AI Leases Lift Bitcoin Miner Stocks as Bitcoin Slides

By Marcus Bennett

Riot Platforms (NASDAQ: RIOT) and Bitdeer Technologies (NASDAQ: BTDR) closed November 6, 2026 at $16.71 and $6.02, up 13.2% and 13.3% respectively, even as Bitcoin fell below $75,000 and touched $74,722, its lowest level since August, according to 24/7 Wall St.

24/7 Wall St. put Bitcoin at about $75,662 on November 8, down 2.9% over the prior week. Its explanation for the divergence was a broader repricing of mining companies as landlords for AI computing sites, not a response to stronger cryptocurrency prices.

For investors, 24/7 Wall St. framed the change as a shift from volatile coin sales toward contracted dollar revenue, with capital needs and tenant execution still carrying weight. That distinction matters because a long lease can support valuation without protecting a miner from the cost of building capacity.

Why did miner stocks rise while Bitcoin fell?

Riot announced on November 4 that it had signed a 15-year lease with an undisclosed AI company for its Corsicana, Texas campus. The contract covers 910 megawatts (MW) of computing capacity and is expected to be worth about $28 billion, Riot said.

Core Scientific CEO Adam Sullivan, whose company competes with Riot for AI tenants, called the Corsicana agreement “a major milestone for the sector.” He warned: “capital is the throttle on all new development.”

24/7 Wall St. reported that Riot’s stock gained traction after the lease announcement while Bitcoin remained under pressure. The mechanism is conversion: mining companies can lease power, land and space to AI tenants under dollar contracts that do not require Bitcoin holdings or purchases.

What contracts are driving the valuation?

• Riot’s Corsicana lease: The 15-year agreement covers 910 MW and carries an expected value of about $28 billion, according to Riot’s November 4 announcement.
• Riot’s earlier leases: A 20-year contract covers 191 MW and about $9.1 billion with another AI lab; a separate 50 MW lease covers AMD, 24/7 Wall St. reported.
• Riot’s outlook: With these arrangements, Riot anticipates that almost all future cash flow will come from long-term leases with leading AI firms rather than Bitcoin price fluctuations, 24/7 Wall St. reported.
• Bitdeer’s Volta lease: The 16-year colocation agreement, or data-center hosting contract, covers 121 MW in Tydal, Norway and is worth $4.7 billion, according to Bitdeer.

The lease structure matters as much as the headline values. 24/7 Wall St. described Riot’s Corsicana deal as a triple-net lease (the tenant runs the computers and covers utilities while Riot provides the land and power).

Riot charges rent on the full 910 MW whether the tenant uses it or not. The first 400 MW is scheduled to come online in September 2027, with the complete campus operational by July 2028, according to 24/7 Wall St.

According to 24/7 Wall St., Bitdeer’s Volta agreement will begin in phases in December. The Norwegian site adds another long-duration contract while Bitdeer’s AI revenue remains smaller than its mining business.

Bitdeer reported $14 million in AI cloud services revenue in the second quarter, up from $1.3 million in the prior year. Self-mining still generated $168.4 million in the same quarter, according to company figures cited by 24/7 Wall St.

24/7 Wall St. used Core Scientific (NASDAQ: CORZ) as a glimpse into the finished version of the model. The company generated $215.4 million in colocation revenue in the third quarter, up nearly 60% from the previous quarter, while total revenue reached $232.9 million.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) stood at $133.6 million, producing a 57% adjusted EBITDA margin, 24/7 Wall St. reported.

CEO Adam Sullivan has said Core Scientific expects to exit Bitcoin mining by the end of 2026. For Riot and Bitdeer, that operating target supplies a concrete benchmark for converting mining capacity into contracted AI revenue.

How are dollar leases changing the Bitcoin trade?

24/7 Wall St. said Riot’s and Bitdeer’s contracts are explicitly denominated in dollars. No tenant is required to hold or buy Bitcoin, while the miners provide electricity, land and operating space under the agreements.

Under 24/7 Wall St.’s account, AI tenants become customers whose contracted dollar payments can continue while Bitcoin mining margins compress. The miners still face the construction, power and financing obligations required to make the sites operational.

• Riot’s Bitcoin sales: The company sold 20,264 BTC in 2026 for $1.5 billion, reducing holdings from 11,380 at the end of the second quarter to 2,418, according to 24/7 Wall St.
• Bitdeer’s Bitcoin sales: The company mined and sold 258.6 BTC during the week covered by its November 6 update, ending with no holdings apart from customer deposits, Bitdeer reported.

24/7 Wall St. said those sales add Bitcoin to the available market supply as the miners shift toward AI. Riot management said its Bitcoin treasury is the main funding source for developing its data centers and that it plans to sell almost all Bitcoin it mines going forward.

How much financial risk separates Bitdeer from Riot?

• Bitdeer shares: The stock remained down 46.3% in 2026 and down 10.4% over the prior week despite the November 6 gain, according to 24/7 Wall St.
• Riot shares: The stock stood 31.9% higher for 2026 and 30.4% higher over the prior week, according to 24/7 Wall St.

Bitdeer’s second-quarter gross margin (the revenue share left after direct costs) was -3.7%, borrowings totaled $1.8 billion, and one customer supplied 51.6% of revenue in the first half of the year, according to 24/7 Wall St.

Bitdeer filed in August to sell as much as $1 billion in new shares through an at-the-market program (gradual sales of newly issued shares to investors). Riot does not expect to issue new equity for its planned projects, 24/7 Wall St. reported.

Sullivan’s warning lands differently across the two companies. Bitdeer combines a -3.7% gross margin with $1.8 billion in borrowings and an active equity program; Riot says its planned projects do not require new equity, according to 24/7 Wall St.

JPMorgan estimated Bitcoin’s production cost at nearly $78,000 in September 2026, while 24/7 Wall St. put Bitcoin around $75,662 on November 8. The source said mining had become less profitable at the current price.

Riot reported a direct production cost of $39,265 per Bitcoin in the third quarter. The figure excludes depreciation of mining equipment and therefore is not directly comparable with JPMorgan’s estimate, according to 24/7 Wall St.

AI leases offer a separate operating business, but they require capital before the first 400 MW opens in September 2027 and before the entire Corsicana campus reaches service in July 2028. 24/7 Wall St. therefore described mining as less profitable while presenting AI contracts as the replacement growth engine.

Can the miner-stock rally lift Bitcoin?

No. 24/7 Wall St. said the rally does not necessarily imply higher Bitcoin prices because AI tenants pay in dollars while Riot and Bitdeer continue selling the Bitcoin they produce.

In 24/7 Wall St.’s account, the two effects can coexist: contracted AI revenue can improve miner cash flow, while coin sales add supply to Bitcoin markets. For shareholders, the first effect depends on delivery, financing and tenant concentration; the second depends on continued asset sales.

The next proof points are measurable. Bitdeer must start Volta’s phased deployment in December, and Core Scientific expects to leave Bitcoin mining by the end of 2026. Riot’s Corsicana schedule then requires 400 MW in September 2027 and the full 910 MW by July 2028.

Until those milestones arrive, 24/7 Wall St.’s explanation for the November 6 rally points to AI infrastructure contracts, not a stronger Bitcoin market. The financing gap between Riot and Bitdeer will remain central to how much of that repricing survives the build-out.