Fundstrat co-founder Tom Lee has ranked 17 large-cap crypto stocks by how closely they track Bitcoin and Ethereum using 90-day correlations against BlackRock's two crypto funds. According to reports from Fundstrat, Lee covered every crypto-linked stock worth more than $2 billion, with BitMine Immersion Technologies leading on Ethereum at 80% correlation and Coinbase following at 74%. MicroStrategy topped Bitcoin correlations at 78%, while Core Scientific scored only 16% despite being a Bitcoin miner.
The most striking finding reveals that Bitcoin miners have dramatically reduced their correlation to Bitcoin prices. As reported by Fundstrat, Core Scientific scored only 16% correlation, while Cipher Mining hit 17% and TeraWulf reached 18%. Riot Platforms managed 31% and IREN achieved 33%, with Trump Media surprisingly leading at 40% despite mining no Bitcoin. According to Core Scientific's Q2 results, AI work supplied 83% of revenue ($164.2 million) compared to Bitcoin mining's 13% ($21.5 million).
The shift toward AI revenue has fundamentally changed mining companies' business models. As reported by Fundstrat, TeraWulf earned $21.0 million from AI leasing against $13.0 million from mining in May, representing 62% AI contribution. IREN brought in $33.6 million from AI cloud services in its March quarter, while mining contributed $111.2 million, leaving AI at 23%. This pivot has been costly for some companies, with MARA and CleanSpark posting $851 million in combined losses while pursuing AI opportunities.
The correlation data reveals that Bitcoin miners now operate as power and computing landlords, with their fortunes tied to AI demand rather than Bitcoin price movements. According to Fundstrat's analysis, companies with higher AI revenue correlations show weaker Bitcoin tracking, creating a sector-wide pivot away from traditional mining operations. MicroStrategy continues to hold Bitcoin but trades near $118.86 against a 52-week high of $365.21, while the next earnings season will test how far this AI-driven revenue split extends across the mining sector. Recent market developments show Bitcoin surging to $78,000 after gaining 20% this week, with cryptocurrency-related stocks like Coinbase up 9% and MicroStrategy gaining 8%.
