Keel Infrastructure sold its entire bitcoin treasury in the third quarter, and Core Scientific said it expects to leave bitcoin mining by the end of 2026. FinancialMarkets said Keel, formerly Bitfarms, sold about $192 million of bitcoin in the quarter once newly mined coins were included. The company will now sell what it mines in Quebec each day. Its shares fell about 22% in Thursday's selloff.
Power sites are being rented to data-center tenants
Core Scientific said it is converting its remaining mining sites so they can be rented to data-center tenants. Management expects to exit bitcoin mining by year-end. Anadolu Agency said the stock fell 10.82% on Thursday as investors sold companies tied to chips and data centers. The same session hit listed crypto firms. FinancialMarkets said Coinbase, Robinhood, and Strategy each lost about 9% to 10% as bitcoin fell about 5.6% to near $76,000.
The sales did not cause Thursday's price drop
Keel's treasury sale was a third-quarter event, so it does not explain Thursday's move. The new policy does matter for supply: a miner that used to hold coins is now a daily seller. If more operators follow Core Scientific into data-center leases, fewer listed companies will be left holding bitcoin on the balance sheet when stocks sell off. Thursday's ETF outflow of about $530 million is in the flow note. Friday's price near $75,700 is in the markets briefing. Follow company news on the business desk.