Bitcoin miners are accelerating their shift to AI. Looking at recent data, major miners are selling BTC one after another. Core Scientific, Bitdeer, Riot Platforms, and Bitfarms are particularly active, reducing their holdings by more than 15,000 BTC from their peak levels. This isn’t just a fundraising move—it’s a shift in the business model itself.

Bitcoin has fallen nearly 50% from its all-time high in October last year, and it is currently trading around 71.70K. In this kind of market environment, it likely looks more attractive for miners to repurpose the data centers they already have into AI infrastructure than to hold BTC. During the bullish market in 2021, mining profit margins reached 90%, but now margins have been heavily compressed due to intensified competition and rising energy costs. As a result, more companies are making their holding strategies more flexible and selling the newly mined BTC.

Marathon Digital still maintains a large holding of 53,822 BTC, but 28% of its held assets are placed in loans or as collateral. CleanSpark is stacking a covered call strategy and using BTC-collateralized credit lines, and Marathon Digital is also raising funds with covered calls while managing risk. These types of financial-engineering approaches represent a major shift away from the traditional HODL strategy.

Bitdeer has cut its holdings down to zero and is fully focused on expanding its AI data centers. Bitfarms’ CEO has also stated plainly that the company is no longer a Bitcoin company, and it has reduced its holdings to 1,827 BTC. Looking at the industry as a whole, the scenario in which BTC continues to be released through balance-sheet sales remains likely. The risk that miners’ portfolios shift from being BTC-centered to being AI-infrastructure-centered could increase, especially if institutional investors get involved, potentially raising liquidity risk as well.

XRP is a different story, but recently a sharp drop from $1.36 to $1.33 has been recorded, showing active selling pressure rather than thin liquidity. With the market breaking below $1.35, downside risk is increasing. In a market environment like this, it feels like risk assets overall are under pressure.