Bitcoin surged 21.5% in four days between August 17 and 21, yet six of seven major US-listed miners finished lower. MARA Holdings gained 16.1% and came closest to BTC, while Cipher Digital fell 14.8%, TeraWulf 11.2%, Hut 8 8.1% and IREN 6.8%. Data-center and AI infrastructure contracts are weakening the historic link between miner stocks and Bitcoin price: correlation with the QQQ index now exceeds correlation with Bitcoin for all seven companies, signaling a broader sector reclassification. TeraWulf already generates 71% of its quarterly revenue from high-performance computing leases, Hut 8 holds 949 MW of contracted IT capacity worth $26.6 billion, and IREN reported $70.5 million in AI cloud revenue above its $66.7 million mining revenue. Bitcoin remains one factor among several in these companies’ valuations, with its weight lowest where contracted computing capacity has become central to the equity case.
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