Core Scientific shares fell 3% to $15.99 in premarket trading after the miner disclosed plans to sell most of its remaining Bitcoin in 2026. The move signals a decisive shift in treasury strategy as mining margins tighten following the 2024 halving.
In its latest annual filing, Core Scientific said it sold just over 1,900 Bitcoin in January for approximately $175 million at prices materially above current levels. The company now holds fewer than 1,000 BTC and expects to sell substantially all remaining holdings in 2026, with the majority of disposals anticipated in the first quarter, subject to market conditions.
Is Core Scientific Exiting The Miner Treasury Model?
Proceeds from future Bitcoin sales are intended to enhance liquidity and fund capital expenditures, including expansion into artificial intelligence and high-performance computing infrastructure. Management cautioned that both timing and scale of sales could shift depending on liquidity needs and market dynamics.
The decision comes as post-halving economics weigh on miners across the sector. The 2024 halving reduced block rewards by 50%, compressing margins amid rising network difficulty and persistent infrastructure costs. While some publicly listed miners continue to accumulate Bitcoin on balance sheet, others have increasingly turned to asset sales or diversification to stabilize cash flow.
For Core Scientific, the pivot aligns with its broader repositioning as a digital infrastructure provider rather than a pure-play miner. The company has expanded its data center footprint to serve AI and high-performance computing clients, converting mined Bitcoin into cash to fund that transition.
Still, the strategy introduces execution risk. Investors will watch whether AI-related revenues can offset reduced Bitcoin exposure and whether planned first-quarter 2026 sales coincide with favorable market conditions. The next catalyst will be quarterly disclosures detailing capital deployment into AI infrastructure and updated guidance on treasury management.
