Last updated on March 4th, 2026 at 02:15 pm
Core Scientific has announced plans to sell nearly all of its bitcoin holdings in the first quarter of 2026, signalling a major shift in its treasury strategy as the miner focuses on artificial intelligence infrastructure.
In its latest annual filing, the Nasdaq-listed company said most sales are expected in Q1, though timing and amounts will depend on market conditions and liquidity needs. As of December 31, 2025, Core Scientific held 2,537 bitcoin worth $222 million at an average price of $101,639 per coin, up sharply from 256 bitcoin at the end of 2024. All holdings were mined internally.
Core Scientific’s fourth quarter and fiscal year 2025 results are out!
– 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 (@Core_Scientific) March 2, 2026
From bitcoin accumulation to liquidity focus
Core Scientific’s bitcoin build-up occurred during a year of substantial capital commitments to high-density AI- and compute-focused data centres. Unlike selling production to cover operating costs, the company retained most mined bitcoin throughout 2025, growing its treasury nearly tenfold. Management now plans to monetize these reserves to boost liquidity and fund AI compute expansion, reflecting a wider trend of miners balancing digital asset exposure with infrastructure growth.
Industry-wide shift toward AI and data centres
Other miners are making similar pivots: Cango sold 4,451 bitcoin for about $305 million to reduce leverage and support AI transitions, Bitdeer reduced its treasury to zero, and Riot Platforms sold 5,363 bitcoin in 2025 for $535.5 million to fund expansion.
The move follows Core Scientific’s cooperation agreement with activist investor Two Seas Capital, which will reshape the board over 18 months. Three independent directors will be added with Two Seas’ input, while Board Chair Jordan Levy will not seek re-election in 2026.
In return, Two Seas agreed to a one-year standstill, limiting its ownership stake and barring activist actions such as proxy contests or merger proposals. The deal follows shareholder rejection of Core Scientific’s proposed all-stock merger with CoreWeave in 2025, which Two Seas had opposed, arguing it undervalued the company. Core Scientific reported a first-quarter 2025 net income of $580 million, more than double the $210 million recorded a year earlier.
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