Public Miners Embrace AI, Indicating Increased Bitcoin Sales as ‘HODL’ Strategy Shifts

The balance sheets of public bitcoin miners are altering as funds transition from bitcoin reserves to AI infrastructure.

Miners BTC Holdings (BTC Treasuries. Net)

Key points:

• Sales from Core Scientific, Bitdeer, Riot Platforms, and Bitfarms constitute the majority of the 15,096 BTC decline from peak holdings, indicating active treasury monetization.
• With bitcoin trading nearly 50% lower than its all-time highs and capital flowing towards AI developments, additional BTC selling from balance sheet sales is a probable scenario throughout the industry.

Bitcoin miners are progressively reducing their bitcoin holdings by liquidating more BTC to finance their transformation into participants in artificial intelligence (AI) infrastructure.

The practice of holding bitcoin indefinitely, known as HODLing, is becoming less common among many publicly traded miners as they shift focus to the capital-intensive yet more appealing AI infrastructure sector. With intensified competition, rising energy costs, and reduced prices, the profit margins for bitcoin mining, which peaked at 90% during the 2021 bull market, have diminished, leaving miners dependent solely on this activity facing challenges. As many miners already possess data centers capable of supporting AI computing operations, a significant number have redirected their focus from bitcoin to establish themselves as “AI infrastructure” firms.

This trend is gaining momentum as prices hover around $66,000, nearly 50% lower than the all-time high recorded in October. A number of the leading 10 public miners are either selling or openly contemplating sales to fund these AI initiatives.

Below are examples of miners that are either distancing themselves from the bitcoin sector by liquidating more BTC or have entirely transitioned into AI:

IREN (IREN) has never adopted a firm stance on bitcoin retention, instead concentrating on scaling infrastructure and operational efficiency as it advances into high-performance computing. The company currently holds no BTC, highlighting its absence of a treasury-focused strategy.

TeraWulf (WULF) has taken a practical approach, steering clear of a rigid treasury policy while maintaining balance sheet flexibility for growth aligned with AI. It currently holds 15 BTC, consistent with its historical peak, indicating minimal focus on accumulation.

Cipher Digital (CIFR), previously known as Cipher Mining, has explicitly articulated its transition, designating 2025 as a pivotal year as it shifts toward HPC infrastructure. The company divested its 49% interest in three mining joint ventures for approximately $40 million in stock. Cipher now possesses 1,500 BTC, down from an all-time high of 2,284 BTC, reflecting a gradual decrease alongside its structural transition.

Riot Platforms (RIOT) has regarded bitcoin as a financial resource rather than a dormant reserve, liquidating all monthly outputs and selling balance sheet holdings, including nearly 1,100 BTC to fund the Rockdale acquisition. Riot liquidated $200 million worth of bitcoin in the last two months of 2025. It currently retains 18,005 BTC compared to peak holdings of 19,368 coins.

Hut 8 (HUT) indicated that bitcoin is no longer a long-term strategic priority during its fourth-quarter earnings call, with its exposure expected to decrease over time in favor of its equity stake in American Bitcoin (ABTC), which owns 6,039 BTC. Hut 8’s balance currently stands at 13,696 BTC, unchanged from its peak.

Core Scientific (CORZ) sold $175 million of bitcoin as it accelerated its pivot to AI. After holding 2,537 BTC at the end of 2025, its balance has fallen to about 630 BTC, significantly below its peak of 9,618 BTC.

MARA Holdings (MARA) has softened its strict HODL stance, selling newly mined bitcoin and indicating a willingness to buy or sell opportunistically, with approximately 28% of holdings loaned or pledged. It still possesses 53,822 BTC, matching its all-time high, despite the more adaptable policy.

CleanSpark (CLSK) views its over 13,000 BTC as productive assets, monetizing output, layering covered calls, and exploring bitcoin-backed credit lines as non-dilutive financing. Its current balance of 13,513 BTC aligns with its historical peak.

Bitdeer Technologies (BTDR) has reduced its holdings to zero to fund AI data center expansion, a significant decrease from its previous peak of 2,470 BTC.

Bitfarms (BITF) has been candid about its strategic shift, with CEO Ben Gagnon stating, “We are no longer a Bitcoin company.” The miner currently holds 1,827 BTC, down from a peak of 3,301 BTC, as it intensifies its focus on AI infrastructure.