IREN, WULF, BITF Explode: Bitcoin Miners Crowned AI Infrastructure Kings in Bernstein Bombshell

Bitcoin mining stocks just ripped the roof off—and Wall Street's calling it an AI infrastructure revolution.

The Bernstein Boost

Analysts at Bernstein dropped the hammer, declaring IREN, WULF, and BITF as the unexpected winners in the AI infrastructure arms race. These bitcoin miners aren't just digging for digital gold anymore—they're building the backbone for artificial intelligence's explosive growth.

Power Plays Pay Off

Massive computing power requirements meet existing infrastructure. Bitcoin mining operations already solved the energy-intensive compute puzzle—now they're pivoting to feed AI's insatiable appetite. The market's voting with its wallet, sending these stocks soaring as investors chase the next tech transformation.

Who needs another fintech pitch deck when you can just repurpose bitcoin mines? The ultimate pivot—from crypto digging to AI infrastructure—proves once again that in tech, yesterday's niche play becomes tomorrow's mainstream bet.

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Five-star analyst Gautam Chhugani noted that the rising demand for power from AI and other digital workloads has made access to the electricity grid the biggest hurdle for new data center growth.

Also, he believes bitcoin miners already have a massive, ready-made power supply as they secured large contracts for renewable energy years ago. As a result, this existing infrastructure makes miners “attractive partners for AI cloud providers,” he said.

Bernstein Crowns IREN Stock as Top Pick

Chhugani has named IREN as its “top pick” among Bitcoin miners, citing the company’s “deep data center expertise” and “multiple strategic pathways for a full-scale AI pivot.” He reiterated a Buy rating on IREN stock with a price target of $75.

The analyst said IREN’s 3 gigawatt power portfolio gives it several options to grow its AI cloud business, such as building its own GPU cloud, leasing power to big tech firms, or using a mix of both.

At the same time, he pointed out that IREN’s Bitcoin mining is highly profitable, with its computing power up more than 200% in the past year and a low cost of about $36,000 per Bitcoin. With Bitcoin trading NEAR $120,000, IREN is generating about $1.1 billion in annual revenue and $650 million in adjusted EBITDA.

Overall, Chhugani believes IREN is well-positioned to capitalize on its power flexibility, making it a strong player in both crypto and AI infrastructure.

Is IREN a Good Stock to Buy?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on IREN stock based on eight Buys, two Holds, and one Sell assigned in the past three months. Further, the average IREN price target of $52.63 per share implies 19.55% downside risk.