Core Scientific surprised by adding over 300 Bitcoins in the second quarter, lifting its total holdings to 848 coins worth more than $54 million. Just months earlier, the company was selling off parts of its crypto stash to focus more on AI and high-performance computing.
At the start of the year, Core Scientific held around 2,537 Bitcoins but began an aggressive selling spree to fund its strategic shift. The move helped bring in cash and reduced the need for extra borrowing or equity issuance as interest rates climbed. However, the recent quarter saw a reversal, with mining operations churning out enough Bitcoin that the company could accumulate fresh coins, strengthening its balance sheet.
Alongside the Bitcoin buildup, Core Scientific's revenue nearly doubled year over year, hitting $164.2 million in Q2 2026, while gross profit soared from $5 million to $70 million. The company runs data centers across several US states, including Texas, Georgia, and North Carolina, and has been actively transforming itself into a powerhouse for AI-ready computing infrastructure.
Just this week, Core Scientific inked a deal with chipmaker AMD for 2.5 gigawatts of data center capacity, giving AMD access to over 500 megawatts of AI-focused infrastructure. This reflects a growing trend where Bitcoin miners don’t abandon crypto mining entirely but instead pivot toward digital infrastructure and AI compute services, taking advantage of shifting market demands.
