AI Pivot Sparks 300% Rally for Bitcoin Miners while Pure-Plays Lag

Bitcoin holdings don't matter as much as GPU racks anymore. As 2025 draws to a close, a massive divide has emerged in the crypto mining sector: those who pivoted to AI infrastructure soared, while those who stuck to pure-play mining were left in the dust.

AI Diversification Drives Triple-Digit Gains

According to Reuters and CoinDesk, IREN emerged as the year's undisputed champion. With a staggering 300% year-to-date gain, the company's aggressive move into GPU cloud deals—backed by Microsoft—redefined its market value. Cipher Mining followed with a 230% jump, while Hut 8 surged 139% after securing a $7 billion AI data center lease.

The story is much grimmer for traditionalists. Marathon Digital, despite holding 53,250 BTC, saw its shares tank 44%. The biggest loser, Bitdeer, crashed 50% following a disastrous Q3 earnings report and delays in its custom ASIC chip production.

Coinbase as a 2026 Fintech Powerhouse

Beyond miners, the broader crypto equity market is shifting. Clear Street's Owen Lau recently named Coinbase as a top fintech pick for 2026. With a price target of $415, Lau highlights its role in tokenization and stablecoin revenue as key catalysts that'll help it outperform during the upcoming transition year.