Crypto Stocks Surge as Capital Fades from AI Infrastructure Plays
Crypto-related equities saw significant gains on Monday as Bitcoin approached $65,000. The rally was driven by what appears to be a meaningful capital rotation out of AI infrastructure stocks and into digital asset proxies.
Stocks like Strategy, BitMine Immersion Technologies, and SharpLink Gaming posted notable increases, with Strategy climbing 3% to $94.43, BitMine surging nearly 7% to $17, and SharpLink advancing about 5% to $6.07.
This rotation is not a new phenomenon in 2026, with capital frequently shifting between AI-themed equities and crypto plays throughout the year. The line between what constitutes a 'crypto stock' and an 'AI stock' has been blurred by Bitcoin miners pivoting towards AI data center contracts to diversify their revenue streams.
Hut 8's announcement of a $9.8 billion lease for its Beacon Point AI data center campus in Texas on July 20 is a prime example, while 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.