Wall Street shrugs at Bitcoin miners’ AI pivot

Blocksbridge Consulting reviewed 25 AI and high-performance computing infrastructure deals announced between June 2024 and August 2026 and found that average announcement-day stock moves declined from about 24% for the earliest agreements to roughly 10% for the most recent ones. Median announcement-day gains fell by about half over the same period.

Contract sizes and annualized revenue per contracted megawatt generally increased across the deals covered by Blocksbridge. Despite larger and potentially more valuable agreements, announcement-day share-price reactions were smaller in later deals.

Early hosting agreements produced large initial share-price moves. Core Scientific’s first hosting agreement with CoreWeave lifted its shares by more than 40%. Applied Digital’s initial CoreWeave lease rose about 49%, and TeraWulf’s first Fluidstack deal increased close to 60%.

More recent large agreements generated more modest intraday gains. TeraWulf’s 401-megawatt lease with Anthropic climbed roughly 5%. CleanSpark’s $6.6 billion AI hosting contract added near 9%. Bitdeer’s agreement with Tydal briefly pushed the stock up about 12% before those gains disappeared by the market close.

Blocksbridge reported that investors considered execution risk, balance-sheet strength and the potential for sustained cash flow when pricing companies after announcements. The firm noted that the market expects clear plans for financing and delivering multi-year data center conversions or new builds.

A sector index that tracks publicly traded companies expanding into AI data center and digital infrastructure is about 28.5% below its June peak while remaining higher on a one-year basis. The Philadelphia Semiconductor Index fell nearly 17% from its July high.

Several miners are converting power, cooling capacity and real estate to host AI and HPC workloads and are partnering with specialized providers, including CoreWeave, Fluidstack, Anthropic and Tydal. The per-megawatt economics reported in the reviewed deals rose over the period under study.

Trading responses to AI hosting announcements were generally more muted in the later deals unless the announcements included specific details on execution timelines and financing arrangements. Blocksbridge’s data cover the June 2024–August 2026 window and form the basis for the statistics reported above.