According to its CEO Adam Sullivan, the company told investors about this on November 5, when it published its third-quarter report. The remaining mining machines will be shut down in the fourth quarter, and the company will enter 2027 solely as an AI capacity provider. It will not buy new mining equipment; ASIC miners will be sold or decommissioned.
Q3 results:
– Revenue: $232.9 million (+187%), of which $215.4 million came from AI equipment colocation and $17.5 million from mining and hosting.
– Adjusted EBITDA: $133.6 million (57% margin).
– Net income: about $1.18 billion, mainly due to the non-cash revaluation of warrants.
BTC on the balance sheet: 32 BTC versus 2,537 BTC at the end of 2025; the remainder was sold for $286.8 million to fund capital expenditures.