Bitcoin miners are selling reserves to invest in AI infrastructure as revenues decline, marking a significant industry shift.
Publicly traded Bitcoin mining companies are increasingly liquidating their cryptocurrency reserves to invest in artificial intelligence (AI) infrastructure, driven by declining mining revenues, according to data from BitcoinTreasuries.
The profitability of Bitcoin mining has significantly dropped, with margins falling from 90% in 2021 due to fierce competition, rising energy costs, and market fluctuations. As a result, many miners are repurposing existing data centers for AI and high-performance computing (HPC), which appears more lucrative.
Shifts in Corporate Strategy
Bitfarms, for instance, has announced a strategic pivot, with CEO Ben Gagnon stating, “We are no longer a Bitcoin company. We are an owner and developer of data centers for AI and HPC.” The company plans to rebrand as Keel Infrastructure and has seen its Bitcoin reserves decline from a peak of 3,301 to 1,827 BTC.
Bitdeer has also sold its entire holding of approximately 943.1 BTC to accelerate its transition to AI, launching new systems in Malaysia while retrofitting sites in the U.S. and Europe. Similarly, IREN has abandoned its Bitcoin reserves entirely, shifting focus to HPC.
Core Scientific intends to sell most of its Bitcoin by the end of Q1, reallocating $170 million to AI infrastructure, reducing its reserves from 9,618 to 630 BTC. Riot Platforms sold $200 million worth of Bitcoin to fund its acquisition of Rockdale, decreasing its reserves from 19,368 to 18,005 BTC. The company reported record revenues in 2025, largely due to its strategic shift toward AI.
Cipher Digital, formerly known as Cipher Mining, has identified 2025 as a pivotal year, having sold assets worth $40 million and reduced its reserves to 1,500 BTC. Hut 8 has also indicated that Bitcoin is no longer its primary focus, with its current 13,696 BTC share expected to decline over time.
CleanSpark continues to use its 13,513 BTC as working capital while adapting its infrastructure for AI, and TeraWulf holds 15 BTC to maintain flexibility for AI initiatives, having signed a ten-year contract valued at $3.7 billion with cloud provider Fluidstack.
MARA Holdings Addresses Rumors
MARA Holdings has denied rumors regarding plans to sell off a significant portion of its Bitcoin holdings. The speculation arose from comments made by SwanDesk advisor Jacob King, who claimed the company was preparing for a substantial asset liquidation.
MARA’s Vice President of Investor Relations, Robert Samuels, clarified that while the company has updated its treasury policy to allow for potential sales, it does not indicate an imminent reduction in its holdings. Currently, MARA holds 53,822 BTC valued at approximately $4.7 billion, making it the largest Bitcoin miner among public companies.
Despite the losses reported in February, totaling $1.7 billion, MARA is diversifying its operations, having recently acquired a 64% stake in French blockchain services provider Exaion. The company continues to focus on long-term Bitcoin holdings while exploring new avenues in AI.
