Core Scientific Dumps $175M in Bitcoin as Mining Giants Pivot to AI

$92,100 per bitcoin. That's what Core Scientific (CORZ) got when it dumped 1,900 BTC in January—a cool $175 million that's looking pretty smart right now, considering bitcoin trades at $67,000 today.

But this wasn't just profit-taking. It was a funeral for bitcoin mining.

The Great Mining Exodus

"We opportunistically sold just over 1,900 bitcoin for approximately $175 million," CFO Jim Nygaard told investors during the Q4 earnings call. The company now holds under 1,000 BTC and expects to "remain opportunistic going forward"—corporate speak for "we're done with this business."

CEO Adam Sullivan was even blunter, describing their mining operations as "essentially in runoff." Translation: they're keeping the lights on just enough to meet minimum power requirements while converting everything into AI and high-performance computing facilities.

The numbers tell the story. Core Scientific held 2,537 BTC at the end of 2025. After January's fire sale, they're down to roughly 630 coins—a 75% liquidation in one month.

Follow the Money, Not the Hype

With $530 million in liquidity and up to $4 billion in potential financing tied to their 590-megawattCoreWeave contract, Core Scientific isn't hurting for cash. But here's the kicker: every dollar from bitcoin sales is flowing into AI infrastructure, not back into mining rigs.

The company's Q4 performance shows why. Revenue of $79.8 million missed consensus by $42 million, while losses per share hit $0.42 versus expected $0.08. Mining margins are getting crushed, and management knows it.

Industry-Wide Capitulation

Core Scientific isn't alone in this exodus:

• MARA Holdings struck a deal with investment firm Starwood
• Riot Platforms sold roughly $200 million worth of bitcoin in late 2025
• Cipher Digital and Bitfarms both rebranded to emphasize AI and HPC exposure

The pattern is clear: pure-play bitcoin miners are becoming an endangered species.

The Timing Question

Selling bitcoin at $92,100 when it's now trading at $67,000 looks brilliant in hindsight. But was it luck or strategy? With bitcoin's notorious volatility, Core Scientific's "opportunistic" approach might have saved shareholders from a 35% haircut.

Yet this raises uncomfortable questions about the mining thesis. If the companies closest to bitcoin—the ones literally creating it—are bailing out, what does that say about the asset's long-term prospects?