In this article, we will list the 5 Bitcoin Miners That Are Now Data Center Companies. Please visit the article 10 Bitcoin Miners That Are Now Data Center Companies if you’d like to see an extended list and the methodology behind it.
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. (NASDAQ:CIFR) 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. (NASDAQ:CIFR), 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. (NASDAQ:RIOT) 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. (NASDAQ:RIOT) 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 (NASDAQ:IREN) 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 (NASDAQ:IREN) 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. (NASDAQ:HUT) 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. (NASDAQ:HUT) 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. (NASDAQ:CORZ) 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. (NASDAQ:CORZ) 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. (NASDAQ:CORZ) 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.
While we acknowledge the potential of CORZ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CORZ and that has 100x upside potential, check out our report about the cheapest AI stock.
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