Crypto Stocks Soar as Capital Rotates Away from AI Infrastructure Plays
Crypto-related equities had a strong day on Monday as Bitcoin approached $65,000. Strategy's shares rose by roughly 3% to $94.43, while BitMine surged nearly 7% to $17. SharpLink Gaming advanced about 5% to $6.07.
This is not the first time this year that capital has flowed from AI-themed equities into crypto plays. The pattern of rotation between the two sectors has been recurring throughout 2026, with money sloshing back and forth between them.
Hut 8 announced a 15-year, $9.8 billion lease for its Beacon Point AI data center campus in Texas on July 20. IREN disclosed $2.8 billion in new multi-year AI cloud contracts and raised its 2026 AI Cloud annual run-rate revenue target to over $4 billion.
The mining companies that have diversified into AI data centers occupy a particularly interesting position, with contracted revenue that doesn't depend on Bitcoin's price. Strategy holds 843,775 BTC at an average cost of $75,476 per coin and sits on $3.75 billion in cash reserves.