Riot's Anthropic Deal Sends Miner Stocks Soaring, But May Hurt BTC

Riot Platforms' $9.1 billion deal to lease its Texas campus to Anthropic has sent Bitcoin miner stocks sharply higher, but this rally may signal a shift that could hurt Bitcoin itself.

The 20-year lease covers 191 megawatts at Riot's Rockdale, Texas campus and is worth up to $16.1 billion with extensions.

Rival miners TeraWulf, Cipher Mining, and Hut 8 rallied in sympathy on the same day, with Riot closing Monday up 4.33%, Cipher Mining gaining 5.39%, TeraWulf rising 3.40%, and Hut 8 adding 3.39%.

The boost to these Bitcoin mining stocks has very little to do with BTC, and thus is not helping the price of the underlying asset.