Crypto
Data Center Stocks Rebound With Bitcoin
Data center stocks are experiencing a rebound in conjunction with Bitcoin's stabilization near recent lows. Cipher Mining stock rose 12% to $17.08, TeraWulf surged 8% to $15.95, and IREN increased by 4% to $41.14.
The rally appears to be an oversold bounce after each of these companies shed more than 20% over the prior month. Cipher Mining's stock was down 37% in that time frame, while TeraWulf's stock was up 29% year-to-date but down 21% over the past month.
The revenue mix for these data center operators has already moved past mining, with TeraWulf earning 71% of its revenue from high-performance computing. The company holds a 20-year Anthropic lease worth approximately $19 billion, yet its stock still trades on Bitcoin's performance.