Other companies reported similar trends. Cipher Mining said it increased its focus on HPC operations during 2025. The firm also signed two tenants for 600 megawatts of data center capacity. During the same year, Cipher sold worth about $214.7 million.
By year’s end, the company classified $94.9 million of mining rigs at its Black Pearl site as held for sale after signing a sublease to convert the location to HPC infrastructure. Meanwhile, Iris Energy adopted a different treasury approach.
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The company reported nearly 99,900 GPUs installed or on order as of December 2025. It also said it usually liquidates all the bitcoin mined each day. As a result, the company held no BTC on its balance sheet at the end of 2025.
Another major miner, Marathon Digital Holdings, remains earlier in the transition. The company deployed its first ten AI racks at its Granbury facility in November 2025 and later announced an AI infrastructure partnership with Starwood. Still, Marathon holds the largest bitcoin treasury among listed miners.
Company disclosures showed it sold about 4,076 BTC for $413.1 million during 2025. Despite those sales, Marathon ended the year with roughly 53,822 BTC on its balance sheet.