Core Scientific sold $208 million of bitcoin in Q1 as AI pivot continues

The firm's AI pivot relies on a 590 MW contract expansion with Core Weave, projected for $10.2 billion in revenue over 12 years. By Francisco Rodrigues, AI Boost|Edited by Oliver Knight May 7, 2026, 10:08 a.m. 2 min read Make preferred on (Taylor Vick/Unsplash)What to know: Core Scientific (CORZ) reported a $347.2 million Q1 loss. It sold $208.3 million in BTC and closed a $3.3 billion note offering to fund its shift to AI data center operations.Colocation revenue for AI data centers surged to $77.5 million, becoming the largest business line. Meanwhile, crypto mining revenue dropped significantly to $30.1 million.The firm's AI pivot relies on a 590 MW contract expansion with CoreWeave, projected for $10.2 billion in revenue over 12 years. In this articleBTCBTC$80,861.14◢1.74%GALAGALA$0.003793◢6.66%Core Scientific (CORZ) reported a $347.2 million first-quarter loss even as revenue rose to $115.2 million, as the former bitcoin mining heavyweight sold 2,385 bitcoin for $208.3 million and wrote down $266.5 million of mining-related assets.

The company said the bitcoin sales were used to fund capital expenditures and other cash needs, extending a pattern of miners selling BTC to fund AI data centers.

The company also closed a $3.3 billion offering of 7.75% senior secured notes, proceeds it plans to use for data center development and to repay a $1 billion term loan facility. The bond sale was aimed at funding its shift from crypto mining to AI-focused data center operations.