Core Scientific Stock Is Up 17% This Past Year, but One Fund Just Disclosed a $9 Million Exit
Key Points
Pier Capital sold 504,958 shares of Core Scientific in the fourth quarter.
The shares were worth $9.06 million as of the last-disclosed position value.
The position was previously 1.4% of the fund’s AUM as of the prior quarter.
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On February 3, Pier Capital reported selling all 504,958 shares of Core Scientific (NASDAQ:CORZ) in the fourth quarter, an estimated $9.06 million transaction.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 3, Pier Capital sold all 504,958 shares of Core Scientific during the fourth quarter. The fund’s quarter-end Core Scientific position dropped by $9.06 million.
What else to know
Top five holdings after the filing:
- NYSE:MIR: $16.80 million (2.7% of AUM)
- NYSE:CWAN: $16.45 million (2.6% of AUM)
- NYSE:HXL: $11.99 million (1.9% of AUM)
- NASDAQ:ALHC: $10.80 million (1.7% of AUM)
- NASDAQ:FULT: $10.50 million (1.7% of AUM)
As of February 6, shares of Core Scientific were priced at $14.82, up 17% over the past year and slightly outperforming the S&P 500’s roughly 13% gain over the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of February 2) | $14.82 |
| Market Capitalization | $4.59 billion |
| Revenue (TTM) | $334.18 million |
| Net Income (TTM) | ($768.31 million) |
Company snapshot
- Core Scientific operates digital asset mining facilities and provides blockchain infrastructure, software solutions, and colocation services in North America.
- The company generates revenue primarily through self-mining of digital assets and hosting services for large-scale blockchain miners, leveraging owned and operated datacenter infrastructure.
- It targets institutional clients and enterprise-scale miners seeking secure, high-performance blockchain processing and hosting capabilities.
Core Scientific is a leading provider of blockchain infrastructure and digital asset mining services, operating at scale across North America. The company combines proprietary software, high-capacity datacenter operations, and a dual-revenue model focused on both self-mining and hosting for third-party clients. Its strategic focus on infrastructure optimization and blockchain technology positions it as a key player in the digital asset ecosystem.
What this transaction means for investors
Core Scientific is in the middle of a pivot away from volatile self-mining toward high-density colocation, and that shift is showing up clearly in the numbers.
In the third quarter, revenue fell to $81.1 million from $95.4 million a year earlier, driven by a sharp drop in self-mining activity. Bitcoin mined fell 55% year over year, partially offset by higher prices, while hosted mining revenue was cut nearly in half. The bright spot was colocation, where revenue rose to $15.0 million from $10.3 million as new capacity came online.
That progress came at a cost. Capital expenditures reached $244.5 million during the quarter, largely tied to infrastructure buildouts, while adjusted EBITDA slipped to a $2.4 million loss. Liquidity remains substantial at roughly $695 million between cash and bitcoin holdings, but net losses were still $146.7 million for the quarter.
Against Pier Capital’s remaining holdings, which skew toward industrials and healthcare names with clearer cash flow profiles, the full exit reads as risk reduction rather than a timing call. Now, Core Scientific’s future hinges on executing a capital-intensive transformation, not on crypto price momentum alone.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Hexcel. The Motley Fool has a disclosure policy.
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