VanEck: Bitcoin Miners Pivoting to AI Data Centers Fell ~35% in October

The divergence VanEck flags is the real story: operating fundamentals held while the equity re-rated on financing and macro pressure, meaning the market is currently pricing balance-sheet risk over contracted cash flow. That matters most for miners carrying long-duration leases with investment-grade tenants, whose value hinges on whether investors eventually credit that backlog the way they credit data center REITs. The gap between the two EBITDA multiples is the open question — whether it narrows as lease economics prove out, or persists while power constraints and funding costs dominate the narrative.