Bitcoin has not performed well over the past month and continued to decline after falling below $100,000. Crypto mining stocks also felt the pain, as their revenues are strongly tied to Bitcoin. However, some of those same stocks can still rally thanks to their involvement in artificial intelligence and other initiatives.
These three crypto mining stocks could still rise despite Bitcoin's correction. Bitcoin's future recovery is also a good catalyst for these choices.
Nebius (NBIS)
Nebius is one of many crypto miners that have transitioned to AI data centers. The company focuses on the energy and computing power bottlenecks faced by tech giants, but it has heavily invested in two brands that will leverage AI to reach more customers.
Autonomous vehicle developer Avride and edtech company TripleTen are two long-term investments that add more value to NBIS shares.
However, Nebius is not waiting for its large stakes in these companies to gain value.
Nebius recently signed a 5-year contract with Meta Platforms, worth about $3 billion. That partnership followed a billion-dollar deal with Microsoft.
Those collaborations are not fully reflected in the current revenue figures, but that did not stop Nebius from delivering a revenue growth of 355% year-over-year in Q3.
The words 'Bitcoin' and 'crypto' did not appear once in Nebius' Q3 press release or letter to shareholders. The AI company seems to have made a complete pivot away from Bitcoin and is now focusing on AI infrastructure.
Goldman Sachs recently reiterated its buy rating for the stock and raised the price target from $137 to $155 per share. 'The imbalance between supply and demand for AI supports the ongoing strength in its core business,' the company said in its research.
IREN (IREN)
While Nebius diversifies into other investments and also offers a software stack for its customers, IREN is solely focused on delivering AI cloud services.
It solves the AI energy bottleneck like Nebius, but its 3.2-gigawatt pipeline and ability to produce AI data centers at scale give it an advantage.
IREN has also secured a significant deal with Microsoft worth $9.7 billion over five years. The contract gives Microsoft access to 200 megawatts. Once IREN fully utilizes its pipeline, it can support 16 deals like the Microsoft contract.
IREN still mines Bitcoin, which represented 97% of revenue in Q1 FY26. Revenue from AI cloud services has not changed much year-over-year, but the Microsoft deal could spark significant growth in that segment.
At this moment, IREN is still heavily reliant on Bitcoin, but it is transitioning to AI data centers.
Roth MKM analyst Darren Aftahi reiterated a buy rating for the stock in November, setting a price target of $94. That price target suggests that IREN will more than double from current levels.
Terawulf (WULF)
Terawulf is closer to IREN than to Nebius. It is another crypto miner that relies on crypto, but has secured major tech deals that pave the way for an AI pivot. The crypto miner plans to increase its contracted capacity by 250-500 megawatts annually.
For your information, Terawulf has allocated 168 megawatts to Fluidstack for $9.5 billion over a 25-year lease agreement.
Fluidstack is backed by Google, which may open the door to additional deals. The lease amounts to $380 million per year, or $2.26 million per year for each megawatt.
With that conversion rate, Terawulf’s plan to increase capacity by 250-500 megawatts annually could translate into an additional $565 million to $1.13 billion in annual recurring revenue. The Bitcoin price affected the Q3 results, but long-term ambitions for AI data centers have captivated investors.
'Based on our bullishness for TeraWulf to secure locations and execute HPC construction projects, we maintain our buy recommendation and price target of $17,' said Compass Point in a research note.
