Core Scientific seeks $3.3B senior secured notes to exit Bitcoin mining for AI data centers

Core Scientific is raising $3.3 billion via private-placement senior secured notes as it pivots from Bitcoin mining to high-density colocation (HDC) data centers for AI workloads. The company plans to issue the notes through Core Scientific Finance I LLC to institutional investors. It says it no longer expects to sign large-scale BTC mining purchase agreements, and it is repurposing non-HDC sites toward AI/HPC infrastructure. Core Scientific also reported selling $175 million worth of BTC in March and intends to monetize more of its remaining Bitcoin holdings. On the operational side, it currently runs 10 U.S. facilities and is repositioning projects to better match power and infrastructure needs for AI compared with traditional mining. The article also notes mining hashrate weakness across the sector (about an ~11% global drawdown since Oct 2025), which may be more consistent with BTC price pressure than with a complete shift to AI. For traders, the key point is that the senior secured notes and ongoing Bitcoin mining exit reinforce broader miner restructuring. However, near-term BTC price action still appears more tied to spot demand and market conditions than to the AI pivot alone.