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Bitcoin ended the week down just 1.1%, yet nearly every AI-hosting miner fell by double digits, with Riot down 18%, Hut 8 down 16%, and Bitdeer down 15%. A gap that wide isn't about crypto. Three forces hit the AI-infrastructure trade at once. A major broker questioned the GPU pricing assumptions behind the neocloud valuations. The 10-year Treasury yield climbed above 5.3%, raising the cost of capital for the most leveraged builders.
And the Anthropic IPO, the event meant to validate the whole sector, slipped past the midterms as prediction-market odds faded. Contracted leases worth billions failed to protect these stocks, and insiders kept selling into the weakness. Below, we explain why the derating is happening now, which names still have contracted cash flows that hold up, and how we are positioning across treasury companies, miners and diversified crypto equities.
Please see attached pdf for all crypto equities.
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