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Fears that the artificial intelligence bubble has peaked have rattled markets, but Wall Street dealmaking remains active thanks to one critical factor: power demand from bitcoin miners and data center developers. Even as AI stocks face volatility, the underlying need for electricity to support bitcoin mining, AI infrastructure, and high-performance computing (HPC) continues to fuel mergers, acquisitions, and investment activity.
According to Joe Nardini, head of investment banking at B. Riley Securities, demand for power has not slowed. Bitcoin miners still require massive energy capacity, and demand from AI and HPC data centers is even stronger. GPU-ready facilities remain in high demand, with operators consistently reporting full pipelines of tenants willing to pay premium rates.
After the most recent bitcoin halving reduced mining rewards, many miners faced margin pressure despite elevated bitcoin prices. In response, they pivoted toward hosting AI and HPC workloads in existing data centers. This strategic shift helped support bitcoin mining stocks and aligned the crypto sector with broader AI infrastructure growth.
Although concerns about stretched AI valuations erased billions from major tech companies earlier in 2025, demand fundamentals remain intact. Data center operators continue to report strong tenant interest, long-term leases, and attractive pricing. A notable example includes Hut 8’s multi-billion-dollar, long-term lease agreement tied to large-scale power capacity, which drove a sharp rally in its stock.
This sustained demand is reflected in deal valuations. High-quality sites with reliable power and strong locations can command more than $400,000 per megawatt, with some transactions approaching $500,000 per megawatt. Even distressed or less desirable sites still attract buyers, albeit at discounted valuations.
Buyers include hyperscalers, AI companies, and bitcoin miners, while sellers now range from crypto-native firms to traditional industrial asset owners repurposing older facilities. Some owners face a strategic choice: sell their power-rich assets or become data center developers themselves.
Looking ahead to 2026, expectations of lower interest rates could support a renewed risk-on environment. As long as data centers remain leased at strong rates, industry participants believe the AI and bitcoin infrastructure trade remains alive, supported by an unrelenting global demand for power.
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