Bitcoin miner Core Scientific (CORZ) expects to liquidate the majority of its bitcoin (BTC) holdings in 2026, with most of the sales likely occurring in the first quarter, as the company reallocates capital toward its expanding artificial intelligence and high-performance computing operations.
In its annual report filed Monday, the Nasdaq-listed miner said it “currently expects to monetize substantially all” of its bitcoin reserves this year to enhance liquidity and fund planned capital expenditures tied to its high-density colocation strategy.
The timing and size of sales, the company added, will depend on market conditions and cash requirements.
As of Dec. 31, 2025, Core Scientific held 2,537 BTC with a carrying fair value of $222 million, based on an average 2025 bitcoin price of $101,639.
The balance marked a sharp increase from 256 BTC at the end of 2024, reflecting a year in which the company retained most of its self-mined bitcoin production despite mounting capital commitments.
That accumulation phase is now reversing.
1,900 BTC already liquidated
During its fourth-quarter earnings call, executives disclosed that Core Scientific had already sold just over 1,900 BTC in January for approximately $175 million, implying an average sale price near $92,000 per coin.
Following those transactions, the firm’s holdings fell to fewer than 1,000 BTC, with roughly 630 BTC remaining, and management signaling it would continue to sell periodically.
Core Scientific CFO Jim Nygaard characterized the January sale as opportunistic, executed at prices well above current levels. CEO Adam Sullivan said its bitcoin mining is now “essentially in runoff,” with certain operations maintained primarily to satisfy minimum power commitments as legacy sites are converted to AI-focused colocation.
The company’s latest filing makes clear that treasury monetization is not incidental but central to its 2026 capital plan.
Core Scientific has been repositioning itself as a provider of high-density data center infrastructure designed to support AI and other compute-intensive workloads. Rather than regularly selling mined bitcoin to cover operating costs in 2025, the company built up its reserves nearly tenfold year over year. Now, those reserves are being tapped to finance the transition.
The strategy mirrors a broader shift among publicly traded miners seeking more stable, contracted revenue streams amid bitcoin price volatility and rising mining difficulty.
NYSE-listed bitcoin miner Cango recently sold 4,451 bitcoin for roughly $305 million to reduce leverage and support its AI expansion. Riot Platforms, another mining company, has directed substantial power capacity toward AI and high-performance computing initiatives, while TeraWulf has accelerated AI data center buildouts at its Lake Mariner and Texas sites. Bitdeer has also liquidated its bitcoin treasury to fund infrastructure growth, and CleanSpark, Bitfarms, and IREN have all outlined similar diversification plans in recent quarters.
In each case, companies are leveraging secured power capacity and existing data center footprints to pursue AI workloads, which can offer longer-term contracts and more predictable cash flow than bitcoin mining alone.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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