UBS Initiates Buy Ratings On Three Bitcoin Miners Pivoting To AI Data Centers

UBS initiated coverage on three bitcoin-mining companies with buy ratings in the same session: Hut 8, citing data center growth; Terawulf, citing leasing growth; and Applied Digital, citing AI data center growth. All three firms have spent recent quarters converting mining facilities and power contracts into infrastructure they can lease to artificial intelligence customers. The timing matters. Miners have faced falling block rewards and rising energy costs for years, pushing many to look for other uses for their power capacity. UBS's decision to back three at once signals the bank sees the AI infrastructure buildout, not bitcoin prices, as the more durable investment case for this group. What is unresolved is how much AI-related revenue these companies can actually book versus how much remains aspirational. None of the three has disclosed contracted revenue figures in these initiations, so the buy calls rest on capacity and leasing potential rather than signed deals.