Increasingly, Bitcoin miners are no longer holding Bitcoin on their balance sheets and are instead selling more Bitcoin to fund their new identity as players in artificial intelligence (AI) infrastructure.
For most publicly traded miners, initially holding Bitcoin at all costs (or HODLing) is becoming a thing of the past as they enter the capital-intensive but more attractive business of artificial intelligence infrastructure. As competition intensifies, energy costs rise and prices compress, Bitcoin mining profit margins, which were as high as 90% during the 2021 bull run, have now disappeared, leaving miners who relied solely on the business in trouble. Given that miners have prepared data centers to host AI computers, most miners have shifted operations away from Bitcoin and into “AI infrastructure” companies.
The momentum is gaining more traction with prices around $66,000, down nearly 50% from October’s all-time high. Many of the top 10 public miners are on sale or publicly discussing selling to fund the expansion of these AIs.
Here are some miners who are either getting out of the Bitcoin business by selling more BTC or switching entirely to artificial intelligence:
IREN (IREN) has never taken an ideological stance on holding Bitcoin, instead focusing on infrastructure scale and operational execution as it leans toward high-performance computing. The company currently holds 0 BTC, highlighting its lack of a capital-driven strategy.
TeraWulf (WULF) has remained pragmatic, avoiding a tough financial approach while maintaining balance sheet flexibility to enable AI growth. It holds 15 BTC, in line with historical peaks, reflecting minimal emphasis on accumulation.
Cipher Digital (CIFR) (formerly Cipher Mining) has made clear its repositioning, calling 2025 a year of transformation as its focus shifts to HPC infrastructure. The company sold its 49% stake in three mining joint ventures for about $40 million in stock. Cipher currently holds 1,500 BTC, down from its all-time high of 2,284 BTC, highlighting its structural shift while gradually decreasing.
Riot Platforms (RIOT) treats Bitcoin as a funding tool rather than a passive reserve, selling all of its monthly production and liquidating balance sheet holdings, including nearly 1,100 Bitcoin to fund the Rockdale acquisition. Riot sold $200 million worth of Bitcoin in the last two months of 2025. The company currently holds 18,005 Bitcoins, compared with a peak holding of 19,368 Bitcoins.
Hut 8 (HUT) said on its fourth-quarter earnings call that Bitcoin is no longer a long-term strategic focus and that its exposure will decline over time in favor of its 6,039 BTC stake in American Bitcoin (ABTC). Hut 8 has a balance of 13,696 BTC, which is the same as the peak.
Core Scientific (CORZ) sold $175 million in Bitcoin as its AI transformation accelerates. After holding 2,537 BTC as of the end of 2025, its balance has dropped to around 630 BTC, well below the high water mark of 9,618 BTC.
MARA Holdings (MARA) has softened its strict HODL status, selling newly mined Bitcoin and hinting that it may buy and sell opportunistically, with about 28% of its assets being loaned or pledged. Despite the more flexible policy, it still holds 53,822 BTC, reaching an all-time high.
CleanSpark (CLSK) views its over 13,000 BTC as productive capital, monetizing output, layering covered calls, and exploring a Bitcoin-backed credit line as non-dilutive financing. The current balance of 13,513 BTC is in line with the historical peak.
Bitdeer Technologies (BTDR) reduces holdings to zero to fund AI data center expansion. This marks a significant drop from the previous peak of 2,470 BTC.
Bitfarms (BITF) has been vocal about its repositioning, 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 doubles down on artificial intelligence infrastructure.
