Crypto stocks rallied Monday as capital rotated from AI plays. Strategy and BitMine led, while SharpLink also gained. Bitcoin approached $65,000. Hut 8 and IREN benefit from AI-crypto crossover.
Crypto equities rallied Monday as capital flowed out of AI infrastructure names and into digital asset proxies. Strategy shares climbed 3% to $94.43. BitMine Immersion gained nearly 7% to $17. SharpLink Gaming rose about 5% to $6.07.
The moves coincided with Bitcoin pushing toward $65,000, a level that has acted as resistance in recent weeks, traders said. Several market participants described the day as a rotation from AI-related stocks, which have struggled after a string of earnings disappointments and lower guidance.
Mining companies that have diversified into AI data centers benefited from both dynamics. Hut 8 announced a 15-year, $9.8 billion lease for its Beacon Point AI campus in Texas on July 20. IREN disclosed $2.8 billion in new multi-year AI cloud contracts and raised its 2026 AI Cloud annual run-rate revenue target to over $4 billion, the companies said. Those contracts represent contracted revenue independent of Bitcoin's price.
Strategy now holds 843,775 BTC at an average cost of $75,476 per coin. The company also maintains $3.75 billion in cash reserves. With Bitcoin near $65,000, that treasury position remains underwater on a cost basis, though the gap has narrowed.
BitMine holds more than 3.73 million ETH, while SharpLink holds 872,984 ETH. Their stock prices effectively track Ethereum's price.
Other names in the sector rose. Coinbase gained 2.4%. MARA Holdings and CleanSpark each rose; Cipher Digital also posted a gain.
AlphaScala's scoring system gives MARA a score of 37 out of 100, labeled Mixed. IREN scores 23, labeled Weak. Hut 8 scores 62, labeled Moderate. The scores aggregate factors including momentum and valuation.
Crypto equities trade on regulated exchanges during normal market hours, which makes them more accessible than spot crypto for institutional investors with compliance constraints.
Bitcoin was last near $64,800, up 2.1% on the day. Ethereum traded at $3,120, up 1.8%.
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