Bitcoin mining company transitions to AI, stock price surges

The stock prices of Bitcoin mining companies undergoing AI transformation continue to rise. IREN rose over 13% on Wednesday, approaching a historic high, after announcing a $3 billion convertible bond financing, partnering with Nvidia to build a 5GW AI data center, and acquiring Mirantis for $625 million; On Tuesday, a $1.6 billion agreement was reached with Dell to supply Blackwell AI systems. Cipher rose about 9.5% to $25, Hut 8 rose nearly 5% to $118, and Hut 8 rose nearly 600% in the past year. TeraWulf rose more than 6% on Wednesday, up about 800% in the past year, and its HPC business quarterly revenue surpassed Bitcoin mining business for the first time.