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A VanEck research report shows that Bitcoin mining companies that are transitioning to AI data center infrastructure leasing saw their stock prices fall by an average of about 35% in October. Despite the stock price decline, long-term leases that had already been signed were not cancelled, indicating that demand signals are still strengthening. VanEck believes that rising financing costs and macroeconomic sentiment have driven this sell-off, with the market undervaluing the long-term leases of these companies. The bottleneck for AI infrastructure lies in electricity, and these mining companies typically sign 10- to 20-year long-term leases with investment-grade tenants. Currently, these companies are valued significantly lower than data center REITs, at approximately half the latter's 2028 EBITDA. VanEck argues that if these companies halt expansion, the value supported solely by their existing leases would exceed their current share price.