The world’s largest Bitcoin miner just became its biggest seller.
MARA Holdings sold off 15,133 Bitcoin for $1.1 billion over the past three weeks.
Now, it holds 38,689 Bitcoin worth around $2.3 billion.
„Our decision to sell a portion of our Bitcoin holdings reflects a strategic capital allocation move designed to strengthen our balance sheet and position the company for long-term growth,“ CEO Fred Thiel said in a statement.
He added the move “enhances financial flexibility“ as MARA expands “beyond pure-play Bitcoin mining into digital energy and AI/HPC infrastructure.“
Translation: Mining Bitcoin doesn’t pay anymore. Powering AI does.
Another domino
MARA trades at $8.50, up around 3.5% today, according to Yahoo Finance.
The company fell to third place in the Bitcoin treasury trade, now relinquishing the second spot to Jack Mallers’ Twenty One Capital.
Indeed, MARA is the latest — and biggest — domino to fall in Bitcoin mining’s wholesale pivot towards artificial intelligence infrastructure.
Every other major US miner had already begun their transition as mining became significantly unprofitable following the latest halving event, according to Bernstein analysts.
In 2024, the halving — an event that occurs every 4 years and halves block rewards — cut mining rewards to 3.125 Bitcoin per block.
On its own, that’s already a problem. But transaction fees have also collapsed as Bitcoin gets locked up in exchange-traded funds rather than traded on-chain.
The result is that companies that could profitably mine Bitcoin at $50,000 per coin now struggle to break even at $100,000 per coin.
But Bitcoin now trades around $69,000.
Meanwhile, AI companies are desperate for power capacity and willing to pay premium rates for it.
The great mining unwind
MARA’s sale is just the biggest example of a broader trend.
Core Scientific contracted 590 megawatts to AI cloud provider CoreWeave for 12 years in a deal that’s expected to generate $10 billion in revenue.
IREN is targeting over half a billion in annualised revenue from AI cloud services in 2026.
Even CleanSpark — previously committed to pure Bitcoin mining — appointed a senior vice president for AI data centres in October.
Some miners aren’t moving fast enough for their own shareholders.
To be sure, pivoting to AI doesn’t guarantee success.
The AI play that looked bulletproof barely six months ago is now facing some serious investor scrutiny. Market watchers are wondering whether OpenAI and other hyperscalers can actually execute and monetise their aggressive buildout plans.
That scepticism has fed directly into Bitcoin miners, said Matthew Sigel, head of digital assets research at VanEck.
“The once-dominant AI trade has weakened,” he said in February.
“This has had second-order effects on Bitcoin miners as financing conditions tightened alongside Bitcoin weakness,” forcing many to sell off more of their coins to fund the pivot.
