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One morning on my daily live stream, I came up with a scheme that made everyone watching think I’d made a mistake.
On one side was Bitcoin. It’s down nearly 30% this year, below $60,000 for the first time since 2024.
On the other side were Bitcoin miners. Their shares are up about 56% so far in 2026.
At first glance, it makes no sense.
For many years, these two schemes may have been one. Bitcoin is up…miners are up. Bitcoin is down…miners are down. This is how the market worked.
Except, not anymore.
After nearly three decades of trading in Chicago, I’ve learned that when two things that were moving together suddenly stop moving together, it’s usually because the market figured something out before anyone else.
Most investors see a contradiction. Professional traders see evidence.
I want to show you more about that today.
I’ll explain why Bitcoin miners have quietly become one of the most interesting AI infrastructure stories on the market…
I present to you a few companies that I believe are leading this transformation…
And I show you why this is exactly the kind of shift in the market Mark Chaikin And I built our Convergence trigger system To determine before it becomes clear to everyone.
The same substation. Different tenant.
Sometimes, companies don’t change, but the market changes the business in which they operate. Bitcoin miners are a perfect example.
For years, investors have valued it almost entirely on one thing: the price of Bitcoin. This makes sense.
Cryptocurrency mining companies filled giant warehouses with specialized computers, consumed huge amounts of electricity, and converted all that energy into digital currencies. If Bitcoin rises, their economics improves. If Bitcoin declines, investors head for the exits.
basic.
Then something unexpected happened: the AI kept bumping into walls. First the power, then the transformers, and finally the substations, cooling systems, memory and electrical equipment.
While everyone wants to build AI-powered data centers, utilities cannot build new substations, transmission lines, transformers, cooling systems, and grid connections overnight. These things take years to permit and build.
That’s when AI specialists started asking a different question – who actually owns huge, vibrant industrial sites directly connected to the electrical grid?
The answer is Bitcoin miners.
Nothing has changed regarding their territory, electrical infrastructure, or transportation communications. The only change was where the demand was coming from.
The businesses stay basically the same, but I don’t think of this business as Bitcoin mining anymore. They are now AI infrastructure companies that have discovered that their most valuable asset is not Bitcoin.
It’s electricity.
That’s why these plans suddenly diverged. The market went looking for strength, found it in Bitcoin miners, and began re-pricing them.
Once I saw that, the whole sector started to make sense.
Follow the power, not the headlines
This isn’t the first time Wall Street has misunderstood what it was looking at.
During every major technology boom, investors spend the early years worrying about the clear winners. Then they slowly realize that the real money often lies one layer underneath.
The Internet needed fiber, cloud computing needed data centers, and the shale revolution needed pipelines and pressure pumping equipment.
AI needs electricity, and lots of it.
That’s why I think this transformation is still in its infancy.
Wall Street research firm Bernstein estimates that publicly traded bitcoin miners control more than 27 gigawatts of planned power capacity. Many of them sign 15- to 25-year agreements with AI clients rather than dedicate those facilities to Bitcoin mining.
This is a completely different business model, one with long-term contracts, predictable cash flows, and investment-grade counterparties.
Instead of hoping that the price of Bitcoin will rise next month, they are signing long-term infrastructure contracts.
That’s a completely different investment thesis.
Three “miner” names I see
If you’re watching on Masters in Trading LiveYou may have heard me mention the names of crypto miner infrastructure that has turned to AI before.
Irene Limited (Erin) It remains my favourite. The company has partnered directly with Nvidia company (NVDA)continues to expand its reach, and – something I really like – has deliberately avoided turning itself into another leveraged Bitcoin proxy. It is focused on building an AI infrastructure business.
digital encryption companySèvres) This transition has also been made aggressively. We’ve traded them successfully before, and I continue to like what management is doing as they shift toward long-term AI hosting contracts.
Then there Terawolf Company (Wolf). I joked on the live stream about being the “owner of Google.” This is obviously an oversimplification, but it captures what is happening. Alphabet Company (Google) TeraWulf has invested heavily in the company, with TeraWulf converting some of its Bitcoin mining sites into AI data center infrastructure. Instead of making money primarily from mining coins, money is increasingly being made to provide the energy, land, and facilities that AI companies (including Google) desperately need.
The market used to value these companies based on the number of coins they mined. Today it is starting to evaluate it based on who leases its AI infrastructure.
Now, I want to be clear.
I’m not telling you to run out and buy every Bitcoin mine you can find. Some will execute this transition well, but many will not.
The opportunity is to see which companies big institutional investors – the “smart money” – are quietly piling on before everyone starts telling the same story.
That’s why Mark and I built Affinity
One thing I’ve learned over the years is that Wall Street never announces these shifts.
They don’t ring a bell.
The smart money moves first. A few months later, analysts upgrade the stock. Then the rest of us see the headlines.
This is frustrating if you are trying to stay ahead of the market.
It’s also exactly why Mark Chaikin And I started working together.
I’ve always been relieved to spot unusual market behavior – moments when the ticker begins to tell a different story than the headlines. That’s what I’ve done on the trading floor for nearly three decades.
Bitcoin price fell, miners rose. This is exactly the kind of difference that catches my attention.
But direction has always been harder.
Mark has built his career by studying the direction of institutional money flow.
When we combined these two approaches, we found something that neither of us had on our own. We call it Convergence operator.
Instead of asking, “Is this an interesting story?” We ask, “Are institutions really prepared for this?”
Because by the time everyone agrees that Bitcoin miners have become AI infrastructure companies, the biggest gains may already be behind us.
Mark and I recently sat down to explain exactly how we’re using this approach — not just with Bitcoin miners, but across AI infrastructure, SpaceX-related opportunities, and many other market topics we’re watching right now.
If you missed this free presentation, we missed you Make it available again for a limited time.
I think you will get something more valuable from three stock ideas. You will come up with a different way of looking at the market.
You’ll realize that the biggest winners are often not hiding at all. They are simply misunderstood.
Remember, the creative trader wins.
jonathan rose,
founder, Master of Commerce
note: One of the things I appreciate most about Jonathan’s work is that he doesn’t stop at the headline. He asks the next question. In this case, the question wasn’t “What does Bitcoin do?” The question was “Why do miners behave differently?” This is the kind of thinking he and Mark Chaikin discovered View convergence. If you haven’t watched it yet, I encourage you to make some time. I think you’ll see the market a little differently then.
