Bitcoin miners are increasingly moving away from holding Bitcoin on their balance sheets and selling more BTC to fund new identities as actors in artificial intelligence (AI) infrastructure.
What started out as holding on to bitcoin at all costs, or HODLing, is becoming a thing of the past for most publicly traded miners as they move toward the more attractive but capital-intensive business of artificial intelligence infrastructure. With tougher competition, higher energy costs and compressed prices, the profit margin for bitcoin mining, which during the 2021 bull run was as high as 90%, has vanished, leaving miners who relied solely on that business struggling. Since miners already have data centers ready to house AI computing machines, most have shifted their business away from bitcoin to become “AI infrastructure” companies.
This momentum is gaining more strength as prices hover around $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 who are moving away from the bitcoin business by selling more BTC or have switched to AI entirely:
IREN (IREN) has never taken an ideological stance on bitcoin holding, focusing instead on infrastructure scale and operational execution while leaning towards high-performance computing. The company currently holds 0 BTC, underscoring its lack of a treasury-driven strategy.
TeraWulf (WULF) has maintained a pragmatic stance, eschewing a hardline treasury approach while preserving balance sheet flexibility for AI-aligned growth. It has 15 BTC, in line with its all-time peak, reflecting minimal emphasis on accumulation.
Cipher Digital (CIFR), formerly Cipher Mining, has made its repositioning explicit and called 2025 a transformative year as it pivots toward HPC infrastructure. The company divested its 49% stake in three mining joint ventures for approximately $40 million in stock. Cipher now holds 1,500 BTC, down from an all-time high of 2,284 BTC, highlighting a gradual drawdown alongside its structural change.
Riot Platforms (RIOT) has treated Bitcoin as a financing tool rather than a passive reserve, selling all monthly production and liquidating balance sheet holdings, including nearly 1,100 BTC to fund the Rockdale acquisition. Riot sold $200 million worth of bitcoin in the last two months of 2025. It currently holds 18,005 BTC against 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, and that exposure will decline over time in favor of its ownership stake in American Bitcoin (ABTC), which holds 6,039 BTC. Hut 8’s balance stands at 13,696 BTC, unchanged from its peak.
Core Scientific (CORZ) sold $175 million in bitcoin as its pivot into AI accelerated. After holding 2,537 BTC at the end of 2025, its balance dropped to around 630 BTC, well below its high mark of 9,618 BTC.
MARA Holdings (MARA) has relaxed its strict HODL identity, selling newly mined bitcoins and noting that it can buy or sell opportunistically, with around 28% of holdings borrowed or pledged. It still holds 53,822 BTC, matching its all-time high, despite the looser policy.
CleanSpark (CLSK) treats its 13,000+ BTC as productive capital, monetizing production, overlaying covered calls, and exploring bitcoin-backed credit lines as non-dilutive financing. Its current balance of 13,513 BTC is in line with its all-time peak.
Bitdeer Technologies (BTDR) reduced its holdings to zero to fund AI data center expansion. That marks a massive drop from its previous peak of 2,470 BTC.
Bitfarms (BITF) has been forthright 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 high of 3,301 BTC, as it doubles down on its AI infrastructure.
