Crypto Miners Bet Big on AI Infrastructure, Leave Bitcoin Price Behind

TeraWulf's stock price surged 12.8% after signing a 20-year, $19 billion lease with Anthropic for a Kentucky data center supporting 401 MW of IT load that will be online by early 2028.

Compass Point raised its price target to $40 and TeraWulf sold a Texas stake to free cash for AI infrastructure. IREN rose 8.01% after an analyst upgrade, while Hut 8 gained 9.69% after joining several Russell indexes, signaling crypto mining stocks are tracking AI infrastructure adoption and leasing headlines more than Bitcoin's price.

The three companies - TeraWulf (WULF), IREN, and Hut 8 (HUT) - were among the top 16 best performing stocks on July 8. The move away from focusing solely on Bitcoin's price has led to significant gains for these companies.