Mining companies dropped harder than Bitcoin yesterday. Bitcoin fell to ¥80,400 yesterday. A few U.S. stocks dropped 6-9%, hitting their lowest since April. Their valuations are now tied to the bond market. These companies signed 20-year data center leases in the first half of the year, renting them out to AI firms. The rent is locked in until 2048, but the buildings are being constructed now, and the money has to be borrowed now. The 10-year Treasury yield hit 5.35% this week, the highest since 2002. When borrowing costs go up, the future rent payments due 20 years from now are worth less today. RIOT sold 4,300 coins in Q2 to fund data center construction. They signed leases for 191 MW, with contract values totaling $9.1 billion. Add the AMD deal, and it’s 241 MW, $9.8 billion. As of the end of June, they still had 11,380 Bitcoins on their books, worth ¥660 million. Net loss: ¥237 million. Same time last year? Over ¥200 million in net profit. As long as AI financing keeps flowing, these stocks will stay decoupled from Bitcoin prices. If the funding dries up, I’m only holding onto the coins. #Bitcoin #Crypto #AI #Stocks