10x Research: Mining Companies' Shift to AI Infrastructure May Reshape the Next Cycle and Crypto Stock Market Structure

Odaily News 10x Research released a new analysis on platform X, pointing out that institutional capital inflows and changes in corporate balance sheets are quietly reshaping the crypto stock market landscape, driving up some crypto-related stocks. Circle's stock price has rebounded by approximately 60%, and Coinbase has risen by about 25%. Concurrently, mining companies' transition to AI infrastructure may reshape the next cycle. Bitdeer previously liquidated its Bitcoin reserves. Although equity was diluted following the completion of convertible bond issuance and stock placements, the raised funds are likely to be used to accelerate the shift towards high-performance computing and AI infrastructure. This indicates a structural transformation is also occurring within the crypto mining sector, potentially redefining investor expectations for the next cycle.