- Bitcoin hit a new record above $126,000 Monday before easing slightly.
- HIVE Digital and other miners led stock gains as investors poured into crypto equities.
- U.S. Bitcoin ETFs recorded over $3.5 billion in new inflows last week.
- Analysts say miners benefit from rising Bitcoin and AI infrastructure exposure.
- Dollar index weakens amid investor hedging in “debasement trade.”
Shares of major Bitcoin mining companies jumped Monday as the world’s largest cryptocurrency extended its record-breaking rally, fueled by renewed investor demand for crypto exposure and a weakening U.S. dollar.
HIVE Digital Technologies led the surge, soaring 25% to nearly $6 a share by the close of trading. Other leading miners, including IREN (+14% to $57.75), Marathon Digital (MARA, +9% to $21), CleanSpark (+9% to $17), and Riot Platforms (+11% to $21.56), also posted strong gains.
The rise in mining stocks outpaced Bitcoin itself, which hit a new all-time high of $126,080 before settling around $125,191, up more than 9% over the past week, according to data from CoinGecko.
Market analysts say the surge highlights growing investor interest in the so-called “debasement trade,” as concerns over the U.S. fiscal outlook, a partial government shutdown, and an expected October Federal Reserve rate cut drive demand for alternative assets such as Bitcoin and gold.
> “Miners are winning because they’re flexing optionality: power, infrastructure, AI revenue, and leveraged exposure to Bitcoin rallies, all packaged in stocks,”
said Lee Bratcher, President of the Texas Blockchain Council.
“That’s giving them an edge over crypto companies whose exposure is narrower or more operationally constrained.”
Bratcher added that several miners are holding onto their mined Bitcoin instead of liquidating it, effectively acting as crypto treasury firms and positioning themselves for additional upside as Bitcoin prices continue to climb.
He also noted that miners are increasingly viewed as owners of scarce infrastructure, including energy contracts, land, grid access, and cooling capacity — assets that gain value when crypto markets heat up or electricity demand tightens.
The rally follows a record week for Bitcoin ETFs, as U.S. investors funneled $5.95 billion into crypto investment products, with $3.55 billion going directly into Bitcoin funds, according to CoinShares. The report said most of the inflows came from U.S.-listed ETFs, underscoring institutional demand for regulated Bitcoin exposure.
Meanwhile, tech and energy firms are finding new synergies with the mining industry. Google recently announced a partnership with AI computing firm Fluidstack and Bitcoin miner Cipher, securing the option to purchase a 5.4% stake in Cipher as part of a broader AI and infrastructure expansion.
The broader economic backdrop has added fuel to the rally. The U.S. dollar index recorded its worst first half since the early 1970s, while global investors increasingly sought protection from potential currency debasement and geopolitical uncertainty.
As Bitcoin’s momentum builds, analysts say the combination of AI adoption, energy optimization, and institutional inflows could extend gains in mining equities beyond the crypto market itself.
