Shares of Bitcoin mining companies have outgrown BTC in 2026, with a basket of tracked cryptocurrency stocks rising 56% year-to-date, while Bitcoin has fallen 17%, according to a report by 10x Research.
Last week, five mining and AI infrastructure stocks led the gains as Bitcoin prices fell due to rising US Treasury yields and expectations of tighter monetary policy from the Federal Reserve.
Bitcoin price movements and US Treasury 10-year yield. Source: TradingViewSeveral factors are driving this trend, stemming from large-scale GPU procurement deals and the acquisition of major data center campuses, indicating a rapid shift from Bitcoin mining to AI infrastructure development.
Bitcoin Miners Lead the Charge as AI Infrastructure Spending Reshapes the Sector https://t.co/0hwzUxEiZr
— 10x Research (@10xResearch) May 28, 2026
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1. KEEL Infrastructure (KEEL), increased by 30%.
KEEL, formerly Bitfarms , saw its biggest gain of the week after Chardan began reviewing it with a Buy recommendation.
This company is diverting 2.2 gigawatts of power across Pennsylvania, Washington, and Quebec to serve AI and high-performance computing needs. This is also part of a trend shifting from Bitcoin mining to AI infrastructure development that is expected to change industry values by 2026.
2. Cipher Mining (CIFR), up 29%
Cipher Mining continues to grow thanks to interest from major financial institutions and the expansion of its hyperscale data center leasing contracts.
Experts believe that the scale of Texas's electricity infrastructure and Cipher Mining's strong financial capabilities are the reasons why retail investors expect the company to continue expanding its AI data centers.
3. IREN (IREN), up 29%
On May 26, 2026, IREN signed a $1.6 billion contract with Dell to purchase Blackwell GPU systems for a $3.4 billion, five-year AI cloud services agreement.
The system is expected to be deployed in early 2027 at the company's Childress, Texas campus and could help increase IREN's annual revenue from $3.7 billion to $4.4 billion.
4. TeraWulf (WULF), up 24%
On May 26, 2026, TeraWulf acquired the 285-acre Muskie Data Campus in Eastern Kentucky, which is expected to support a maximum capacity of 1 gigawatt and begin delivering the first 500 MW by the end of 2028.
This M&A deal helps expand TeraWulf's AI and HPC development plans beyond its current Lake Mariner and Abernathy sites.
5. Hut 8 (HUT), up 22%
Hut 8 has just signed a 15-year lease for its Beacon Point campus in Nueces County, Texas, worth a total of $9.8 billion.
This 352-megawatt data center is designed to NVIDIA's DSX standard , bringing Hut 8's total AI capacity to approximately 597 megawatts, continuing the expansion plan across Louisiana, Texas, and Illinois.
"Hut 8's $9.8 billion lease in Texas is clear evidence of the accelerating shift from Bitcoin miners to AI infrastructure developers," according to a report by 10X Research.
Why does Bitcoin perform worse than miners?
According to BeInCrypto data, Bitcoin was trading around $73,367 on Thursday, down nearly 5% for the week.
Bitcoin (BTC) price movement. Source: BeInCryptoThe outflow of funds from BlackRock's IBIT fund has continued for days, reflecting the view that retail investors are shifting Capital from BTC to shares of mining companies that hold contracts with AI giants.
The yield on 10-year Treasury bonds edged lower to between 4.47% and 4.50% ahead of the release of PCE inflation data; the next FOMC meeting on June 16-17, 2026, could determine whether mining stocks continue their summer rally .
