Insider sales rise as bitcoin miners shift to AI compute

Executives and strategic holders disclosed multiple share sales under Rule 10b5‑1 plans as several bitcoin miners moved to repurpose power and facilities for AI compute workloads. Filings show planned disposals across the sector in late spring and early summer.

At TeraWulf, an entity managed by Chairman and CEO Paul Prager disclosed a sale of 275,000 shares on June 29 at an average price of $26.596, producing about $7.3 million in gross proceeds. That sale was part of a series of filings by Prager and Beowulf E&D Holdings since late March totaling roughly 1.59 million shares and about $32.7 million in gross proceeds, implying a weighted average sale price near $20.55 per share. One week after the June 29 filing, on July 6, TeraWulf announced a 20‑year lease with Anthropic for its Justified Data campus in Hawesville, Kentucky. The lease is expected to support about 401 megawatts of critical IT load and yield roughly $19 billion of contracted revenue over the initial term. The company also disclosed an agreement to sell its 50.1% interest in the Abernathy joint venture to a Fluidstack‑led investor group, monetizing an asset valued at about $450 million.

Cipher Digital filed on July 8 that CEO Tyler Page would sell 112,500 shares under a Rule 10b5‑1 plan adopted Dec. 19, 2025; the plan allows up to 1.5 million shares to be sold through Dec. 24, 2026. Riot Platforms’ CEO Jason Les disclosed sales under a 10b5‑1 plan established in August 2025, including 175,000 shares sold in May for about $4.2 million and another 250,000 shares sold on June 22 for about $7.03 million. At Core Scientific, Chief Legal and Administrative Officer Todd DuChene filed on July 6 to sell 140,000 shares valued at roughly $3.0 million. That notice follows earlier 10,000‑share disposals that together amounted to about 260,000 shares and approximately $5.9 million in gross proceeds.

Strategic holders also adjusted positions. Tether trimmed its stake in Bitdeer in early June at an average price near $20 per share after earlier purchases near $8.85 per share; Tether remained one of Bitdeer’s largest shareholders after the sales.

Rule 10b5‑1 plans allow insiders to set predefined trading instructions so trades can proceed regardless of later corporate events. Companies and executives cite reasons for such plans including portfolio diversification, tax obligations and personal liquidity needs. Filings show the trades were executed under those frameworks.

The TEM AI Infrastructure Growth Index, which tracks miners, neoclouds, power suppliers and other companies tied to physical AI infrastructure, declined about 16% over the past month.

On June 30, IREN’s board approved grants of 9,099,328 restricted stock units each to co‑CEOs William Roberts and Daniel Roberts, subject to a combined six‑year vesting and holding schedule and a pledge that no further equity incentive grants will be made to the pair until fiscal 2031. IREN’s shares declined after the disclosure.

Regulatory filings, lease announcements and asset sales continued to appear in company disclosures through July as miners and strategic holders adjusted holdings while repurposing assets for AI compute.