Crypto Stocks Surge as Investors Flee Chip and AI Infrastructure

Crypto stocks rallied on Monday as investors rotated away from chip and AI infrastructure names. This move came amid a sharp sell-off in oil prices, lower Treasury yields, and a continued risk-off approach to memory chip stocks and other direct AI plays.

Among the top gainers were Bitmine Immersion, which surged 11% after its ether accumulator increased holdings by nearly 10,000 coins worth around $19.4 million at current prices. Sharplink Gaming, a fellow ETH treasury firm, jumped 6%, while Strategy, another bitcoin treasury pioneer, was up 7% after adding to its cash buffer for the fifth straight week.

The sector-wide move also saw Coinbase Global, BitGo, and Figure Technology rise between 4-6%. Circle Internet Group gained 2% after acquiring IBM's portfolio of over 1,000 blockchain-related patents worldwide. However, bitcoin miners lagged behind, with Cipher Mining leading the group with an 8% decline.

Nvidia's reported discussions to provide financial support for OpenAI's plan to lease a new AI data center in Ohio underscored the growing role of credit in enabling the AI investment, said Michael Donovan. As publicly traded bitcoin miners are increasingly valued by investors as owners of digital infrastructure rather than mere producers of bitcoin, even pure-play miners like Mara Holdings and Riot Platforms can sell off alongside AI-exposed miners.