Core Scientific May Sell 'All' Bitcoin to Finance AI Pivot
Core Scientific announced plans to sell most of its Bitcoin holdings to fund expansion into AI and high-performance computing (HPC), amid rising capital expenditures for new data centers. The company expects to liquidate the majority of its Bitcoin in the first quarter of this year, subject to market conditions. Core Scientific currently holds fewer than 1,000 Bitcoin, having sold 1,900 Bitcoin in January for $175 million. This move reflects a broader shift among former leading Bitcoin miners toward AI-related services, with companies like Cango and Bitfarms making similar transitions. Core Scientific is converting its Pecos, Texas facility from Bitcoin mining to a 430-megawatt colocation site and aims to dedicate all its capacity to colocation within three years, ending its self-mining Bitcoin operations. In Q4, Core Scientific reported $216 million in net income (up from a $291 million loss a year prior), though revenue dropped to $70 million from $94.9 million as self-mining declined. Shares fell 6.4% following the earnings release but remain up 52% over the past year.
