Bitcoin miners are increasingly moving away from Bitcoin on their balance sheets and selling more BTC to fund new identities as players in the artificial intelligence (AI) infrastructure.
What started as holding Bitcoin at all costs, or HODLing, is becoming a thing of the past for most publicly traded miners as they move into the capital-intensive but more attractive AI infrastructure sector. With tougher competition, higher energy costs and compressed prices, the profit margin of bitcoin mining, which during the 2021 rally reached 90%, has disappeared, leaving miners who relied solely on this activity struggling. Since miners already have data centers ready to host AI computing machines, most have moved away from their Bitcoin business to become “AI infrastructure” companies.
This momentum is growing as prices sit at around $66,000, down nearly 50% from October’s all-time high. Many of the 10 largest public miners are selling or openly discussing sales to fund these AI expansions.
Here are some miners who are moving away from the Bitcoin sector by selling more BTC or who have completely turned to AI:
IREN (IREN) has never taken an ideological stance on Bitcoin ownership, instead focusing on infrastructure scale and operational execution leveraging high-performance computing. The company currently holds 0 BTC, highlighting its lack of a treasury-focused strategy.
TeraWulf (WULF) has maintained a pragmatic stance, avoiding a hardline treasury approach while preserving balance sheet flexibility for AI-aligned growth. He holds 15 BTC, which is his all-time high, reflecting minimal emphasis on accumulation.
Cipher Digital (CIFR), formerly Cipher Mining, has made its repositioning explicit, calling 2025 a year of transformation as it pivots toward HPC infrastructure. The company sold 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 reduction alongside its structural change.
Riot Platforms (RIOT) 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, down from a peak of 19,368 coins.
Hut 8 (HUT) said bitcoin was no longer a long-term strategic focus in its fourth-quarter earnings call, with exposure expected to decline over time in favor of its 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 worth of bitcoin as its pivot to AI accelerated. After holding 2,537 BTC at the end of 2025, its balance fell to around 630 BTC, well below its high of 9,618 BTC.
MARA Holdings (MARA) has relaxed its strict HODL identity, selling newly mined bitcoin and signaling that it can buy or sell opportunistically, with around 28% of holdings loaned or pledged. He still holds 53,822 BTC, which is his all-time high, despite a more flexible policy.
CleanSpark (CLSK) treats its 13,000+ BTC as productive capital, monetizing production, layering 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 high.
Bitdeer Technologies (BTDR) reduced its holdings to zero to fund AI data center expansion. This represents a massive drop from its previous high of 2,470 BTC.
Bitfarms (BITF) has been outspoken about its repositioning, with CEO Ben Gagnon saying, “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.
