VanEck: AI-pivoting Bitcoin miners look oversold after 35% October drop

VanEck thinks the market got carried away. The asset manager says Bitcoin miners that have pivoted into AI look oversold after a roughly 35% drop in October, according to Cointelegraph. The selloff, in VanEck's view, went further than the underlying business justified.

What spooked investors was funding. Fears about how these companies would bankroll their AI buildouts hit the stocks hard, and the miners-turned-data-center-operators took the brunt of it. That anxiety — not anything that actually broke — drove the October slide.

Here's the detail VanEck is leaning on: no signed leases were cancelled. Not one. The contracts these companies signed to host AI and compute workloads are still on the books, which is why VanEck argues the punch to the share prices looks overdone relative to the deals in place.

The setup is a familiar one in crypto-adjacent markets. Miners spent years building out power capacity and sites for Bitcoin, then started repurposing that infrastructure for AI compute as demand for it exploded. That pivot made them a hybrid bet — part crypto, part data center — and left them exposed to both sentiment swings and financing questions.

For now, the argument comes down to funding worries versus paperwork. VanEck's position is that the signed leases are the real signal, and they're intact. Investors who sold in October were trading on fear about the money side, not on any lease walking out the door.