Crypto-related stocks experienced notable gains while the broader market faced challenges. As Bitcoin approaches the $65,000 mark, significant capital appears to be transitioning from AI infrastructure stocks into digital assets. This is particularly evident with companies like Strategy, BitMine Immersion Technologies, and SharpLink Gaming, which saw share price increases of approximately 3%, nearly 7%, and about 5% respectively.
This pattern of capital rotation is not new; throughout 2026, money has repeatedly shifted between AI-themed equities and crypto investments. Bitcoin miners, recognizing the need to diversify revenue streams, have started generating contracts related to AI data centers, challenging the traditional definitions of crypto and AI stocks.
For example, on July 20, Hut 8 secured a substantial 15-year lease valued at $9.8 billion for its Beacon Point AI data center in Texas. Similarly, IREN announced $2.8 billion in new multi-year AI cloud contracts, increasing its projected annual run-rate revenue from AI Cloud to over $4 billion.
Another significant factor to consider is the leverage effect of corporate Bitcoin treasuries. Presently, Strategy holds 843,775 BTC at an average cost of $75,476 per coin, alongside $3.75 billion in cash reserves. Although Bitcoin's price nears $65,000, this treasury position remains underwater due to its average cost basis. Meanwhile, BitMine boasts over 3.73 million ETH while SharpLink possesses 872,984 ETH, indicating that their stock prices closely follow Ethereum’s price movements.
Other industry players like Coinbase, MARA Holdings, CleanSpark, and Cipher Digital have also benefited from this narrative of capital rotation linked to AI and crypto.
What does a cooling AI market imply for crypto markets? As sentiments shift regarding AI investments, capital needs to be redirected, and crypto stocks have become a preferred option for several reasons. Bitcoin’s steady proximity to $65,000, along with the diverse revenue stories of miners transitioning into AI data centers, positions these companies favorably. Furthermore, crypto equities offer trading opportunities on regulated exchanges during standard market hours, making them more accessible for institutional investors who face compliance limitations.
The mining firms that have expertly diversified into AI data centers are gaining a unique advantage. Hut 8’s billion-dollar lease and IREN’s multi-billion-dollar contracts exemplify real, secured revenue streams that operate independently of Bitcoin’s fluctuating price.