VanEck: Bitcoin Miners Pivoting to AI Data Center Leases Fell ~35% on Average in October

Nov. 5 — According to a VanEck research report, shares of Bitcoin miners pivoting to AI data center infrastructure leasing fell about 35% on average in October, but signed leases have not been canceled and demand signals continue to strengthen. VanEck believes the selloff was mainly driven by rising financing costs and macro sentiment, and that the market is underestimating the value of these companies' long-term leases.

The report notes that the bottleneck for AI infrastructure is power, not chips. With powered, grid-connected sites becoming increasingly scarce, these miners typically sign 10- to 20-year long-term leases with investment-grade tenants. Their valuations are currently significantly below those of data center REITs — roughly half the latter on a 2028 EBITDA basis. VanEck believes that if these companies paused expansion, the value supported by their signed leases alone would be clearly higher than their current share prices.