Markets
What to know, dear reader, in this comedy of coins and circuits:
- Core Scientific, in a fit of mercantile whimsy, hath parted with 1,900 BTC for $175 million, a sum that doth imply a price of $92,100 per coin-a figure most extravagant!
- The company, with a wave of its hand, doth allow its bitcoin mining endeavors to wither, as it redirects its energies toward the fickle goddess AI and her data centers.
Ah, Core Scientific (CORZ), a purveyor of digital infrastructure and miner of bitcoins, hath revealed in its Q4 earnings call that it sold just over 1,900 bitcoins in January for a sum of $175 million. A princely price of $92,100 per coin, thou sayest? ‘Tis 35% above today’s modest $67,000, as the company hastens its transformation into an AI-focused enterprise.
Chief Financial Officer Jim Nygaard, with a flourish, declared, “We opportunistically sold just over 1,900 bitcoin for approximately $175 million,” and added, with a wink, “We now hold under 1,000 bitcoin and shall remain ever so opportunistic.”
On the eve of December 31, 2025, the company boasted 2,537 BTC, but with this latest sale, its hoard shrinks to a mere 630 BTC. Alas, the age of bitcoin mining is but a fading memory, for CEO Adam Sullivan hath pronounced it “essentially in runoff,” maintained only to satisfy the whims of power draw requirements while legacy sites are transformed into colocation facilities for AI and high-performance computing.
Core Scientific, with a chest of $530 million in liquidity, doth trumpet up to $4 billion in potential financing tied to its 590 megawatt CoreWeave contract. Yet, ’tis clear that the proceeds from BTC sales are not to resurrect mining, but to fund the grand expansion of AI infrastructure. A noble endeavor, perchance, but one that leaves bitcoin in the dust.
Alas, the company missed its fourth-quarter expectations, reporting a mere $79.8 million in revenue against a consensus of $122.08 million, and a loss of $0.42 per share compared to estimates of a $0.08 loss. A tragicomic turn, indeed!
This shift doth mirror a broader industry farce, as MARA Holdings (MARA) dances with Starwood, Riot Platforms (RIOT) sells $200 million in bitcoin, and Cipher Digital (CIFR) and Bitfarms (BITF) don new masks to emphasize their AI and HPC exposure. A masquerade, if ever there was one!
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2026-03-03 11:58