- Core Scientific plans to “monetize substantially all” of its Bitcoin holdings in 2025, with most sales expected in Q1, to fund a pivot toward AI.
- The company currently holds under 1,000 BTC and is converting its Pecos, Texas facility from Bitcoin mining to colocation for high-performance computing.
- The strategic shift mirrors a broader industry trend, with former miners like Bitfarms rebranding to focus on AI infrastructure.
Core Scientific announced plans on Monday to sell the majority of its remaining Bitcoin holdings to finance its strategic shift toward Artificial Intelligence and high-performance computing infrastructure. The Austin, Texas-based company signaled this intent while reporting its fourth-quarter earnings, detailing that the “majority of the sales” are expected to occur this quarter, according to an SEC filing.
CFO Jim Nygar stated the company holds less than 1,000 Bitcoin, having already sold 1,900 BTC for $175 million in January. This move aligns with a broader industry pivot, as seen when Cango dumped 4,451 Bitcoin and Bitfarms rebranded as Keel Infrastructure, declaring it was “no longer a Bitcoin company.”
Consequently, Bitcoin was absent from the company’s latest earnings presentation, which instead highlighted its focus on digital infrastructure for AI. CEO Adam Sullivan confirmed the conversion of its Pecos, Texas site from mining to colocation, a facility capable of supporting 430 megawatts.
Meanwhile, the company’s Q4 revenue showed its transitional state: self-mining generated $41.1 million, while colocation brought in $31.3 million. Core Scientific reported a net income of $216 million for the quarter, a significant reversal from a $291 million loss the prior year, even as total revenue fell to $70 million.
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