Mining Treasuries Liquidated

Several of the largest publicly traded Bitcoin miners have been liquidating their bitcoin treasuries to fund pivots into AI data center infrastructure. Core Scientific sold $175 million in bitcoin, dropping from a peak of over 9,000 BTC to roughly 600. Bitdeer reduced its holdings to zero. Total selling from peak holdings across public miners: 15,096 BTC.

Bitfarms CEO Ben Gagnon made the shift explicit, declaring that the company is "no longer a Bitcoin company." The rebranding reflects a broader trend among publicly listed miners chasing AI compute revenue, where margins currently outpace mining returns.

The Holdouts

Not every operator is selling. Marathon Digital still holds over 53,822 bitcoin, making it the largest publicly traded corporate holder after MicroStrategy. CleanSpark sits at 13,513 BTC. The split tracks operational efficiency and capital structure: companies with lower energy costs and less debt can afford to hold.

Mining is capital-intensive. Companies with expiring power contracts or aging ASIC fleets face a choice between raising dilutive equity and selling bitcoin. AI contracts offer immediate, predictable revenue that mining's difficulty adjustments do not.

Why It Matters

This debunks the concentration narrative that publicly listed miners would accumulate outsized Bitcoin positions over time. They won't. When operations demand capital, these companies sell. The market absorbs the supply without price disruption, and the network keeps hashing. The hash rate doesn't care who owns the machines. Weak-handed corporate treasuries exit, strong hands accumulate, and Bitcoin's decentralization thesis holds.