VanEck: Bitcoin Miners Strike Gold Amid AI Energy Shortage

Bitcoin miners' stocks become attractive due to AI energy demand, says VanEck's Sigel.

The shift towards energy supply for AI is turning bitcoin miners’ stocks into some of the most attractive assets in the industry, according to Matthew Sigel, head of digital assets at VanEck, in an interview with CNBC stated.

“They are aggressively diversifying their capacities to serve the AI market, yet they trade at a significant discount to other data centre operators in terms of capitalisation per megawatt,” he explained.

According to the expert, miners were among the first to recognise the value of their resources amid high demand from AI developers.

Infrastructure initially built for cryptocurrency mining has proven to be a suitable base for hosting the computational power of the 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 used to expand AI capabilities. Additionally, the company secured $500 million from investment bank 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 for this positive trend was the strategic pivot towards infrastructure for artificial intelligence and HPC.

“2025 was a turning point for Riot, marking the strategic evolution of our business. By leveraging our nearly 2 GW energy portfolio for in-demand data centre 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 gained more than 91%. Meanwhile, MARA Holdings’ shares fell by 35.8%. The company’s weak performance is attributed to rising production costs and a decrease in block mining volumes in 2025.

The company presented a plan for long-term transformation: “from a pure bitcoin miner to an energy and digital infrastructure company.”

Sigel also highlighted the success of VanEck’s exchange-traded fund under the ticker NODE. According to him, the ETF invests in companies and instruments “closely linked 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 more than 30%, with assets under management reaching $56 million.

“The stocks are working. For over a year, we have been shifting focus from altcoins and concentrating where cryptocurrencies intersect with the real economy and generate cash flow,” the expert said.

Back in late February 2026, miner Bitdeer sold its entire bitcoin stock. Company representatives explained the decision as a desire to acquire new assets.