Bitcoin miners outperformed BTC by a wide margin in 2026, with a tracked basket of crypto equities up 56% year-to-date while Bitcoin 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 ranged from hyperscaler GPU deals to large campus acquisitions, all pointing to an accelerating miner-to-AI-infrastructure pivot.
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.
2. Cipher Mining (CIFR), +29% Cipher rose 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 key drivers behind investor interest.
3. IREN (IREN), +29% IREN signed a $1.6 billion purchase agreement with Dell on May 26 for Blackwell GPU systems to 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 acquired a 285-acre Muskie Data Campus in Eastern Kentucky on May 26, expecting to support up to 1 gigawatt of capacity, with an 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 approximately 597 megawatts.
“Hut 8’s $9.8 billion Texas lease all signaled that the Bitcoin miner-to-AI-infrastructure pivot is accelerating rapidly,” according to a 10x Research note.
Why Bitcoin Lagged Bitcoin traded around $73,367 on Thursday, down nearly 5% on the week, according to BeInCrypto data. BlackRock’s IBIT extended a multi-day net outflow streak, suggesting capital may be rotating from passive BTC exposure toward miners with hyperscaler contracts. The 10-year Treasury yield eased to between 4.47% and 4.50% ahead of the PCE inflation print. The next FOMC meeting on June 16–17 will likely shape whether the mining stocks rally holds into the summer.
Source: Five Bitcoin Miner Stocks Outpace BTC on AI Infrastructure Deals