From MARA to Core Scientific: What the Latest Sell-Off Says About the Future of DATs

Core Scientific, a Bitcoin mining company, announced this week its plans to sell nearly all of its Bitcoin holdings to fund its shift towards AI and high-performance computing. 

The move reflected a broader trend in the Bitcoin mining industry. However, it also raised questions over the purpose of sustaining Bitcoin treasuries, especially in light of a broader market downturn.

Bitcoin Miner Reduces Holdings for Growth

Core Scientific unveiled on Monday its plans to use the proceeds from its Bitcoin sales to finance its growing data center buildout. According to its most recent 10-K filing, the company sold 1,924 Bitcoin between December and February for aggregate proceeds of nearly $176 million.

According to Bitcoin Treasuries, Core Scientific currently holds 613 Bitcoin, worth nearly $42 million.  

The company also announced that it will transition its Pecos, Texas, facility from Bitcoin mining to colocation services, a move that aligns with rising demand for artificial intelligence (AI) infrastructure. 

The change reflects a broader trend among Bitcoin miners seeking more lucrative business models. It also coincides with weaker Bitcoin prices and rising energy costs, which have burdened miners’ operations. 

Last December, BeInCrypto reported that Bitcoin mining profitability hit record lows by the end of 2025, with 70% of the top 10 Bitcoin mining companies already generating revenue from infrastructure services. 

Core Scientific became the latest miner to do so, joining CleanSpark, Riot Platforms, and IREN, among others. 

However, its latest move not only reflects general restructuring but also indicates a shift away from Bitcoin accumulation.

Bitcoin’s Stagnation Raises Questions for DATs

Core Scientific’s Bitcoin holdings, prior to its recent sell-off, were not among the largest in the industry. According to Bitcoin Treasuries, it ranks 59th out of the top 100 public Bitcoin treasury companies. 

However, the scale of this sell-off has sparked questions about the future profitability of digital asset treasuries (DATs).

This shift also coincides with MARA Holdings revising its treasury policy, now allowing the sale of Bitcoin held directly on its balance sheet. 

The announcement marked the second-largest Bitcoin holding company’s sharp departure from its prior “full HODL” stance. It also raised broader questions over whether other DATs will soon follow suit.

Bitcoin’s failure to reach new highs, instead stagnating, has raised broader concerns. As of writing, its price is $68,000, but it has fallen 11% over the past month and 27% over the past three months. 

The possibility of Bitcoin returning to its previous all-time high of $126,000 now seems increasingly unlikely.

Meanwhile, Strategy (formerly MicroStrategy), the top Bitcoin treasury holder, remains committed to Bitcoin, with founder Michael Saylor tweeting on Tuesday, “I’m buying Bitcoin right now. Are you?” 

However, the volatility of its stock, MSTR, has raised concerns about investor confidence. 

Meanwhile, Phong Le, the company’s CEO, admitted last November that Strategy might be forced to sell Bitcoin under specific crisis conditions.