Bitcoin Miners Accelerate AI Infrastructure Transition, Related Stocks Up 56% YTD vs BTC Down 17%

According to 10x Research on May 28, bitcoin miners are accelerating their transition to AI infrastructure companies as demand for AI infrastructure grows rapidly. The firm's crypto stock basket index rose 56% year-to-date, while Bitcoin fell 17% over the same period.

Mining stocks and AI infrastructure concept names surged this week: KEEL up 30%, CIFR and IREN both up 29%, WULF up 24%, and HUT up 22%. 10x Research highlighted several key transactions indicating accelerating miner-to-AI conversion, including IREN's $1.6 billion Dell Blackwell systems purchase, TeraWulf's acquisition of a 1GW Kentucky facility, and Hut 8's $9.8 billion Texas lease agreement.