Public mining companies are selling off their crypto reserves en masse, according to data from BitcoinTreasuries. The capital raised is being redirected to build infrastructure for artificial intelligence.

Source: BitcoinTreasuries.

The long-term strategy of holding coins is losing traction due to declining mining revenues. In 2021, Bitcoin mining margins reached 90%, but this figure has sharply decreased due to intense competition, high electricity costs, and market corrections.

Miners have existing data centers and are repurposing them for neural network computations. This business requires significant investment but appears more profitable. The major strategic shifts are confirmed by the actions of the largest public companies.

How Public Companies Are Changing Their Focus

In February, Bitfarms CEO Ben Gagnon stated:

“We are no longer a Bitcoin company. We are an owner and developer of data centers for artificial intelligence and high-performance computing (HPC) in North America.”

The company is re-registering in Delaware and will change its name to Keel Infrastructure. Reserves have decreased from a peak of 3,301 to 1,827 BTC.

Bitdeer liquidated all its accumulated coins (approximately 943.1 BTC) to expedite its transition to AI. The miner is launching NVIDIA GB200 NVL72 systems in Malaysia and retrofitting several sites in the U.S. and Europe.

IREN has completely abandoned its cryptocurrency reserves. The firm's Bitcoin balance has been reduced to zero to focus on HPC computations.

Core Scientific plans to sell most of its coins by the end of Q1 to allocate $170 million for AI infrastructure development. Its balance has dropped from a historical high of 9,618 to 630 BTC.

Riot Platforms sold Bitcoin worth $200 million to finance its acquisition of Rockdale. Reserves decreased from 19,368 to 18,005 BTC. In 2025, the company reported record revenue of $647.4 million, attributing its success to a strategic pivot towards AI.

Cipher Digital (formerly Cipher Mining) identified 2025 as a transitional year. The firm sold assets worth $40 million, reducing its reserves to 1,500 BTC.

Hut 8 announced that Bitcoin is no longer the company's long-term focus. The asset's share on the balance sheet (currently 13,696 BTC) will gradually decrease.

CleanSpark uses its 13,513 BTC as working capital, securing credit lines backed by cryptocurrency. Simultaneously, the firm is adapting its infrastructure for AI, expanding its team, and seeking tenants for its computing power.

TeraWulf holds 15 BTC, maintaining balance flexibility for AI development. In August 2025, the company signed a ten-year contract with cloud platform Fluidstack. With support from Google, the miner will provide about 250 MW worth $3.7 billion.

MARA Denies Rumors

The mining company MARA Holdings has labeled as false claims about plans to sell off a large portion of its Bitcoin holdings. Company representatives emphasized that its capital management strategy remains unchanged.

The rumors were sparked by SwanDesk advisor Jacob King. Citing SEC documents, he wrote that MARA was preparing for a large-scale asset sell-off. The post garnered over 377,800 views.

BREAKING: The largest publicly traded Bitcoin miner, MARA Holdings, is planning to SELL the majority of its Bitcoin reserves.

MARA has just updated its treasury policy to allow sales of its accumulated BTC.

The company currently holds 53,822 BTC, worth roughly $4.7 billion… pic.twitter.com/OTF7sALn5g

— Jacob King (@JacobKinge) March 3, 2026

MARA's Vice President of Investor Relations Robert Samuels clarified that the company merely updated its policy to allow for cryptocurrency sales. This provides financial flexibility but does not indicate an actual reduction in reserves.

This assertion that @MARA has changed its strategy to sell the majority of our bitcoin holdings is factually incorrect.

Our 2026 10-K clearly states we expanded our strategy to allow for sales of bitcoin held on our balance sheet, meaning we may buy or sell from time to time… https://t.co/pyStJ3zfqx

— Robert Samuels (@RobSamuelsIR) March 3, 2026

“The documents clearly state: we expanded our strategy to allow Bitcoin sales from our balance sheet,” emphasized Samuels.

The decision will depend on market conditions and capital allocation priorities.

MARA remains a long-term holder of the leading cryptocurrency, with 53,822 BTC valued at $3.7 billion, the largest among public miners.

At the same time, MARA is diversifying its business. Last month, the company acquired a 64% stake in the French computing infrastructure and blockchain services provider Exaion.

Recall that in February, MARA reported a loss of $1.7 billion and announced its intention to shift focus to artificial intelligence.