The Uncertain Future of AI: How Cryptocurrency Company Stock Prices Are Shifting

One of the year’s key narratives has been the pivot of mining companies toward developing data centers for artificial intelligence (AI) projects. Initially, this idea sparked enthusiasm, but over time, it has become less clear-cut. How has this shift impacted the stock prices of major players in the cryptocurrency industry?

AI-Driven Profits

Massive investments in artificial intelligence have begun to spook investors. The business sector has become so deeply entrenched in this trend that it has taken on significant debt. However, many still lack confidence that they will definitively recoup their investments. These sentiments have inevitably affected financial markets. Cryptocurrency companies—those investing in crypto, accepting it as a payment method, or engaged in mining—have come under pressure.

TeraWulf (NASDAQ: WULF)

Topping our list of the top 10 largest crypto companies is TeraWulf, with a market capitalization of $5.64 billion. Historically focused solely on mining, the company is now also oriented toward AI and high-performance computing (HPC). In October, WULF shares lost more than 23.5%. The primary reason for the decline is the company’s growing debt. In October, it was revealed that the credit line for building new AI data centers increased in volume by 60% to $400 million. Investors’ concerns are primarily linked to the unclear financial outcome of such capital injections.

Hut 8 (NASDAQ: HUT)

At number nine is Hut 8, a former pure-play miner that now also develops AI and data centers, with a market capitalization of $7.54 billion. In October, the company’s shares fell by nearly 29%. The reasons are the same as those for TeraWulf: the drop in Bitcoin‘s price and growing investor skepticism regarding the bet on artificial intelligence.

Galaxy Digital (NASDAQ: GLXY)

Claiming the eighth spot is Galaxy Digital, with a market capitalization of $7.88 billion. Its cryptocurrency activities are extensive, including consulting, asset management, and brokerage services. In October, GLXY shares plummeted by 35.43%. The main driver of the decline is the company’s connection with AI infrastructure and cloud service provider CoreWeave. CoreWeave is the sole tenant of Galaxy Digital’s Helios data center in West Texas, while simultaneously holding a massive debt of $35.6 billion. Investors have reasonable concerns about CoreWeave’s ability to generate stable cash flow. The absence of such a flow could adversely affect Galaxy Digital’s financial condition.

IREN (NASDAQ: IREN)

Another former mining company that has completely abandoned cryptocurrency mining in favor of AI and HPC is IREN (formerly Iris Energy). It secured seventh place with a capitalization of $9.81 billion. In October, the company’s shares lost 39.07% of their value. The main reasons for this situation include investor skepticism regarding the success of “neo-cloud” companies and negative assessments by SemiAnalysis analysts of IREN’s data centers in British Columbia. According to the analytical report, the centers have several issues: frequent network outages, technical malfunctions, and power supply challenges.

BitMine Immersion Technologies (NYSE: BMNR)

Taking sixth place on the list is BitMine Immersion Technologies, which holds the largest Ethereum reserve among publicly traded companies and also owns a small amount of BTC. With a market capitalization of $13.51 billion, its shares dropped 15.25% in October. Much of the decline followed the depreciation of Ethereum itself and the outflow of capital from spot ETH ETFs. Additionally, the situation regarding another delay of the “Glamsterdam” hard fork did not boost investor sentiment.

Coinbase (NASDAQ: COIN)

The largest American cryptocurrency exchange, Coinbase, takes fifth place with a market capitalization of $43.38 billion. In October, the platform’s shares fell by 11.78%. Investors are disappointed with the company’s financial results. All three reports released for 2026 so far have shown losses. Investors also expect modest results from the next financial disclosure, scheduled for Thursday, October 29.

Block (NYSE: XYZ)

The fourth spot goes to the payment service Block (formerly Square), which has a capitalization of $45.93 billion. The company provides services to crypto investors and invests in digital assets itself. October brought a 3.83% decline in XYZ shares. Investors adopted a wait-and-see position ahead of the financial report scheduled for November 3. Furthermore, market players continue to be pressured by significant uncertainty caused by international tensions and high inflation in the United States.

PayPal (NASDAQ: PYPL)

The third-largest crypto company by capitalization is the payment service PayPal, valued at $49.15 billion. The service not only allows clients to trade cryptocurrencies but also has its own stablecoin, PYUSD. Over the past month, the company’s shares rose by 8.55%. The main catalysts for this positive trend were the oversold state of PYPL securities and investor expectations for the third-quarter financial report, to be published on Tuesday, October 27.

Strategy (NASDAQ: MSTR)

Strategy, the company with the largest Bitcoin reserve among those with freely traded shares, secured second place with a market capitalization of $61.82 billion. In October, its shares fell by 4.62%. The main reasons for the downward trend in MSTR securities were the potential exclusion from MSCI stock indices. This event could occur as early as November 30, with the list of affected companies to be published on November 11. Additionally, the depreciation of Bitcoin negatively impacted Strategy’s shares.

Tesla (NASDAQ: TSLA)

Electric vehicle manufacturer and major Bitcoin holder Tesla continues to lead the list of crypto companies thanks to a capitalization of $1.471 trillion. October brought a 4.91% growth in TSLA shares. Investor optimism was primarily linked to a successful financial report. Despite reducing capital expenditures by 20%, Tesla recorded a profit of $1.53 billion. Additionally, rumors of a merger with another of Elon Musk’s companies, SpaceX, worked in its favor.

Conclusion

In conclusion, there is no “Uptober” or clear upward trend observed not only in the cryptocurrency market as a whole but also among crypto companies in particular. Shares of eight out of the ten organizations in our top list fell in price. IREN shares performed the worst, plummeting by 39%. Only Tesla and PayPal demonstrated positive dynamics.

This material and the information contained herein do not constitute individual or other recommendations. The editorial opinion may not coincide with the views of analytical portals and experts.