Bitcoin Breaks $80K: Crypto Miners Surge Amid AI-Fueled Deals
Crypto mining stocks are surging after Bitcoin briefly broke above $80,000. The Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) rose 2%, but individual miners outpaced it: MARA Holdings (NASDAQ:MARA), TeraWulf (NASDAQ:WULF), and IREN Limited (NASDAQ:IREN) jumped by 7%, 5%, and 5% respectively.
The rally is linked to Bitcoin's move above $80,000, which sent miners' shares soaring due to their exposure to the cryptocurrency. Morgan Stanley analyst Stephen Byrd expects powered-shell operators to sign data center contracts by October, driven by AI customers seeking projects that can be energized before 2027.
TeraWulf and IREN have signed major deals: a $9.7 billion Microsoft contract and a $3.4 billion NVIDIA cloud agreement. In contrast, MARA Holdings' stock price is primarily driven by its mining exposure to Bitcoin.