Core Scientific Sold 96% of Its Bitcoin to Fund AI Pivot

Core Scientific (NASDAQ: CORZ) sold 816 BTC during the third quarter of 2026, leaving just 32 BTC on its balance sheet as of September 30, according to its Q3 2026 earnings report. Management confirmed on the earnings call that the company will stop mining Bitcoin entirely by December 31, 2026.

The liquidation represented 96% of the company's remaining Bitcoin holdings. The move caps a steep multi-year drawdown. Core Scientific held 2,537 BTC at the end of 2025 and peaked above 9,600 BTC in 2022, before its Chapter 11 restructuring.

What do the numbers show?

The balance sheet now carries only $2.7 million in digital assets, down from $222 million at the close of the prior year. The mining fleet itself contracted nearly 50% between the end of 2025 and September 2026, tracking the same decline as the treasury.

Revenue tells the opposite story. Core Scientific reported $232.9 million in total Q3 2026 revenue, a 187% increase from the same quarter a year earlier. Colocation services drove the result with $215.4 million, roughly 92% of the total. Bitcoin mining contributed about $17.5 million, or 7.5%.

How did the company get here?

Core Scientific emerged from Chapter 11 bankruptcy in late 2023 and has since converted itself from a coin producer into an infrastructure provider for AI and high-performance computing workloads. Its 2022 Bitcoin holdings peak predates that restructuring.

The pivot now rests on contracted power. Colocation capacity under billing reached 485 MW at the end of September. Energy contracts with CoreWeave and AMD total a combined 1,120 MW, according to the earnings disclosure.

What changes for shareholders?

For CORZ investors, the equity now functions as a bet on AI infrastructure demand rather than on Bitcoin. With 32 BTC left and mining scheduled to end this year, direct exposure to Bitcoin's price has become minimal.

The concentration risk cuts the other way. A large share of the forward revenue story depends on the CoreWeave and AMD contracts, so the health of those relationships and the pace of AI capital spending will shape results more than any crypto-market variable.

What are the next checkpoints?

Three dates and figures will define the transition. The company must hit its December 31, 2026 deadline for shutting down mining. Billed colocation capacity must climb from 485 MW toward the 1,120 MW already contracted with CoreWeave and AMD. And the sector will watch whether other former miners follow the same exit route from Bitcoin production into high-density colocation, a market Core Scientific plans to serve exclusively starting in 2027.