Bitcoin Mining Stocks Losing Correlation as AI and Data Centers Gain Importance

Investors who thought buying Bitcoin mining stocks would give them direct exposure to cryptocurrency prices are being surprised. Fundstrat co-founder Tom Lee's ranking of 17 crypto-linked large-cap equities shows a stark difference between Strategy and other miners.

Strategy, the top-ranked stock with an 78% correlation to BTC over 90 days, remains closely tied to Bitcoin. However, other mining companies like Core Scientific, Cipher Mining, TeraWulf, and Hut 8 have much weaker correlations, ranging from 16% to 19%. On the Ethereum side, BitMine Immersion Technologies topped the list with an 80% correlation.

The shift away from traditional mining is visible in financial statements. Core Scientific generated $164.2 million in second-quarter revenue, but only $21.5 million came from self-mining. Instead, the company made $136.7 million from colocation and AI-related contracts. TeraWulf has also crossed this threshold, with HPC lease revenue reaching $21 million in the first quarter.

As these companies pivot towards AI and high-performance computing contracts, their value is no longer tied to Bitcoin mining alone. Their power connections and data-center sites are now more valuable to hyperscalers than their ability to produce cryptocurrency.