$RIOT

U.S. stock futures were mixed on Tuesday, with Nasdaq and Russell 2000 futures up 0.1%, Dow futures down 0.1%, and S&P 500 futures flat. Investors await July CPI data and geopolitical tensions impact sentiment. Key earnings reports include SMCI, CRWV, CAVA, LITE, and SLS. NVDA labeled AI data centers as investable assets, INTC upsized its share sale to $20B, and RIOT secured a $9.1B deal. RKLB shares fell despite a revenue beat, ASTS extended selloff, and SPCX faced lockup expiration pressures.

Bitcoin mining companies, facing reduced rewards and lower cryptocurrency values, are pivoting to AI. Firms like Riot Platforms and Bitdeer are signing deals with AI companies, repurposing their infrastructure. The shift is costly, but some believe it's irreversible. Bitcoin's price has rallied to around $80,000 after a slump from its peak of $124,000 in October 2025.

MARA Holdings (MARA) fell 5% to $9.25, Cipher Mining (CIFR) dropped 10% to $16.70, and Riot Platforms (RIOT) slid 4% to $19.20 as 10-year Treasury yields near 4.7% impacted valuations. MARA holds 35,577 Bitcoin, but higher rates raise construction costs. HIVE Digital (HIVE) also declined 5% to $2.91. The 10-year Treasury yield's 52-week high affects miner valuations.

Riot Platforms secured up to $573M in interim financing for its $9.1B data-center lease with Anthropic, maturing Dec 2026. The project, costing $2.1B-$2.3B, requires additional financing. Riot aims to finalize an investment-grade credit backstop. Bitcoin is not pledged as collateral.

CleanSpark (CLSK) fell 6% to $11.84, while MARA Holdings (MARA) was flat at $11.14, despite Bitcoin (BTC) rising 7% to $77,740.82. Investors are reassessing the miner-to-AI-landlord pivot, with CleanSpark's mining revenue down 30% and EBITDA deeply negative. Riot Platforms (RIOT) saw initial gains from a $9.1B AI deal fade. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) dropped 3%.

Cipher Mining (CIFR) fell 9% and TeraWulf (WULF) dropped 7% as 10-year Treasury yields rose to 4.7%, pressuring valuations of AI data center projects. HIVE Digital (HIVE) also declined 7% despite a new $350M GPU deal. MARA and Riot Platforms saw drops of 5% and 4%, respectively. Rising yields increase borrowing costs and discount future cash flows for these companies.

Bitcoin (BTC) surged over 20% this week, reaching $77,200, its biggest rally since 2023. Ethereum (ETH) also rose nearly 30% to $2,400. Cryptocurrency-related stocks like Coinbase (COIN) and MicroStrategy (MSTR) gained over 15%. The rally followed U.S. Treasury intervention and potential regulatory clarity. MicroStrategy reported a $1.4 billion unrealized profit on its Bitcoin holdings, while Poolin filed for bankruptcy with significant liabilities.

CleanSpark (CLSK) fell 6% despite a 7% Bitcoin rally, while MARA remained flat. Investors are reassessing miners' pivot to AI landlord roles. CleanSpark's mining revenue dropped 30%, and EBITDA turned negative. Riot Platforms' $9.1B AI deal initially boosted shares but gains faded. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) fell 3% on the day.

Riot Platforms (RIOT) signed a 20-year data-center deal with Anthropic, boosting shares. Duquesne Family Office disclosed a new 754,800-share stake in RIOT. Q2 revenue rose 14% YoY to $174.2M, with Bitcoin mining revenue down. RIOT holds $1.2B in liquid assets. Analysts raised price targets post-Anthropic deal, with Morgan Stanley setting the highest at $43.

Cryptocurrency and blockchain-related stocks rose on Friday as Bitcoin climbed over 9% to near $80,000. Companies like Coinbase (COIN), MicroStrategy (MSTR), and Robinhood (HOOD) saw gains. Mining firms and ETFs tracking Bitcoin also advanced. The rally followed U.S. President Trump's call for crypto legislation and Treasury support for long-duration bonds.