Bitcoin could face fresh selling pressure from public miners as they pivot into artificial intelligence (AI) and high-performance computing (HPC), according to Lekker Capital CIO Quinn Thompson. In a recent post on X, Thompson argued that deteriorating mining economics and capital-intensive AI buildouts may push miners to liquidate bitcoin previously held as strategic treasury, creating a near-term headwind for prices even as the shift may strengthen the mining industry over time.
Miners’ BTC Treasuries in Focus
Thompson described mining economics as a “disaster” and said the most likely path to recovery is a decline in hashrate—the total computing power securing the Bitcoin network—which he believes is being led by miners reallocating resources to AI compute. He cited companies such as Core Scientific (CORZ), TeraWulf (WULF), Cipher Mining (CIFR) and Iris Energy (IREN) as first movers.
While calling the AI transition potentially constructive for long-term network sustainability by reducing uneconomic competition, Thompson warned the shift is expensive and could convert miners’ bitcoin holdings into market supply. He noted that miners collectively hold nearly 80,000 BTC on their balance sheets and argued they both need capital for AI-related capital expenditures and have less reason to maintain BTC treasuries as they pivot away from self-mining. A chart shared alongside his post showed aggregate BTC holdings at major listed miners rising through 2024 and 2025 before declining in 2026.
Filings Underscore AI Pivot and BTC Sales
Recent company disclosures from 2025 support the thesis that miners are funding AI/HPC expansions with bitcoin sales and infrastructure reconfiguration:
- Core Scientific (CORZ): Reported a shift in mix toward high-density colocation. Fourth-quarter self-mining revenue fell to $42.2 million from $79.9 million a year earlier, while colocation revenue rose to $31.3 million from $8.5 million. For full-year 2025, Core generated $402.5 million in proceeds from selling digital assets and ended the year with 2,537 BTC on its balance sheet. Management cited a “continued strategic shift” to high-density colocation.
- TeraWulf (WULF): Said it “solidified HPC hosting as its primary growth engine” in 2025, signing more than $12.8 billion in long-term customer contracts and building a platform with 522 critical IT megawatts under contract. In the fourth quarter, digital asset revenue was $26.1 million versus $9.7 million in HPC lease revenue. The company mined 1,496 BTC, disposed of 1,500 BTC during the year, and held just 3 BTC at December 31, 2025.
- Cipher Mining (CIFR): Increased its focus on HPC in 2025, signing two HPC tenants for a combined 600 MW of data center capacity. The company sold approximately $214.7 million worth of bitcoin during the year and classified $94.9 million of Black Pearl mining rigs as held for sale after signing a sublease to transition that site to an HPC tenant.
- Iris Energy (IREN): Reported approximately 99,900 GPUs installed or on order as of December 31, 2025. The company said it typically liquidates all bitcoin mined daily and held no BTC on its balance sheet at year-end.
- Marathon Digital (MARA): Though earlier in its AI/HPC buildout, Marathon deployed its first ten AI racks at Granbury by November 2025 and later announced a partnership with Starwood focused on AI and HPC infrastructure. Marathon began selling bitcoin in the second half of 2025, sold about 4,076 BTC for $413.1 million during the year, and still ended 2025 holding roughly 53,822 BTC.
Implications for Bitcoin
The industry’s shift toward AI/HPC can ease hashrate pressure and improve miners’ long-run economics, but the transition is capital-intensive. Company updates from 2025 suggest that bridge is already being funded through BTC sales, asset disposals and site conversions—factors that could keep miner-related supply in focus near term.
At press time, Bitcoin traded at $72,322.