Bitcoin mining companies are rapidly transitioning to AI infrastructure amid growing demand, according to 10x Research. This shift has led to a 56% rise in a cryptocurrency stock basket index year-to-date, while Bitcoin itself has declined by 17%. The transition is highlighted by significant stock gains, with KEEL up 30%, CIFR and IREN each rising 29%, WULF climbing 24%, and HUT increasing 22% this week. Key developments include IREN's $1.6 billion purchase of Dell Blackwell systems, TeraWulf's acquisition of a 1 GW facility in Kentucky, and Hut 8's $9.8 billion lease agreement in Texas. Meanwhile, Bitcoin faces pressure from rising U.S. Treasury yields and expectations of a hawkish Fed, leading to institutional outflows from assets like BlackRock's Bitcoin ETF. Markets are also focused on upcoming PCE data and the first FOMC meeting under new Fed Chair Walsh.
Bitcoin Miners Shift to AI Infrastructure as Stocks Outperform BTC
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