Bitcoin miner stocks significantly outperformed Bitcoin in 2026, with a tracked basket of crypto equities gaining 56% year-to-date while Bitcoin declined 17%, according to 10x Research. Last week, five mining and AI-infrastructure stocks led the gains as Bitcoin slid on rising Treasury yields and hawkish Federal Reserve expectations. The catalysts included hyperscaler GPU deals and mega campus acquisitions, all signaling that the miner-to-AI-infrastructure pivot is accelerating rapidly.
KEEL Infrastructure (KEEL), formerly Bitfarms, posted the strongest weekly gain with a 30% increase after Chardan initiated coverage with a Buy rating. The company is repositioning its 2.2-gigawatt power pipeline across Pennsylvania, Washington, and Quebec toward AI and high-performance computing workloads. This strategic pivot aligns with the broader Bitcoin miner AI transformation that has reshaped sector valuations throughout 2026.
IREN secured a $1.6 billion purchase agreement with Dell on May 26 for Blackwell GPU systems that will service its five-year, $3.4 billion managed AI cloud contract. Commissioning is targeted for early 2027 at the company's Childress, Texas campus, and is expected to lift IREN's annualized run-rate revenue from $3.7 billion to $4.4 billion. Hut 8 signed a 15-year, $9.8 billion lease for its Beacon Point campus in Nueces County, Texas, designed to NVIDIA's DSX reference architecture.
TeraWulf added a 285-acre Muskie Data Campus in Eastern Kentucky on May 26 that the company expects to support up to 1 gigawatt of capacity, with initial 500 MW delivery slated for late 2028. The acquisition extends TeraWulf's AI and HPC expansion beyond its existing Lake Mariner and Abernathy sites. Cipher Mining rode the same wave on fresh institutional backing and continued progress on its hyperscale leasing pipeline, with analysts highlighting the company's Texas power footprint and balance-sheet capacity as key drivers.
Bitcoin traded around $73,367 on Thursday, down nearly 5% on the week, according to BeInCrypto data, with the cryptocurrency falling 3.3% in the last 24 hours to around $73,300. BlackRock's IBIT extended a multi-day net outflow streak, mirroring the BlackRock AI infrastructure deal thesis that capital is rotating from passive BTC exposure toward miners with hyperscaler contracts. The broader cryptocurrency market capitalization slipped below $2.6 trillion, with CoinGlass data showing that over $1 billion of leveraged positions went underwater in the last 24 hours. Ethereum led losses among major cryptocurrencies, dropping 4.5% in 24 hours to below $2,000, its lowest price since March, while retail sentiment around Bitcoin slipped to 'extremely bearish' territory from 'bearish' over the past day.
