Bitmine Immersion Jumps 11% as Crypto Stocks Gain on Rotation From AI Infrastructure
Updated
Updated · CNBC · Jul 27
Bitmine Immersion Jumps 11% as Crypto Stocks Gain on Rotation From AI Infrastructure
3 articles · Updated · CNBC · Jul 27
Summary
Bitmine Immersion surged 11% Monday after adding nearly 10,000 ether worth about $19.4 million, leading a broader rally in crypto-linked stocks during a market sell-off.
That move came as investors rotated out of chip and AI infrastructure names amid lower oil prices, falling Treasury yields and growing concern that AI build-outs will require costly new financing.
Sharplink Gaming rose 6%, Strategy gained 7% after preserving cash for a fifth straight week, and Coinbase, BitGo, Figure Technology and Circle climbed 2% to 6%; Circle also bought IBM's 1,000-plus blockchain patents.
AI-exposed bitcoin miners moved the other way, with Cipher Mining down 8%, Core Scientific off 9% and Riot, Mara and CleanSpark falling, as investors increasingly trade miners as digital-infrastructure proxies tied to AI funding risk.
Bitcoin stayed below $65,000 while ether rose more than 1% to about $1,900, underscoring that the equity rally was driven more by sector rotation than by a sharp jump in token prices.