Investor Makes $30 Million Bet on Another Bitcoin Miner Pivoting Toward AI Data Centers

By Jonathan Ponciano – Mar 13, 2026 at 4:10AM ESTKey PointsCovalis (Gibraltar) Ltd initiated a new position in Core Scientific, buying 2,080,550 shares in the fourth quarter.The quarter-end position value increased by $30.29 million due to the new purchase.Core Scientific is now a significant holding, representing roughly 43% of the fund's 13F AUM (save for options-related positions), making it one of the fund's top two holdings.On February 17, 2026, Covalis (Gibraltar) Ltd disclosed a new position in Core Scientific (CORZ 1.81%), acquiring 2,080,550 shares worth $30.29 million in the fourth quarter.What happenedAccording to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Covalis (Gibraltar) Ltd established a new position in Core Scientific by acquiring 2,080,550 shares. The fund's quarter-end stake reflected a $30.29 million increase in position value as a result.What else to knowTop holdings after the filing:NASDAQ:CORZ: $30.29 million (42.7% of AUM)NYSE:PCG: $29.87 million (42.1% of AUM)NASDAQ: WULF: $10.80 million (15.2% of AUM)As of Thursday, Core Scientific shares were priced at $16.24, up 81% over the past year and well outperforming the S&P 500’s roughly 20% gain in the same period.Company overviewMetricValuePrice (as of Thursday)$16.24Market capitalization$5.1 billionRevenue (TTM)$319.0 millionNet income (TTM)($288.6 million)Company snapshotCore Scientific provides digital asset mining, blockchain infrastructure, and colocation services; it generates revenue from mining operations and hosting solutions.The company operates a dual business model by mining digital assets for its own account and offering hosting and equipment sales to institutional-scale miners.It targets large-scale cryptocurrency miners and enterprises seeking blockchain infrastructure and hosting services in North America.Core Scientific is a leading provider of digital asset mining and blockchain infrastructure services, operating large-scale data centers across North America. The company leverages proprietary technology and operational expertise to support both self-mining and third-party hosting, positioning itself as a critical enabler in the digital asset ecosystem. Its scale and integrated approach offer competitive advantages in operational efficiency and service breadth.What this transaction means for investorsThis move is interesting because it comes as the fund made two big bets last quarter, the one here on Core Scientific, and another on Terawulf. Both of these names are great examples of companies that already control large amounts of power capacity and data center infrastructure and are now looking to take advantage of the investor fanfare around artificial intelligence and high-performance computing.Core Scientific historically built its business around bitcoin mining, but its facilities are increasingly being repositioned for high-density colocation and AI workloads. Management in the firm’s latest earnings release says the platform is scaling toward a roughly 1.5 gigawatt pipeline of leasable capacity as it expands sites and builds out infrastructure for enterprise customers. The shift is already visible in financial results. Colocation revenue climbed sharply in 2025 to about $65 million for the year, up from roughly $24 million the year prior and reflecting growing demand for high-density compute capacity.Within the broader portfolio, the position sits alongside other power-intensive infrastructure bets such as TeraWulf and PG&E, highlighting what seems like a strategy laser-focused on energy and compute capacity. For long-term investors, the story is less about crypto cycles (despite what Core Scientific’s history might suggest) and more about whether these facilities can become durable AI infrastructure.About the AuthorJonathan Ponciano is a contributing stock market analyst at The Motley Fool. He has nearly a decade of experience as a financial journalist, most recently as an editor and senior reporter at Forbes focused on markets, technology, and entrepreneurship. Jonathan has also written for Investopedia and the Los Angeles Business Journal. He holds a dual B.A. in Business Journalism and Economics from the University of North Carolina at Chapel Hill and an M.B.A. from Columbia Business School. A North Carolina native now based in New York City, Jonathan has also lived in Mexico City and Los Angeles.CMFjonponcStocks MentionedCore ScientificNASDAQ: CORZ$16.24(-1.81%)-$0.30*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.