As the stock market hits new highs, equities in cryptocurrency mining and data center infrastructure are emerging as some of 2025’s biggest winners.
Leading the pack, IREN Ltd (NASDAQ: IREN) has surged more than 540% year-to-date, followed by Cipher Mining (NASDAQ: CIFR) up 345%, Applied Digital (NASDAQ: APLD) up 338%, and Nebius (NASDAQ: NBIS) up 323%.
CoreWeave (NASDAQ: CRWV), which is part of Nvidia’s (NASDAQ: NVDA) portfolio, has climbed 231%, Bitfarms 209%, and TeraWulf (NASDAQ: WULF) 142%. Hut 8 (NASDAQ: HUT), CleanSpark (NASDAQ: CLSK), and Riot Platforms (NASDAQ: RIOT) have each advanced over 100%, while Galaxy Digital and Marathon Holdings have posted more modest gains of 69% and 16%, respectively.
Why mining and data center stock are rallying
Much of the current enthusiasm stems from the fact that many traditional Bitcoin (BTC) miners are transforming into full-fledged data infrastructure providers. IREN, once a pure-play Bitcoin miner, has repositioned itself as a renewable-energy-powered data center operator, benefiting from partnerships with major GPU suppliers such as Nvidia.
Applied Digital has made an even bolder pivot, securing a $5 billion multi-year AI infrastructure lease with a hyperscale client and expanding capacity by an additional 150 megawatts. These moves are giving investors confidence that such companies can transition from volatile, commodity-like Bitcoin revenue to more stable, recurring data-hosting income.
Cipher Mining and NEBIUS are following a similar path, leveraging their vast power access and existing mining sites to meet the surging demand for AI and HPC hosting. As global AI compute needs soar, miners with existing infrastructure, cheap power, cooling systems, and ready-built data centers, are increasingly seen as vital players in the digital economy’s backbone. This structural advantage is fueling investor momentum and driving major inflows into the sector.
The rally has also been supported by rising Bitcoin prices, growing institutional interest, and massive global investment in AI infrastructure. Companies once tied solely to crypto are now being re-rated as hybrid plays on both digital assets and the AI boom.
Featured image via Shutterstock
