Core Scientific Rebuilds Bitcoin Treasury Amid AI Computing Push
Nasdaq-listed miner Core Scientific is rebuilding its Bitcoin treasury after aggressively selling coins to fund its transition to AI and high-powered computing. In Q2, the company added 301 BTC to its balance sheet, bringing the total to 848 BTC (about $54M), up from 547 BTC in Q1.
The miner started the year with a large stash of 2,537 BTC but began selling coins due to a strategy shift. This approach allowed Core Scientific to reduce reliance on equity issuance or additional borrowing, especially in a higher-interest rate environment.
Core Scientific's revenue surged to $164.2M in Q2 from $78.6M year-over-year, with gross profit rising to $70M. The company signed a 2.5 GW deal with AMD, granting access to more than 500 MW of AI-ready data center capacity.