Bitcoin Mining Stocks Plunge 35% as VanEck Sees Oversold Opportunity

Bitcoin miners have been building out AI infrastructure alongside their existing operations, and that has turned their equity story into something closer to a data-center trade than a pure bitcoin-mining trade. VanEck’s framing puts the focus on how the market is pricing that transition rather than on hash power alone. The October move across these stocks shows how quickly investors are reassessing the mix of mining assets, AI hosting, and real estate-like shell capacity.

For miners and powered shell providers, the selloff means capital markets are judging the expansion model through the lens of leasing structures and funding needs. Companies that want to convert mining footprints into AI infrastructure may need to keep financing and contract terms front and center. Existing operators with exposure to those projects now have to contend with a market that is treating the buildout as a distinct business segment.

The bigger issue is whether a mining company can successfully reposition itself as an AI infrastructure provider without importing new forms of operational and financial risk. Long-term leases can stabilize revenue, but they also stretch commitments across a market that can change quickly. This makes the trade-off clearer: the same assets that once supported bitcoin production are now being valued as infrastructure with different economics and different sensitivities.

What remains open is how much of this October decline reflects a temporary repricing and how much reflects a lasting reset in how these companies are valued. VanEck’s comments do not settle whether the market will reward the AI pivot with steadier multiples over time. A clearer answer would come from the next round of leasing, financing, and deployment results from these miners and powered shell providers.

Bitcoin fell 3.3% in the 4 hours after the first headline, after falling 1.2% in the 2 hours before.

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