Bitcoin Miners Rally as BTC Reclaims $92K, ETH Tops $3K—AI Pivot Drives Equity Repricing

Crypto equities are catching a strong bid as Bitcoin and Ethereum retake key levels, but the more interesting shift is where investors are assigning premium: scale miners with power footprints and credible AI compute roadmaps.

Bitcoin traded above $92,000 earlier Friday and sits around $90,868, while Ethereum is back above $3,000 at $3,047—up roughly 7% and 9.4% on the week, respectively. That move is flowing directly into mining and treasury-linked names:

- BitMine Immersion Technologies (BMNR), described as the leading Ethereum treasury firm, gained 4.47% today and over 27% across five sessions to $33.16. Chaired by Tom Lee, BitMine has steadily accumulated ETH—even after a roughly 38% drawdown from its August peak—and now holds more than $11 billion of Ethereum. - CleanSpark (CLSK) and Riot Platforms (RIOT) jumped 12.27% and 7.8% intraday. Over five days, CleanSpark is up more than 54%—though shares are still down about 21% this month at $15.10. Earlier in November, CleanSpark upsized a convertible notes deal to $1.15 billion, earmarking nearly half for buybacks at an average price of $15.03. - Bitfarms (BITF) and Cipher Mining (CIFR) climbed more than 5% Friday. Cipher shares exploded 22% earlier this month after a $5.5 billion, 15-year lease agreement to provide space and power for Amazon Web Services and AI workloads; CIFR is now up more than 500% over six months. Bitfarms, after a $46 million Q3 loss, is aiming to fully transition away from Bitcoin mining during 2026–2027 to focus on AI compute. - MARA Holdings (MARA) and HIVE Digital advanced 5% and 6% on the day. - Digital asset treasury exposures are also green. SharpLink Gaming, Forward Industries, and Strategy (formerly MicroStrategy) are bouncing, though the trio remains down 22%, 43%, and 37% over the last month.

Rates are the macro tailwind. A December cut is being priced more confidently, with prediction market Myriad implying about an 85% chance of a 25 bps move—supportive for high-beta risk and duration-heavy growth stories.

The through line: markets are rewarding miners that look less like commodity hash producers and more like flexible power/compute providers. The AI pivot isn’t just a narrative; it’s a different balance sheet and cash flow profile. Long-dated power contracts, diversified revenue from colocation and compute leasing, and the option to throttle between Bitcoin and AI workloads could reduce earnings volatility. Cipher’s 15-year AWS-linked deal is a template the street can model—visibility, creditworthy counterparties, and monetization per MW that can outstrip post-halving BTC economics in some scenarios.

There are trade-offs. AI demand can be cyclical, contract structures vary widely, and build-outs introduce execution and counterparty risks. Energy allocation carries public scrutiny; miners expanding into AI will be judged on grid impact, community relations, and transparency around power sourcing as much as on EBITDA. Technologically, ASIC-centric fleets don’t convert neatly into AI; the advantage sits with land, power, and development muscle—assets with real lead times.

On the treasury side, BitMine’s ETH accumulation is a high-octane liquidity bet. In uptrends, treasury premiums often expand as investors seek pure asset beta with equity market access. In drawdowns, these names can underperform as leverage (financial and narrative) cuts both ways.

CleanSpark’s buyback authorization around $15 signals management’s confidence in intrinsic value despite month-to-date drawdowns. Still, miners remain reflexive to spot BTC: when price rips, equity beta overshoots; when it stalls, dilution, capex cycles, and power costs reassert.

For now, the tape favors scale, power optionality, and contracts that look more like infrastructure than speculation. With BTC near $90,868 and ETH at $3,047, and a potential Fed cut on deck, that repricing has room—so long as execution meets the narrative.