Major Bitcoin mining companies have experienced notable strategic shifts and financial developments over the past week. These ranged from acquisitions and financing activities to production innovations and market performance changes. Here’s a detailed look:
Marathon Digital Holdings
Marathon Digital Holdings stands strong as the largest publicly traded Bitcoin miner worldwide, maintaining a market cap exceeding $6.2 billion. The company remains a leader with its extensive hash rate of over 58 EH/s spread across vast operations in Texas, Nebraska, and South Dakota.
Core Scientific
Core Scientific is set for a transformative acquisition by AI powerhouse CoreWeave, a deal valued at approximately $9 billion. This move signals Core Scientific’s strategic pivot from Bitcoin mining to leveraging AI and high-performance computing technologies.
Canaan
Canaan achieved significant progress by reaching peak Bitcoin production volumes while simultaneously halting a $100 million financing round. In a strategic redirection, Canaan plans to undertake a share buyback program, reflecting a focus on capital preservation and enhancing shareholder returns amid market uncertainty.
Bitdeer
Bitdeer has reported an 18% increase in Bitcoin production, swiftly reallocating 570 MW of power capacity towards AI infrastructure enhancements. This strategy underscores the growing convergence between mining operations and AI technological advancements, a theme echoed in Leveraging AI for Smarter Bitcoin Mining: Real-Time Optimization Strategies.
Cipher Mining
With a strategic financial move, Cipher Mining has secured $172.5 million via the issuance of 1.75% convertible notes due in 2030. This maneuver reinforces its financial resources, positioning the company for ongoing operational growth.
MicroStrategy
While not a mining company per se, MicroStrategy continues to bolster its Bitcoin reserves. The firm acquired an additional 1,045 BTC at $105,426 each, escalating its total Bitcoin holdings to nearly 600,000 BTC, backed by a $1.2 billion preferred stock offering featuring unique liquidation preferences.
Industry Context
Despite Bitcoin’s rising market, public mining companies face intensifying margin pressures. Strategic shifts toward AI infrastructure, such as Core Scientific’s acquisition, coupled with creative financial strategies, are becoming pivotal for survival. Moreover, the number of public companies holding Bitcoin has surged by 120% in 2025 compared to 2024, reflecting a broader industry trend towards digital currency adoption. Discover more about the challenges and strategies in Bitcoin Mining in Europe: Navigating Opportunities and Challenges.
*Note: Hut 8, Argo, and HIVE Digital reported no major developments in the last week.*
