Former Bitcoin Miners Lead AI Infrastructure Boom

Keel Infrastructure Corp. (KEEL), TeraWulf Inc. (WULF), Hut 8 Corp. (HUT) and Cipher Digital Inc. (CIFR) have seen significant returns this year, with HUT stock outperforming its peers by more than 131%.

The companies, formerly Bitcoin miners, are now pivoting to AI infrastructure, driven by the growing demand for power assets, data center expertise and high-performance computing workloads.

According to Koyfin data, Hut 8 commands the highest forward enterprise value-to-sales multiple at 35.5x, followed closely by Cipher Digital at 33.4x.

Wall Street is largely bullish on all four AI infra plays, with WULF stock leading the pack and having a 12-month price target of $38.59, implying more than 66% upside from current levels.