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Declining revenues forced Bitcoin miners to swap their crypto reserves for AI infrastructure.
Public Mining Companies Massively Sell Crypto Reserves, According to BitcoinTreasuries. Capital Redirected to AI Infrastructure
Source: BitcoinTreasuries
The long-term holding strategy is losing popularity due to declining mining revenues. While Bitcoin mining margins reached 90% in 2021, profitability has sharply declined due to intense competition, high electricity costs, and price corrections.
Miners already own operational data centers and are repurposing them for artificial intelligence and high-performance computing (HPC). Although capital-intensive, this business appears more profitable. The strategic shift is confirmed by actions of major public companies.
How Public Companies Are Changing Their Focus
Bitfarms
In February, CEO Ben Gagnon stated:
“We are no longer a Bitcoin company. We are an owner and developer of AI and high-performance computing data centers in North America.”
The company is reincorporating in Delaware and will rename itself Keel Infrastructure. Reserves declined from a peak of 3,301 to 1,827 $BTC.
Bitdeer
Sold all accumulated coins (about 943.1 $BTC) to accelerate its AI transition. The miner is launching NVIDIA GB200 NVL72 systems in Malaysia and upgrading facilities in the U.S. and Europe.
IREN
Completely exited crypto reserves, zeroing its Bitcoin balance to focus on HPC operations.
Core Scientific
Plans to sell most of its coins by the end of Q1 to allocate $170 million toward AI infrastructure. Holdings dropped from 9,618 to 630 $BTC.
Riot Platforms
Sold $200 million worth of Bitcoin to finance the Rockdale acquisition. Reserves fell from 19,368 to 18,005 $BTC. The company reported record 2025 revenue of $647.4 million, attributing success to its AI pivot.
Cipher Digital (formerly Cipher Mining)
Called 2025 a transitional year. Sold $40 million in assets, reducing reserves to 1,500 $BTC.
Hut 8
Announced Bitcoin is no longer a long-term focus. Its current 13,696 $BTC holdings will gradually decrease.
CleanSpark
Uses its 13,513 $BTC as working capital, securing credit lines backed by crypto. Simultaneously adapting infrastructure for AI and seeking computing tenants.
TeraWulf
Holds 15 $BTC while prioritizing AI flexibility. In August 2025, signed a 10-year contract with Fluidstack. Supported by Google, it will provide approximately 250 MW totaling $3.7 billion.
Bitcoin Hashpower Moves Toward AI
MARA Denies Rumors
MARA Holdings denied claims that it plans to sell the majority of its Bitcoin reserves. Representatives emphasized that the corporate treasury strategy remains unchanged.
The rumor was initiated by SwanDesk advisor Jacob King, citing SEC filings suggesting large-scale sales.
Vice President of Investor Relations Robert Samuels clarified that the company only updated its policy to allow flexibility in selling Bitcoin if necessary. This ensures financial flexibility but does not imply active liquidation.
“Our filings clearly state we expanded our strategy to allow sales of Bitcoin held on our balance sheet,” Samuels said.
Decisions will depend on market conditions and capital allocation priorities.
MARA remains a long-term Bitcoin holder, maintaining 53,822 $BTC worth approximately $3.7 billion — the largest reserve among public miners.
At the same time, MARA is diversifying. Last month, it acquired a 64% stake in French computing and blockchain infrastructure provider Exaion.
In February, MARA reported $1.7 billion in losses and announced a strategic shift toward artificial intelligence.
See also: "Bitcoin Mining Brings Iranian Miners 5000% Profitability"
