Introduction: Three Distinct Choices in the Same Market

On April 13, 2026, as BTC hovered around $71,000 under the shadow of the Hormuz blockade, three publicly traded U.S. cryptocurrency companies responded to this price in their own ways: Bit Digital locked more ETH on-chain; Riot Platforms continued to convert mined Bitcoin into operational cash; and IREN set its sights on the AI computing power market. These three choices represent the most representative business logic in the current ecosystem of publicly traded cryptocurrency companies.

1. Bit Digital: The "ETH+AI" Dual-Track Structure Behind Deepened Staking

Bit Digital is one of the most uniquely structured Ethereum treasury listed companies on the market. It not only holds 155,444 ETH and utilizes about 62% for staking to generate network revenue, but also gains equity exposure to AI high-performance computing infrastructure through its holding company WhiteFiber (NASDAQ: WYFI).

Yesterday, it added approximately 29,900 ETH to staking, bringing the cumulative staking that week to 73,234 ETH. This action technically means the company is locking a larger proportion of its holdings into Ethereum network validation activities in exchange for about 2.9% annualized protocol-level staking rewards. With the current ETH price at approximately $2,200, the total market value of 155,444 ETH holdings is about $342 million, but its average price of $3,045 indicates an overall paper loss of around 28%.

However, Bit Digital's uniqueness lies in that it has built a "non-dilutive capital structure" through the independent listing status of WhiteFiber—when it needs to expand its balance sheet, it can do so via financing operations at the WhiteFiber level without having to issue dilutive shares at the BTBT level that would reduce shareholder density of ETH. This creates a structural difference from Bitmine and SharpLink, which generally rely on ATM issuance at the BTBT level to finance Ethereum purchases.

2. Riot Platforms: The Real Dilemma Facing Bitcoin Mining Companies

Riot Platforms represents the common plight of current Bitcoin mining companies. With BTC priced at around $71,000, many mining companies' all-in cost lines (including electricity, depreciation, management costs) are approaching or even exceeding the current market price, leading to "mine and sell" becoming an inevitable choice to maintain cash flow.

By April 2026, Riot had sold approximately $102 million in BTC, creating a direct market game with treasury-type companies (Strategy, Metaplanet) that have continuously increased their holdings. The sales from the mining companies constitute ongoing supply pressure on Bitcoin, while the purchases from treasury companies provide structural demand support—the net difference between the two largely determines the marginal supply-demand balance of BTC at the current price range.

3. IREN: The Largest Shift from Mining Company to AI Data Center

IREN (formerly Iris Energy) announced that it will expand its AI cloud computing power scale to 150,000 GPUs, marking the largest single case of a cryptocurrency mining company's transition to AI computing power to date. The business logic behind this decision is clear: AI computing power hosting contracts typically have long-term lock-in periods of 3 to 5 years, providing much higher visibility and stability of revenue compared to the mining profits that fluctuate with Bitcoin prices, thereby offering a more solid cash flow foundation for the company to support higher valuation multiples.

For investors in cryptocurrency concept stocks, IREN's transformation path provides an observation framework worth paying attention to: when Bitcoin mining profitability is under pressure, does a mining company that holds a large amount of low-cost electricity infrastructure have a "re-pricing window" to migrate to the AI computing power market? IREN's stock price rose about 8% yesterday, which is the most direct pricing feedback from the market regarding this narrative.

On the same trading day, Bit Digital chose to deepen ETH staking, Riot chose to sell BTC for cash, and IREN chose to turn mining sites into GPU farms. There are no right or wrong choices among these three, but they collectively illustrate the real divergence in the ecosystem of publicly listed cryptocurrency companies in April 2026: under the dual pressure of BTC being below the cost line for most mining companies and ETH prices being far below the average purchase price for most treasury companies, the companies' capital structures and operational models are determining their methods of navigating through the cycle.

Data Source: https://bbx.com/ Cryptocurrency concept stock information library, organized based on global listed company announcements and SEC/TSE disclosure documents from yesterday.

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