Lekker Capital CIO Quinn Thompson warns that a major shift by public Bitcoin miners towards AI and high-performance computing could flood the market with BTC. As mining economics falter, companies like CORZ, WULF, CIFR, and IREN are pivoting, potentially forcing them to sell their Bitcoin treasuries to fund expensive AI infrastructure buildouts.
Companies such as Core Scientific and TeraWulf are already showing a significant business mix shift, with declining mining revenue and rising AI-related infrastructure income. This transition requires substantial capital, leading these firms to liquidate substantial amounts of Bitcoin previously held on their balance sheets. While this pivot could improve long-term network economics, the near-term impact may be an overhang of potential BTC sales.
At press time, Bitcoin traded around $72,322.