End of bitcoin 'HODL': public miners going all-in on AI, signaling more BTC selling

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End of bitcoin 'HODL': public miners going all-in on AI, signaling more BTC selling

Public bitcoin miner balance sheets are shifting as capital rotates from bitcoin treasuries to AI infrastructure.

By James Van Straten|Edited by Stephen Alpher

Mar 3, 2026, 3:41 p.m.

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Miners BTC Holdings (BTC Treasuries. Net)

What to know:

• Sales from Core Scientific, Bitdeer, Riot Platforms, and Bitfarms account for the majority of the 15,096 BTC reduction from peak holdings, signaling active treasury monetization.
• With bitcoin nearly 50% below all-time highs and capital shifting to AI buildouts, further BTC selling from balance sheet sales remains a likely scenario across the sector.

Bitcoin miners are increasingly moving away from holding bitcoin on their balance sheets by selling more BTC to fund new identities as players in artificial intelligence (AI) infrastructure.

What started as holding onto bitcoin at all costs, or HODLing, is becoming a thing of the past for most publicly listed miners as they move into the capital-intensive but more attractive business of AI infrastructure. With tougher competition, higher energy costs and compressed prices, the profit margin for mining bitcoin, which during the 2021 bull run reached as high as 90%, has vanished, leaving miners who relied solely on that business struggling. Given that miners already have data centers ready to host AI computing machines, most have shifted their business away from bitcoin to become "AI infrastructure" companies.

This momentum is gaining more traction as prices sit roughly at $66,000, down nearly 50% from October's all-time high. Many of the top 10 public miners are selling or openly discussing sales to fund these AI expansions.

Here are some miners that are either moving away from the bitcoin business by selling more BTC or have completely shifted into AI:

IREN (IREN) has never taken an ideological stance on holding bitcoin, focusing instead on infrastructure scale and operational execution as it leans into high-performance computing. The company currently holds 0 BTC, underscoring its lack of a treasury-driven strategy.

TeraWulf (WULF) has maintained a pragmatic posture, avoiding a hardline treasury approach while preserving balance sheet flexibility for AI aligned growth. It holds 15 BTC, in line with its historical peak, reflecting minimal emphasis on accumulation.

Cipher Digital (CIFR), formerly Cipher Mining, has made its repositioning explicit, calling 2025 a transformative year as it pivots toward HPC infrastructure. The company divested its 49% stake in three mining joint ventures for roughly $40 million in stock. Cipher now holds 1,500 BTC, down from an all-time high of 2,284 BTC, highlighting a gradual reduction alongside its structural shift.

Riot Platforms (RIOT) has treated bitcoin as a funding tool rather than a passive reserve, selling all monthly production and liquidating balance sheet holdings, including nearly 1,100 BTC to finance the Rockdale acquisition. Riot sold $200 million worth of bitcoin in the final two months of 2025. It currently holds 18,005 BTC versus peak holdings of 19,368 coins.

Hut 8 (HUT) said bitcoin is no longer a long-term strategic focus in its fourth-quarter earnings call, with exposure set to decline over time in favour of its equity stake in American Bitcoin (ABTC), which holds 6,039 BTC. Hut 8’s own balance stands at 13,696 BTC, unchanged from its peak.

Core Scientific (CORZ) sold $175 million of bitcoin as its AI pivot accelerated. After holding 2,537 BTC at year's end 2025, its balance has dropped to around 630 BTC, well below its 9,618 BTC high watermark.

MARA Holdings (MARA) has softened its strict HODL identity, selling newly mined bitcoin and signaling it may buy or sell opportunistically, with about 28% of holdings loaned or pledged. It still holds 53,822 BTC, matching its all-time high, despite the more flexible policy.

CleanSpark (CLSK) treats its more than 13,000 BTC as productive capital, monetizing output, layering covered calls, and exploring bitcoin-backed credit lines as non-dilutive financing. Its current 13,513 BTC balance is in line with its historical peak.

Bitdeer Technologies (BTDR) reduced holdings to zero to fund AI data center expansion. That marks a massive drop from its prior peak of 2,470 BTC.

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

Bitcoin NewsMarathon DigitalRiot platformsIrenTerraWulfBitfarmsCipher Mining

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