[VanEck: Bitcoin Miners Transitioning to AI Data Center Leasing Saw an Average 35% Drop in Stock Price in October] According to a VanEck research report, the stock prices of Bitcoin miners transitioning to AI data center infrastructure leasing fell by an average of about 35% in October. However, signed leases have not been cancelled, and demand signals are still strengthening. VanEck believes that this sell-off was mainly driven by rising financing costs and macro sentiment, with the market underestimating the value of these companies' long-term leases. The report points out that the bottleneck in AI infrastructure lies in electricity, not chips. Given the increasing scarcity of electrified, grid-connected sites, these miners typically sign 10- to 20-year long-term leases with investment-grade tenants. Their valuations are currently significantly lower than data center REITs, approximately half that of the latter based on 2028 EBITDA. VanEck believes that if these companies halt expansion, the value supported solely by signed leases is significantly higher than the current stock price.