In light of Bitcoin”s recent struggles, particularly after dipping below $100,000, the performance of crypto mining stocks has also been affected. However, several mining companies are exploring new avenues that could lead to growth, regardless of Bitcoin”s trajectory. Here are three mining stocks that may see a rally in 2026, even if Bitcoin continues its downward trend.
Nebius (NBIS) stands out as a crypto miner that has successfully transitioned into the realm of artificial intelligence (AI) data centers. By addressing critical energy and computing challenges faced by major tech firms, Nebius is strategically positioned to broaden its customer base. The company has made substantial investments in two key brands focused on AI: Avride, an autonomous vehicle developer, and TripleTen, an educational technology firm. Recently, Nebius secured a five-year agreement with Meta Platforms valued at approximately $3 billion, adding to its existing multi-billion-dollar partnership with Microsoft. Despite its growing focus on AI, Nebius reported an impressive 355% year-over-year revenue growth in Q3.
Interestingly, the terms “Bitcoin” and “crypto” were notably absent from Nebius” recent Q3 press release, signaling a clear pivot towards AI infrastructure. Analysts at Goldman Sachs have maintained a “Buy” rating for Nebius, recently adjusting their price target from $137 to $155, citing the increasing demand-supply imbalance in AI as a key driver for continued operational strength.
IREN (IREN) is another player in the space, with a concentrated focus on providing AI cloud services. While it still generates a significant portion of its revenue from Bitcoin mining, representing 97% in Q1 FY26, IREN is actively working on expanding its AI capabilities. The company boasts a pipeline of 3.2 gigawatts and has established a major five-year deal with Microsoft worth $9.7 billion, which grants the tech giant access to 200 megawatts of power. As IREN continues to develop its AI data centers, the potential for growth in this segment could be substantial, particularly as it taps into its full pipeline.
Analyst Darren Aftahi from Roth MKM has reiterated a “Buy” rating for IREN and set a price target of $94, suggesting that the stock could more than double from its current levels.
Terawulf (WULF) demonstrates a similar trajectory to IREN, relying on its crypto mining operations while also forging significant partnerships with major technology firms. The company plans to enhance its contracted capacity by 250-500 megawatts annually, with a notable agreement with Fluidstack involving a 25-year lease for 168 megawatts worth $9.5 billion. This partnership, backed by Google, could unlock further opportunities for Terawulf, translating into an estimated additional annual recurring revenue of $565 million to $1.13 billion.
Overall, while Bitcoin”s current struggles may weigh heavily on crypto mining stocks, companies like Nebius, IREN, and Terawulf are positioning themselves strategically to thrive in an evolving market landscape. Their diversification into AI and substantial tech partnerships could serve as catalysts for growth in the years ahead.
