Bitcoin mining stocks rise as Nvidia results lift AI sector

• StockStory Top Pick NVDA -0.97%
• BTC-USD -1.76% IREN -2.78% WULF -2.34% CIFR -2.82%

Bitcoin mining stocks moved higher on Thursday as Nvidia’s stronger-than-expected quarterly results added momentum to Bitcoin miner-turned AI factory equities. IREN (Nasdaq: IREN) rose 9%, TeraWulf (Nasdaq: WULF) rose 9%, Core Scientific (Nasdaq: CORZ) gained 5%, and Cipher Mining (Nasdaq: CIFR) advanced 13% during the morning trading hours. Bitcoin fell 1% over the past 24 hours.

Nvidia reported Q3 revenue growth of 62%, its first acceleration in seven quarters. The chipmaker’s results added roughly $300 billion in market value to AI-related stocks within minutes, according to a Reuters report.

JP Morgan noted that publicly traded bitcoin miners with hyperscale contracts have been decoupling from bitcoin prices since August. The trend accelerated following Thursday’s market reaction to Nvidia’s earnings.

Cipher Mining shares climbed 10% after the company called a 56-megawatt, 10-year hosting contract with Fluidstack an expansion of its existing agreement. The deal adds about $830 million in contracted revenue and lifts total contracted revenue with Fluidstack to about $3.8 billion. The company plans to issue $333 million of secured notes backed by the Barber Lake project structure. Google expanded its backstop of Fluidstack’s obligations by $333 million, bringing the total to $1.73 billion.

Cipher said 39 megawatts of the new capacity are expected online by January 2027 at its Barber Lake site in Colorado City, Texas. The company noted the contract uses the same structure as its September agreement, in which Google backstopped $1.4 billion and received warrants tied to about 24 million Cipher shares.

IREN extended gains after the company announced a five-year cloud compute agreement with Microsoft worth about $9.7 billion, its first major hyperscaler contract. The company will provide Microsoft access to NVIDIA GB300 GPUs across phased deployments at its Childress, Texas campus. The contract includes a 20% prepayment and is supported by four new liquid-cooled data centers totaling 200 megawatts of critical IT load.

IREN also reached an agreement with Dell Technologies for GPU-related infrastructure worth about $5.8 billion. The company said the investments will be funded through existing cash, Microsoft’s prepayments, operating cash flow, and new financing. Shares rose 21% following the announcement earlier this month.

AI-focused hedge funds have increased exposure to miners shifting into compute services. Situational Awareness LP’s disclosure listed a $362 million position in Core Scientific and a $338 million position in IREN, as of September 30. The fund also reported stakes in Cipher Mining, Hut 8, Riot, Bitfarms, Galaxy Digital, and Bitdeer. Its filing also showed call option positions tied to Intel and holdings across the AI supply chain.

Alpine Fox, a hedge fund led by Mike Alfred, reported positions in Cipher, CleanSpark, and IREN as of Sept. 30. The fund’s largest position was Cipher at 5 million shares. The latest filing showed roughly $240 million in long U.S.-listed equities and long call options on a market-value basis.

Bitcoin trades at $90,458 on Thursday, down 4% year-to-date.