Bitcoin miners' AI contracts boost valuations, spark insider-sale scrutiny

Analysts from Compass Point note that AI compute contracts, not Bitcoin price, are now the primary driver of market valuations for publicly traded miners such as Cipher Mining and TeraWulf. The firms have signed multi‑year leases with large‑scale technology tenants, and the net present value of those contracts exceeds current enterprise values, creating a pricing gap that the market has yet to close.

As the AI‑related narrative cools, investor sentiment has shifted. The TEM AI Infrastructure Growth Index fell 16% in the past month, prompting closer examination of corporate governance. Insider stock sales at TeraWulf, Cipher Digital, Riot Platforms and Core Scientific—largely executed under Rule 10b5‑1 plans—have drawn renewed scrutiny, while stable‑coin issuer Tether reduced its stake in Bitdeer. The combination of undervalued AI contracts and heightened governance concerns is reshaping how investors assess the sector.