Five Bitcoin Miners Rally on AI Infrastructure Deals

Five Bitcoin miner stocks — KEEL Infrastructure, Cipher, IREN, TeraWulf and Hut 8 — rose between 22% and 30% last week as AI-infrastructure agreements and campus deals lifted a tracked basket of miner equities 56% year-to-date while Bitcoin fell 17%, according to 10x Research.

The moves followed announcements of large hyperscaler GPU purchases, site acquisitions and long-term leases intended to expand capacity for AI and high-performance computing workloads. Investors allocated capital to miners with commercial AI contracts and data-center development pipelines.

KEEL, formerly Bitfarms, increased about 30% after an analyst initiated coverage with a Buy rating and the company said it is repositioning a 2.2-gigawatt power pipeline across Pennsylvania, Washington and Quebec to support AI and high-performance computing workloads.

Cipher rose about 29% on renewed institutional backing and progress on its hyperscale leasing pipeline. Analysts pointed to Cipher’s Texas power footprint and its balance-sheet capacity as factors that could enable further AI data-center deals.

IREN climbed roughly 29% after signing a $1.6 billion purchase agreement with Dell on May 26 for Blackwell GPU systems. The systems will service a five-year, $3.4 billion managed AI cloud contract at IREN’s Childress, Texas campus. Commissioning is targeted for early 2027 and IREN expects the deployment to lift annualized run-rate revenue from $3.7 billion to $4.4 billion.

TeraWulf rose about 24% after acquiring a 285-acre Muskie Data Campus in Eastern Kentucky on May 26. The company expects the site can support up to 1 gigawatt of capacity, with an initial 500-megawatt delivery planned for late 2028.

Hut 8 gained about 22% after signing a 15-year, $9.8 billion lease for its Beacon Point campus in Nueces County, Texas. The 352-megawatt facility is designed to NVIDIA’s DSX reference architecture and increases the company’s contracted AI capacity to about 597 megawatts.

A 10x Research note commented on the sector shift, stating: “Hut 8’s $9.8 billion Texas lease all signaled that the Bitcoin miner-to-AI-infrastructure pivot is accelerating rapidly.”

Market flows reflected the reallocation. BlackRock’s IBIT exchange-traded product recorded multi-day net outflows as some capital moved from passive Bitcoin exposure into miners with hyperscaler and enterprise AI contracts. Market participants also pointed to rising Treasury yields and expectations for a hawkish Federal Reserve as factors that pressured Bitcoin.

The 10-year U.S. Treasury yield traded around 4.47%–4.50% ahead of the U.S. personal consumption expenditures inflation report and the Federal Open Market Committee meeting scheduled for June 16–17. Bitcoin traded near $73,367 on Thursday and was down almost 5% for the week.

Company timelines differ: several GPU deployments are expected to begin commissioning in 2027, while campus buildouts have multi-year delivery schedules that will determine when the expanded AI capacity becomes revenue-generating.