Bitcoin miners outperformed BTC by a wide margin in 2026, with a tracked basket of crypto equities up 56% year-to-date while the pioneer crypto fell 17%, according to 10x Research.
Last week, five mining and AI-infrastructure stocks led the gains as Bitcoin slid on rising Treasury yields and hawkish Federal Reserve expectations.
The catalysts ran from hyperscaler GPU deals to mega campus acquisitions, all signaling that the miner-to-AI-infrastructure pivot is accelerating.
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1. KEEL Infrastructure (KEEL), +30%
KEEL, formerly Bitfarms, posted the strongest weekly gain after Chardan initiated coverage with a Buy rating.
The company is repositioning its 2.2-gigawatt power pipeline across Pennsylvania, Washington, and Quebec toward AI and high-performance computing workloads, joining a broader Bitcoin miner AI pivot that has reshaped sector valuations through 2026.
2. Cipher Mining (CIFR), +29%
Cipher rode the same wave on the back of fresh institutional backing and continued progress on its hyperscale leasing pipeline.
Analysts pointed to the company’s Texas power footprint and balance-sheet capacity as the key drivers behind investor appetite for more AI data center capacity announcements.
3. IREN (IREN), +29%
IREN signed a $1.6 billion purchase agreement with Dell on May 26 for Blackwell GPU systems that will service its five-year, $3.4 billion managed AI cloud contract.
Commissioning is targeted for early 2027 at the company’s Childress, Texas campus, and is expected to lift IREN’s annualized run-rate revenue from $3.7 billion to $4.4 billion.
4. TeraWulf (WULF), +24%
TeraWulf added a 285-acre Muskie Data Campus in Eastern Kentucky on May 26 that the company expects to support up to 1 gigawatt of capacity, with initial 500 MW delivery slated for late 2028.
The acquisition extends TeraWulf’s AI and HPC expansion beyond its existing Lake Mariner and Abernathy sites.
5. Hut 8 (HUT), +22%
Hut 8 signed a 15-year, $9.8 billion lease for its Beacon Point campus in Nueces County, Texas.
The 352-megawatt facility was designed to NVIDIA’s DSX reference architecture and lifts the company’s contracted AI capacity to about 597 megawatts, building on Hut 8’s expansion plans across Louisiana, Texas, and Illinois.
“Hut 8’s $9.8 billion Texas lease all signaled that the Bitcoin miner-to-AI-infrastructure pivot is accelerating rapidly,” read an excerpt in the 10X Research note.
Why Bitcoin Lagged the Miners
Bitcoin traded around $73,367 on Thursday, down nearly 5% on the week, BeInCrypto data showed.
BlackRock’s IBIT extended a multi-day net outflow streak, mirroring the BlackRock AI infrastructure deal thesis that capital is rotating from passive BTC exposure toward miners with hyperscaler contracts.
The 10-year Treasury yield eased to 4.47% to 4.50% ahead of the PCE inflation print, and the next FOMC meeting on June 16-17 will likely shape whether the mining stocks rally case holds into the summer.
Bitrue