VanEck: Bitcoin mining companies are transitioning to AI infrastructure, with valuation potential undervaluation

BTC-0,44%

Gate News reports that on March 11, VanEck Digital Asset Research Director Matthew Sigel stated that Bitcoin mining stocks are among the most attractive investments in the crypto space. Mining companies are actively shifting Bitcoin hash power toward the AI market, but compared to other data center peers, their market value relative to megawatt capacity still shows a significant discount. Sigel pointed out that after decades of supply shortages on the power grid, the current situation faces multiple demand shocks, and mining companies have recognized early on the capital return potential through transformation. Core Scientific recently announced plans to sell most of its Bitcoin holdings this year to expand AI and high-performance computing businesses. Riot Platforms CEO Jason Les said 2025 will be a turning point for the company’s strategic transformation, aiming to enhance shareholder value by utilizing nearly 2 gigawatts of power for high-demand data center infrastructure. Over the past 12 months, Core Scientific’s stock price has increased by 90%, Riot’s by 91%, while MARA Holdings fell 35% due to higher mining costs and declining block output. Since its launch in May last year, VanEck’s NODE ETF has risen over 30%, with net assets reaching $56 million.

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