Back in 2022, its holdings peaked at more than 9,600 $BTC. Today, the count sits at 32.
The balance sheet reflects the same slide. The value of digital assets the company carries fell to $2.7 million, down from $222 million at the end of the prior year.
The mining operation itself is shrinking on a similar curve. By the end of September 2026, Core Scientific’s mining fleet was nearly 50% smaller than it had been at the close of 2025.
The revenue mix has already flipped
Core Scientific reported total Q3 2026 revenue of $232.9 million.
That figure marks a 187% jump from the same quarter a year earlier.
The engine is colocation, which brought in $215.4 million, or roughly 92% of total revenue.
Mining, meanwhile, contributed approximately $17.5 million. That works out to about 7.5% of the total.
Colocation capacity under billing reached 485 MW. The company has also secured energy contracts with CoreWeave and AMD that total a combined 1,120 MW.
A post-bankruptcy reinvention
Core Scientific’s path here runs through a rough patch. The company emerged from Chapter 11 bankruptcy in late 2023 and has since leaned into data centers and AI.
The 2022 peak in its Bitcoin holdings came before that restructuring. The company that came out the other side has steadily traded its identity as a coin producer for one as an infrastructure provider.
Management has laid out a clear timeline. Mining wraps up by the end of 2026, and the company plans a complete pivot to high-density colocation services in 2027.
What this means for miners and investors
For CORZ shareholders, the stock is increasingly a bet on AI infrastructure demand rather than on Bitcoin. With 32 $BTC left and mining set to end, the company’s direct exposure to Bitcoin’s price is now minimal.
The concentration risk deserves attention, though. A large portion of the forward story rests on contracts with CoreWeave and AMD, so the health of those relationships and the pace of AI spending will shape results.
The next checkpoints are straightforward. Watch whether Core Scientific hits its year-end target for shutting down mining, how quickly billed colocation capacity grows from 485 MW toward the 1,120 MW contracted, and whether other miners follow the same exit route.
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