Bitcoin has had a negative impact throughout the past month and continues to decline after falling below USD 100,000. Crypto mining stocks have also been affected as their profits are heavily tied to Bitcoin. However, some stocks have managed to recover due to involvement in artificial intelligence and other projects.
These three crypto mining stocks can still recover even if Bitcoin declines, and the future recovery of Bitcoin is also a factor attracting support for these selections.
Nebius (NBIS)
Nebius is one of several crypto miners that have shifted to investing in AI data centers. The company has addressed the energy and processing shortages faced by technology giants, but focuses on investing in two brands that will use AI to reach more users.
The developers of the autonomous vehicle Avride and the educational technology company TripleTen are long-term investments that add value to NBIS shares.
However, Nebius does not wait for these stocks to create added value on their own.
Nebius has just signed a 5-year agreement with Meta Platforms worth approximately 3 billion USD. This agreement follows a multi-billion dollar deal with Microsoft.
These agreements have not yet been reflected in current revenue, but Nebius can still report year-over-year revenue growth of 355% in the third quarter.
The terms Bitcoin and crypto do not appear at all in Nebius's third-quarter report or the letter to shareholders. It seems this AI company is completely shifting its focus to AI infrastructure.
Goldman Sachs has just reaffirmed a buy rating on the stock, raising the price target from 137 USD to 155 USD per share. The imbalanced demand-supply for AI supports the strength of the company's core operations, according to the firm in its research report.
IREN (IREN)
Although Nebius has diverse investments and still offers software stacks to customers, IREN focuses solely on providing AI cloud services.
The company solves AI energy bottlenecks like Nebius, but has a 3.2 gigawatt power line with the capability to produce large-scale AI data centers for comparison.
IREN has also made a major contract with Microsoft worth 9.7 billion USD over a period of 5 years. This contract gives Microsoft access to 200 megawatts. When IREN fully utilizes the pipeline, it will support up to 16 Microsoft contract agreements.
IREN continues to mine Bitcoin and has a revenue share of 97% of Q1 FY26. Revenue from AI cloud services has not increased significantly compared to last year, but the Microsoft contract may promote growth in this area.
Currently, IREN still heavily relies on Bitcoin but is redirecting towards AI data centers.
Analyst Roth MKM Darren Aftahi reaffirmed a buy rating for the stock in November, setting a price target of 94 USD. This price target indicates that IREN could more than double from its current level.
Terawulf (WULF)
Terawulf is closer to IREN than Nebius, being another crypto miner that relies on crypto and has also signed a major technology agreement that opens up pathways to AI. The crypto miner is committed to increasing the promised capacity of 250-500 megawatts per year.
To illustrate, Terawulf has allocated 168 megawatts to Fluidstack with a value of 9.5 billion USD in a 25-year lease agreement.
Fluidstack is supported by Google, which can open up additional deal opportunities. The rental is valued at 380 million USD per year, or 2.26 million USD per megawatt per year.
Based on the exchange rate, Terawulf's plan to increase production by another 250-500 megawatts per year could lead to additional recurring revenue of 565 million USD to 1.13 billion USD per year. Bitcoin prices are a driving factor for performance in the third quarter, but the long-term goal of AI data centers has attracted investors.
Compass Point stated in a research note that based on our confidence that TeraWulf can maintain its position and execute HPC construction, we are keeping our price target at 17 USD.
