There were no S&P 500 earnings reactions on Friday, but we want to tell you about one of the best earnings reactions we've seen in weeks.
A major re-rating is underway in one of the market’s most volatile industries.
For years, Bitcoin miners were treated like leveraged bets on cryptocurrency prices - booming when Bitcoin rallies, busting when it falls.
But that narrative no longer fits...
These companies are being re-rated by investors as real infrastructure plays, powering the backbone of the AI and high-performance computing boom. They already own the land, the power, the GPUs, and the cooling systems - all the ingredients the world’s biggest AI clients now need.
The market has caught on...
The Valkyrie Bitcoin Miners ETF $WGMI has exploded +475% since April, closing last week at fresh all-time highs.
Last week in the Daily Beat, we covered Cipher Mining $CIFR, now the single best-performing stock in the entire Russell 3000 since the April low. The same theme that powered Cipher’s rise is driving the whole group higher - a full-scale rotation into the new data-center economy.
And the chart tells the story better than words:
The Valkyrie Bitcoin Miners ETF decisively resolved a massive base last month, entering a brand-new primary uptrend. This price action is confirmation that this group has transitioned out of its speculative past and into a genuine growth cycle.
From the April low, prices have climbed nearly fivefold, marking one of the strongest uptrends anywhere in global equities.
Moves like this don't happen in a vacuum - they occur when the market completely re-rates a business model.
The same dynamic is playing out in Applied Digital $APLD, which just reported another monster quarter on Friday:
In their latest report, Applied Digital reported a revenue surge of 95% year-over-year, driven by expanded long-term lease agreements with CoreWeave $CRWV. The company now has a total contract value of roughly $11B over the next 15 years with CRWV.
These sales have nothing to do with Bitcoin mining. They’re recurring, infrastructure-grade revenues that Wall Street can model and trust.
The stock responded accordingly, rallying +16% in reaction to the news - the second-best of this entire cycle - just one quarter after its record +31% pop in July.
The price closed the week at a multi-decade high, pressing against the prior cycle's peak. The bulls look poised to blast the price to new cycle highs any day.
What we’re seeing across the board is a re-rating of the Bitcoin-mining industry into something far more durable - a wave of companies evolving from crypto speculation into AI infrastructure operators.
That’s why the charts look so clean, and why the breakouts keep coming.
As long as this trend of high-power computing demand continues, the path of least resistance for the miners remains higher for the foreseeable future.