Core Scientific Ditches Bitcoin for AI-Powered Data Centers
Core Scientific's bitcoin holdings have seen a significant decline in recent months. The company's Form 10-Q filing on July 28, 2026, revealed that its bitcoin holdings fell from 2,537 BTC on December 31, 2025, to 848 BTC on June 30, 2026, representing a 66.6% drop.
This decline in bitcoin holdings is part of the company's broader shift towards AI and high-performance computing (HPC) data-center colocation. The company generated $208.2 million in proceeds from digital-asset sales over the six months ended June 30, 2026, and cut its bitcoin mining output by 53% in Q2 2026 compared to a year earlier, as the average bitcoin price fell 27%.
The company's partnership with AMD is expected to add around $14 billion in potential base revenue through its contracted capacity. The deal covers 530 MW of leasable capacity across five sites and represents more than $24 billion of potential contracted revenue for Core Scientific. Colocation has become the dominant revenue line for the company, accounting for $136.7 million of Q2 2026 colocation revenue.
Core Scientific's net loss reached $(1,155.3) million in Q2 2026, and its total liabilities stood at $7,676.8 million against a stockholders' deficit of $(2,419.4) million.