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Market Outlook

Cryptocurrency

Summary

Bitcoin miners are pivoting to AI and HPC hosting as mining profitability declines, leveraging energy infrastructure for higher returns.

I favor IREN, BITF, and RIOT for their strong fundamentals, expansion projects, and early traction in AI/cloud contracts or partnerships.

IREN stands out with a $9.7B, 10-year Microsoft contract, positive adjusted EBITDA, and visible progress transitioning to AI revenues.

Key risks include ongoing Bitcoin dependency, high sector volatility, rich valuations, and potential dilution from equity funding.

Torsten Asmus/iStock via Getty Images

As a bitcoin ( BTC-USD ) investor for almost 8 years, I think I'm used to volatility. Bitcoin miners aren't immune to the volatility of their own end products. But the largest by market capitalization are now transforming

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIOT, IREN either through stock ownership, options, or other derivatives.…