves by other firms; Cango recently sold 4,451 Bitcoin for its AI business. Former miner Bitfarms also rebranded as Keel Infrastructure, saying it is “no longer a Bitcoin company.”
CEO Adam Sullivan said the company is converting its Pecos, Texas facility to colocation from Bitcoin mining. The site can support up to 430 megawatts of gross power capacity.
“Stepping back, our strategy remains the same,” Sullivan said. “We expect every megawatt in our portfolio to be dedicated to colocation within the next 3 years.”
This would end its self-mining operations, which generated $41.1 million in Q4 revenue versus $31.3 million from colocation. The company also earned $6.5 million from hosting customer mining in Q4.
Core Scientific posted fourth-quarter net income of $216 million, rebounding from a $291 million loss a year ago. Revenue for the period fell to $70 million from $94.9 million as self-mining contracted.
The company’s shares fell 6.4% to $15.43, according to Yahoo Finance. Over the past year, they have climbed 52%, peaking around $23.63 in November.
