The shift towards energy supply for AI is turning Bitcoin miners' stocks into some of the most attractive assets in the industry. Matthew Sigel, head of digital assets at VanEck, stated this in an interview with CNBC .
"They are aggressively diversifying their capacities to serve the AI market, yet they are trading at a significant discount compared to other data center operators on a capitalization-to-megawatt basis," he explained.
According to Sigel, miners were among the first to recognize the value of their resources amid high demand from AI developers.
The infrastructure originally built for cryptocurrency mining has proven to be a suitable base for deploying computing power for this new market.
Business Model Shift
Sigel cited Core Scientific as an example of transformation. In early March, the miner announced plans to sell most of its Bitcoin reserves by the end of the first quarter.
The proceeds will be directed towards expanding AI capabilities. Additionally, the company secured $500 million from Morgan Stanley for these purposes.
Riot Platforms is also restructuring its business model. In 2025, the company reported record revenue of $647.4 million. The main factor behind this positive trend was identified as a strategic pivot towards AI and HPC infrastructure.
"2025 was a turning point for Riot, marking a strategic evolution of the business. By leveraging our nearly 2 GW energy portfolio for in-demand data center infrastructure, we are creating value for shareholders," said CEO Jason Les.
Market Dynamics
The market has responded accordingly to this shift: over the past 12 months, shares of Core Scientific and Riot have increased by more than 91%. In contrast, MARA Holdings' stock has dropped by 35.8%, attributed to rising production costs and a decrease in block mining volumes in 2025.
Source: Yahoo Finance.The company outlined a long-term transformation plan: "from a pure Bitcoin miner to an energy and digital infrastructure company."
Sigel also highlighted the success of the VanEck ETF under the ticker NODE. He noted that the ETF invests in companies and instruments "closely tied to the on-chain economy."
According to the website, the product's portfolio includes shares of miners Terawulf, Iren, Cipher Mining, Figure Technology Solutions, Core Scientific, and Hut 8.
Since its launch in May last year, NODE has grown by over 30%, with assets under management reaching $56 million.
"The stocks are performing. For over a year, we have shifted our focus from altcoins and concentrated on where cryptocurrencies intersect with the real economy and generate cash flow," the expert stated.
It is worth noting that at the end of February 2026, miner Bitdeer sold its entire Bitcoin reserve. Company representatives explained this decision as a desire to acquire new assets.