Bitcoin Tops $65,000 Intraday; Crypto Mining Equities Rally Sharply With IREN Surging Over 28%

Tiger Newspress07-30

July 30, Bitcoin climbed above the $65,000 mark during intraday trading, fueling a rally across crypto mining stocks. IREN Ltd skyrocketed more than 28%, Cipher Mining Inc. gained over 26% and Core Scientific, Inc. advanced above 24%, while Riot Platforms notched a 23% increase. CleanSpark, Inc., APPLIED DIGITAL CORP and Hut 8 Mining Corp all rose upwards of 20%, alongside a 19% jump for MARA.

Morgan Stanley has recently initiated coverage on multiple bitcoin mining firms that have pivoted into AI infrastructure providers. The brokerage highlighted that miners equipped with large grid-connected power assets are well-positioned to benefit from the explosive growth in demand for AI data center capacity.

The bank assigned an Overweight rating to Hut 8 with a price target of $263 and to Riot Platforms with a $36 price target. Applied Digital received a Neutral rating alongside a $36.5 price target.

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