Core Scientific to Sell All 2,537 BTC for AI Strategy as Riot Platforms Posts Record Revenue

Core Scientific Liquidating Entire Bitcoin Reserve

Mining firm Core Scientific has announced plans to sell its complete Bitcoin holdings of 2,537 BTC, worth approximately $170 million at current prices. According to the company's annual report, the proceeds will be used to bolster liquidity and fund its artificial intelligence strategy.

The bulk of the Bitcoin reserves are expected to be sold before the end of Q1, though exact timing and volumes remain dependent on market conditions.

As of year-end 2025, Core Scientific held 2,537 BTC (valued at $222 million at the time) with an average acquisition cost of $101,639 per coin. By comparison, the company held just 256 BTC at the end of 2024. All coins were obtained through the company's own mining operations.

Why This Matters

The wave of major Bitcoin miners divesting their BTC reserves to fund AI infrastructure represents a significant industry shift. Core Scientific is far from alone — Bitdeer previously announced a full BTC selloff, while MARA Holdings has also signaled an AI pivot after reporting $1.7 billion in losses. This trend underscores a fundamental transformation in the public mining business model, as companies increasingly pivot toward leasing computational power for AI and high-performance computing workloads.

Core Scientific's Financial Performance

Despite growing its Bitcoin reserves throughout the year, Core Scientific saw declining mining revenues. Fourth-quarter mining income fell to $42.2 million, with total revenue dropping to $79.8 million from $94.9 million in the same period a year earlier.

However, the company saw strong growth in its computing infrastructure leasing business. Annual revenue from this segment more than tripled, rising from $8.5 million to $31.3 million.

In July 2025, AI-focused CoreWeave acquired Core Scientific in a deal valued at $9 billion.

Core Scientific CEO Adam Sullivan stated that the company has completed half of its current projects and is scaling its colocation platform to a 1.5 GW pipeline ready for lease. Sullivan noted that the company's multi-region presence and proven expertise are accelerating facility deployments to drive sustainable growth.

Gross profit for the quarter rose to $20.8 million (up from $4.8 million in 2024), but adjusted EBITDA remained negative at -$42.7 million. The company's liquidity stood at $533.4 million at year-end.

Riot Platforms Reports Record Annual Revenue

Fellow mining giant Riot Platforms delivered record financial results for 2025. Annual revenue nearly doubled, climbing from $376.7 million to $647.4 million. Management attributed the growth to a strategic pivot toward AI infrastructure and high-performance computing (HPC).

Riot also increased its Bitcoin production, mining 5,686 BTC compared to 4,828 BTC the prior year. Mining revenue reached $576.3 million, supported by Bitcoin's price appreciation during much of the reporting period. The cost of production, however, rose to $49,645 per coin. The company currently holds more than 18,000 BTC on its balance sheet.

CEO Jason Les called 2025 a transformative year for Riot, highlighting that deploying its nearly 2 GW energy portfolio for high-demand data center infrastructure is creating shareholder value.

In mid-January, Riot announced a joint facility with chipmaker AMD, and according to Les, the partnership is already generating profits. Activist investor Starboard Value valued Riot's AI and HPC pivot at $21 billion, urging the miner to accelerate its transition alongside competitors.

Riot Settles SBI Crypto Lawsuit for $20 Million

Riot Platforms also resolved a legal dispute with SBI Crypto, reaching a settlement of $20 million in cash. SBI Crypto had filed suit in 2023, alleging breach of contract, fraud, and negligence in equipment storage.

The final settlement amount was significantly below SBI's original demands. The plaintiff had sought over $175 million (partially calculated based on Bitcoin's price appreciation), plus $50 million for equipment upgrades. The lawsuit also included penalties, legal fees, and interest. A subsequent attempt by SBI to increase claims to $350 million through an expert report was rejected by the court.