The surge in Bitcoin mining companies' AI transformation has driven up stock prices, with Cipher and Hut 8 hitting all-time highs.

CoinFeed reported on May 28th that, according to The Block, stocks of Bitcoin mining companies transitioning to AI and hyperscale computing continued to rise. IREN surged over 13% on Wednesday, nearing its all-time high, after announcing a $3 billion convertible bond financing, a partnership with Nvidia to build a 5-gigawatt AI data center, and the acquisition of Mirantis for $625 million. On Tuesday, it also reached a $1.6 billion agreement with Dell to supply Blackwell AI systems. Cipher and Hut 8 both hit record highs, with Cipher rising approximately 9.5% to $25 and Hut 8 rising nearly 5% to $118. Hut 8 has risen nearly 600% in the past year. TeraWulf rose over 6% on Wednesday, with a year-to-date increase of approximately 800%, and its HPC business revenue surpassed its Bitcoin mining revenue for the first time in a quarter.