3 Crypto Mining Stocks That Can Rally Even As Bitcoin Price Falls
Bitcoin hasn’t fared well over the past month and continued to drop after falling below $100,000. Crypto mining stocks also felt the pain since their earnings are heavily tied to Bitcoin, but some of those same stocks can still rally due to their involvement in artificial intelligence and other initiatives.
These three crypto mining stocks can still rally despite Bitcoin’s correction. Bitcoin’s future rebound is also a good catalyst for these picks.
Nebius (NBIS)Nebius is one of several crypto miners that have pivoted into AI data centers. The company addresses the energy and computing bottlenecks that face tech giants, but the company is heavily invested in two brands that will harness AI to reach more customers.
Nebius Stock Price Year to Date. Source: Google Finance
Autonomous vehicle developer Avride and edtech company TripleTen are two long-term investments that add more value to NBIS stock.
However, Nebius isn’t sitting and waiting around for its large stakes in these companies to gain value.
Nebius has recently secured a 5-year deal with Meta Platforms, valued at approximately $3 billion. That partnership came on the heels of a multi-billion-dollar deal with Microsoft.
Those partnerships aren’t fully reflected in current revenue numbers, but that didn’t stop Nebius from delivering 355% year-over-year revenue growth in Q3.