In this article, we will look at the 10 Bitcoin Miners That Are Now Data Center Companies.
The emergence of artificial intelligence (AI) and the rapid pace of its development meant that much of the infrastructure needed to support this growth wasn’t in place initially. While the memory bottleneck currently makes the headlines, it is likely to be resolved within a couple of years, if not sooner, through technological advancement. The power bottleneck, however, is unlikely to be resolved within the next five years and may not be completely resolved within the next decade. That’s because wait times for a centralized grid interconnection are at least five years in the best-case scenario.
The above problem is being addressed by energy companies, but for some companies in a completely different line of business, the solution has been sitting right there all this time. Bitcoin miners usually have massive real estate with established power connections to support their mining infrastructure. Their power and cooling infrastructure was the quickest solution to the power bottleneck, and it therefore didn’t surprise anyone when, one by one, they started switching their business from bitcoin mining to GPU hosting for AI workloads. As a result, bitcoin miners now get the AI multiple, completely changing the investment thesis.
According to Bernstein, listed miners hold approximately 27 gigawatts of planned electricity capacity. This capacity is in high demand, as it helps hyperscalers circumvent the 5-year wait time for a grid connection and provides a well-rounded setup for deploying their GPUs. We decided to look at these stocks in our article titled Bitcoin miners that are now data center companies.
Our Methodology
To compile our list of 10 bitcoin miners that are now data center companies, we looked at financial media reports to identify companies that have shifted their business from bitcoin mining to data centers. These companies have a market cap of at least $2 billion and have recently reported investor-worthy news. They are also popular among hedge funds and are listed in ascending order of the number of hedge funds holding them in their portfolios.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
Note: All share price data is as of market close on June 30, 2026.
10. Keel Infrastructure Corp. (NASDAQ:KEEL)
Number of Hedge Fund Holders: 25
On June 24, Citizens initiated coverage of Keel Infrastructure Corp. (NASDAQ:KEEL) with an Outperform rating and set a target price of $10. The firm expects the company to benefit from the growing need for AI-related computing and data center infrastructure.
Citizens believes KEEL is strategically repositioning its business to capitalize on the rapid growth of AI. The company is working efficiently by converting power capacity previously used in bitcoin mining into AI-focused infrastructure. This can serve hyperscale customers with significant computing needs. Moreover, the company is expected to benefit from favorable industry dynamics that have driven strong performance across the AI infrastructure and data center sector.
On a more positive front, the firm sees a favorable outlook for KEEL as demand for AI computing infrastructure continues to grow. At the same time, the limited supply of powered data center capacity is improving market conditions for infrastructure providers. The company’s transition toward AI may diversify its revenue base and reduce its dependence on the more volatile bitcoin mining market.
Keel Infrastructure Corp. is a digital and energy infrastructure company. It focuses on high-performance computing and artificial intelligence workloads. The company primarily owns and operates data centers housing computers to validate transactions on the Bitcoin blockchain. It was founded in 2017 and is based in New York. The company was previously known as Bitfarms Limited and changed its name to Keel Infrastructure Corp. on April 1 this year.
9. MARA Holdings Inc. (NASDAQ:MARA)
Number of Hedge Fund Holders: 25
Citizens JMP initiated coverage of MARA Holdings Inc. (NASDAQ:MARA) with an Outperform rating and a price target of $24 on June 24. It cited favorable industry trends to support its positive outlook. According to the firm, MARA’s shift from bitcoin mining infrastructure to AI computing capacity will drive future growth. A day prior to this update, Bernstein analyst Gautam Chhugani reiterated a Hold rating on the stock along with the price target of $17.
As demand for AI continues to grow, MARA is shifting its focus from Bitcoin mining to energy-backed AI and HPC infrastructure. The company is aiming for faster monetization of connected power. Earlier on May 12, MARA Holdings Inc. acquired a 505-megawatt combined-cycle gas power plant with about $144 million annualized EBITDA. Moreover, 1600 acres of land and the potential to expand power capacity beyond 1 gigawatt were also part of the deal. As a result, the company’s total owned power capacity will increase by approximately 65%, giving it significantly more energy resources to support future growth.
According to the company, demand for AI infrastructure is growing too quickly to wait years for new projects to be completed. By acquiring Long Ride Energy Campus, MARA gains immediate access to power, fiber, gas, and grid connectivity. This acquisition can help the company cope with high AI demand.
MARA Holdings Inc. operates as an energy and digital infrastructure company in North America, the Middle East, Europe, and Latin America. The company operates in two segments. It runs Bitcoin mining operations and also provides computing power for AI applications. The company was founded in 2010 and is headquartered in Hallandale Beach, Florida.
8. CleanSpark Inc. (NASDAQ:CLSK)
Number of Hedge Fund Holders: 37
Gregory P Miller, an analyst at Citizens JMP, started coverage of CleanSpark Inc. (NASDAQ:CLSK) with an Outperform rating on June 24. The analyst assigned a price target of $27 to the stock. According to the firm, the company is well-positioned to benefit by repurposing its bitcoin mining power capacity to serve hyperscale customers. It also expects the growing demand for AI and high-performance computing infrastructure to support CleanSpark’s growth. The stock continues to enjoy positive analyst sentiment as Chardan Capital raised its price target from $15.59 to $19 and reaffirmed a Buy rating on June 8.
Earlier on June 4, CLSK released its unaudited operational update. It highlighted stronger mining output and continued expansion efforts. With the AI tailwind, the company is actively commercializing its infrastructure portfolio in Sandersville and Texas. CEO and Chairman Matt Schultz believes that CLSK will continue to develop its power pipeline, add high-impact talent across the organization, and operate most effectively in bitcoin mining data centers across the country. This shows the Bitcoin miner plans to use efficient Bitcoin mining as a financial engine. During May, the company produced 671 Bitcoin, taking the 2026 output to 3110 BTC. The operational hashrate reached 50 EH/s with 224470 deployed miners.
CleanSpark Inc. is a Bitcoin mining company with exposure to the data center industry. The company is based in Henderson, Nevada, and was founded in October 1987 by S. Matthew Schultz and Bryan Huber.
7. Applied Digital Corp (NASDAQ:APLD)
Number of Hedge Fund Holders: 39
Applied Digital Corp (NASDAQ:APLD) has seen some bullish analyst activity recently, with Northland revising its price target upward from $56 to $82. The firm also kept an Outperform rating on the stock. The upward revision to the price target reflects the firm’s confidence in the company. Northland believes Applied Digital’s management, site sourcing, and development team are executing at an extremely high level. This makes the stock a 2026 top pick for the firm.
In addition to Northland, Craig Hallum also raised its price target on Applied Digital Corp to $79 from $75 on June 9 and reiterated a Buy rating. The upward price target revision reflects an impressive 109% upside from current levels. The main reason for Craig Hallum’s optimism is the company’s announcement of another lease with a US-based high-investment-grade hyperscaler. The AI infrastructure company has now generated five leases and 1.4 GW of contracted capacity, the analyst noted. This shows APLD is aggressively expanding its data center business and securing long-term revenue commitments from major customers.
Applied Digital Corp builds and operates digital infrastructure for AI and computing companies in North America. The company provides data centers and GPU computing solutions for businesses working in AI. It is headquartered in Dallas, Texas, and was founded in 2021 by Wes Cummins and Jason Zhang.
6. Bitdeer Technologies Group (NASDAQ:BTDR)
Number of Hedge Fund Holders: 40
Bitdeer Technologies Group (NASDAQ:BTDR) is one of the top data center stocks to invest in. Based on the report released on June 29, Needham analyst John Todaro reiterated a Buy rating on the stock with a price target of $19. The firm’s price target sits just below the median Wall Street analyst price target of $21, based on 12 analysts covering the stock.
A few days back, on June 24, Citizens initiated coverage of Bitdeer Technologies Group with an Outperform rating and set a price target of $35. The firm’s price target reflects an additional 120% upside from current levels. The firm believes the company is well-positioned to benefit from the growing demand for AI and high-performance computing infrastructure.
With the AI tailwind, BTDR is working efficiently by converting power capacity previously dedicated to bitcoin mining into infrastructure for hyperscale customers. This will help customers who require substantial computing power for AI workloads. Moreover, the firm expects the data center company to benefit from the same industry trends that have helped its competitors significantly outperform the S&P 500 over the past year. As a result, economics for providers of high-performance computing capacity have improved considerably, and strong demand for powered data center capacity continues to support growth opportunities, the firm noted.
Bitdeer Technologies Group is a technology company specializing in blockchain and computing, offering hash rate sharing solutions, including Cloud hash rate and one-stop mining machine hosting solutions for efficient cryptocurrency mining.
5. Cipher Digital Inc. (NASDAQ:CIFR)
Number of Hedge Fund Holders: 49
On June 9, Cipher Digital Inc. (NASDAQ:CIFR) announced that its wholly owned subsidiary, Stingray Compute LLC, had raised $810 million by issuing secured debt. The notes carry a 6% interest rate and mature in 2031. The offering closed on June 15, 2026, after meeting the required closing conditions. The notes were exclusively sold to qualified institutional investors in the US and certain international investors.
The money raised from debt offerings will be used to complete construction of the Stingray data center. Part of the proceeds will also repay the parent company for approximately $61.5 million it previously invested in the project. The company will also set aside funds for future interest and debt payments. Moreover, the notes are guaranteed by Cipher Stingray LLC, and the debt is secured by most of the assets related to the Stingray facility. The parent company, Cipher Digital Inc. has given a standard guarantee to ensure the project is completed. If the $810 million raised from the notes is insufficient, the company will provide additional funding to ensure the timely completion of the Stingray facility.
Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for high-performance compute hosting in the United States. The company was formerly known as Cipher Mining Inc. and changed its name to Cipher Digital Inc. in February 2026. It was founded in 2021 and is headquartered in New York.
4. Riot Platforms Inc. (NASDAQ:RIOT)
Number of Hedge Fund Holders: 49
On June 9, Keefe Bruyette raised its price target on Riot Platforms Inc. (NASDAQ:RIOT) from $23 to $37 and kept an Outperform rating on the stock. The firm believes that the company is well positioned in the digital infrastructure market because it already has access to the power it needs and has secured key equipment in advance. Moreover, after visiting RIOT’s Corsicana facility, the firm became more confident in the company’s data center capabilities and its ability to secure tier-3 capacity leases at both the Corsicana and Rockdale sites. Strong customer demand and ongoing discussions with large cloud and AI companies could create further growth opportunities for the company, the analyst told investors in a research note.
On a more bullish note, Clear Street also raised its price target on Riot Platforms Inc. to $38 from $26 and reiterated a Buy rating on June 4. The upward price target revision reflects the analyst’s growing confidence in the company’s AI and HPC opportunities, driven by strong investor interest in data centers.
Riot Platforms Inc. operates as a Bitcoin mining company. It operates in two segments, Bitcoin mining and Engineering. The company offers comprehensive and critical infrastructure for Bitcoin mining and data center services. The company was founded in 2000 and is based in Castle Rock, Colorado.
3. IREN Ltd (NASDAQ:IREN)
Number of Hedge Fund Holders: 53
Gautam Chhugani from Bernstein reaffirmed a Buy rating on IREN Ltd (NASDAQ:IREN), along with the price target of $100 on June 23. The firm’s price target reflects an impressive 117% upside from the current levels. The firm’s price target is slightly higher than the median Wall Street analysts’ price target of $82.
IREN Ltd has aggressively shifted its focus to become a major AI cloud provider, catering to the rising demand for AI infrastructure. On June 3, IREN announced that it has signed a transmission connection agreement for a planned 800-megawatt data center campus in Bundey, South Australia. This marks the company’s first disclosed data center project in Australia and is expected to be one of the largest in the Asia-Pacific region to date.
Under this agreement, IREN secured access to four high-voltage power connections at the utility’s substation. This provides the company with enough capacity to support up to 800 megawatts of power without significant additional investment in grid infrastructure. Furthermore, the data center company plans to start preliminary development work and begin purchasing equipment while it waits for regulatory approvals.
IREN Ltd operates in the data center business. The company owns and runs computing hardware, power systems, and data centers. It also mines Bitcoin by operating a peer-to-peer network of computers running Bitcoin software. The company was incorporated in 2018 and is based in Sydney, Australia.
2. Hut 8 Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 60
On June 11, Chris Brendler of Rosenblatt Securities maintained a Buy rating on Hut 8 Corp. (NASDAQ:HUT) with a price target of $124. The analyst’s price target reflects approximately 4% upside from current levels.
Hut 8 Corp. has strategically shifted its focus from bitcoin mining toward HPC and AI infrastructure. The company leverages its integrated platform of power, digital infrastructure, and compute resources to support the growing demand for high-energy technologies. On the occasion of the appointment of the new Chair of the Board of Directors, Asher Genoot, CEO of Hut 8, said the company aims to build and grow its energy and technology infrastructure business for many years to come.
Stanley O’Neal, Chair of the Board of Hut 8, highlighted the company’s ambition by saying,
The reorganization of capital around energy, digital infrastructure, and compute is among the largest I have seen in my career. At this scale of capital deployment, advantage accrues to operators whose position is structural. Hut 8 has built such a position with intent: a power-first foundation, an engineering discipline rooted in first principles, and an operating model proven across evolving markets. The Board will continue to work with management, providing oversight and governance aligned with the demands of a business operating at Hut 8’s scale and ambition.
Earlier on June 5, HUT announced that its subsidiary, Beacon Point DC, raised $4.25 billion through a private debt offering. The note carries an interest rate of 6.129% and is scheduled to mature in 2042. The notes will be offered exclusively to qualified institutional investors.
Hut 8 Corp. is an energy and digital infrastructure company operating across the United States and Canada. The company operates through four business segments: Digital Infrastructure, Power, Compute, and Others.
1. Core Scientific, Inc. (NASDAQ:CORZ)
Number of Hedge Fund Holders: 81
Based on the research report released on June 24, BTIG analyst Gregory Lewis raised the firm’s price target on Core Scientific, Inc. (NASDAQ:CORZ) from $33 to $38 while keeping a Buy rating. The revised price target offers an additional 46% upside from the current levels.
However, not all analysts share the same level of optimism. On June 16, Freedom Capital initiated coverage on Core Scientific, Inc. with a Hold rating and assigned a price target of $33. The firm believes that the company has strong long-term potential as a colocation provider, especially given that AI data center capacity is currently limited. The firm’s neutral stance on the stock reflects its belief that much of its expected future growth in 2027 and even 2028 is already reflected in the stock price.
Similarly, on June 12, Lucid Capital reinitiated its coverage of Core Scientific, Inc. stock with a Buy rating and set a price target of $40. The firm believes that the company is entering its second phase of growth and is proving that it can operate a high-performance computing platform. Moreover, the company has enough financial strength to support the development of about 1 gigawatt of computing capacity across its current and planned sites, the analyst told investors in a research note.
Core Scientific, Inc. operates digital Bitcoin mining and high-performance computing infrastructure. The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account and also provides hosting services for Bitcoin mining and high-performance computing customers at US-based operational data centers.
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