BTC Mining Stocks Rise Despite Lack of Correlation with Bitcoin Prices, Shift to AI Business - JP Morgan Report

According to a report released by JP Morgan analysts on the 22nd, the market capitalization of publicly traded Bitcoin mining companies has surged since July, even as Bitcoin prices have remained flat. Outlets such as The Block have reported on this development. The report highlights a clear breakdown in the correlation between mining company stocks and Bitcoin prices. Before the advent of Bitcoin spot ETFs, mining stocks were an alternative investment that tracked the price of Bitcoin. However, now major companies are pivoting to AI infrastructure businesses, and their stock prices are being influenced by AI themes. The shift to AI business involves mining...