Bitcoin has not performed well over the last month and continued its decline below $100,000. Cryptocurrency mining companies are also suffering since their revenues are heavily tied to Bitcoin, but some of these same stocks may still experience price rallies due to artificial intelligence and other projects.
These three cryptocurrency mining companies may still experience price rallies despite Bitcoin's correction. The future recovery of Bitcoin is also a good catalyst for these picks.
Nebius (NBIS)
Nebius is one of several cryptocurrency miners that have transitioned to AI data centers. The company addresses the energy and IT solutions that tech giants face, but it has heavily invested in two brands that leverage AI to reach more customers.
Autonomous vehicle developer Avride and edtech company TripleTen are two long-term investments that add value to NBIS stock.
However, Nebius is not just sitting around waiting for its large stakes in these companies to increase in value.
Nebius recently secured a 5-year contract with Meta Platforms valued at around $3 billion. This partnership came shortly after a multi-billion dollar contract with Microsoft.
These partnerships are not fully reflected in the current revenue figures, but Nebius still managed to deliver a 355% year-over-year growth in Q3 results.
The words “Bitcoin” and “crypto” were not mentioned once in Nebius's Q3 press release or in the letter to shareholders. The AI company has apparently made a complete shift away from Bitcoin and is now focusing on AI infrastructure.
Goldman Sachs recently reiterated its buy recommendation for the stock and raised its price target from $137 to $155 per share. "The imbalance between demand and supply in artificial intelligence supports the ongoing strength of the company's core business," the firm said in its research.
IREN (IREN)
As Nebius diversifies into other investments and offers a software stack to its clients, IREN focuses solely on artificial intelligence cloud services.
It addresses the energy bottleneck of AI like Nebius, but its 3.2-gigawatt pipeline and ability to produce AI data centers at scale give it a competitive edge.
IREN also secured a significant contract with Microsoft, valued at $9.7 billion over five years. The contract gives Microsoft access to 200 megawatts. Once IREN reaches its full capacity, it can support 16 similar contracts like the one with Microsoft.
IREN continues to mine Bitcoin, which accounted for 97% of Q1 FY26 revenues. AI cloud services did not grow significantly year-over-year, but the Microsoft contract could promote substantial growth in that segment.
Currently, IREN is still heavily dependent on Bitcoin but is transitioning to artificial intelligence data centers.
Roth MKM analyst Darren Aftahi reiterated his buy recommendation for the stock in November and set a price target of $94. This means that IREN's price could more than double from its current level.
Terawulf (WULF)
Terawulf is closer to IREN than to Nebius. It is another crypto miner that is reliant on cryptocurrencies but has made big technology deals that enable a shift to AI. The crypto miner plans to increase its contract capacity by 250-500 megawatts per year.
For context, Terawulf reserved 168 megawatts for Fluidstack with a $9.5 billion contract over a 25-year lease.
Fluidstack is supported by Google, which can open doors to additional agreements. The lease is valued at $380 million annually, or $2.26 million per megawatt per year.
Using this conversion rate, Terawulf's plan to increase capacity by 250-500 megawatts per year could mean an increase from $565 million to $1.13 billion in annual recurring revenues. Bitcoin prices drove Q3 results, but long-term AI data center goals have intrigued investors.
"Based on our optimism in Terawulf's ability to acquire sites and execute HPC construction projects, we maintain our Buy recommendation and $17 price target," Compass Point noted in its research memo.
