The U.S. stock market posted steady gains last week, driven by strength in technology and small-cap stocks. A resilient labor market and easing trade tensions helped boost investor confidence, even as some sectors faced headwinds and geopolitical risks lingered. Given that, let’s take a closer look at the Bitcoin mining sector.
Index Update
5-D Volatility: Shown as above, mining stocks once again outpaced Bitcoin in volatility. Here’s how they performed compared to other major stocks 👇👇
Major Company Updates
- Digi Power X announces the grant of a total of 1,145,000 stock options to certain officers, directors, management, key consultants and employees (link)
- HIVE Digital Technologies achieves 58% peak hashrate growth in one month, surpasses 10 EH/s in May 2025, and remains on track to reach 25 EH/s by year-end (link)
- Cango Inc announced the third amendment to share-settled crypto mining assets acquisitions (link)
- Northern Data Group announces opening of next-generation AI and high performance computing data center in Pittsburgh (link)
- Riot Platforms announces hiring of Jonathan Gibbs as chief data center officer to lead data center platform (link)
- WhiteFiber Inc., Bit Digital's AI unit, acquires ~1,000,000 square foot North Carolina industrial property to support up to 200 MW HPC data center campus (link)
Must Read: Applied Digital announces 250MW AI data center lease with CoreWeave in North Dakota (link)
What Happened: On June 2, 2025, APLD announced two 15-year lease agreements with CoreWeave to deliver 250MW of critical IT load at its Ellendale, North Dakota data center campus. The deal, expected to generate $7 billion in revenue. The first 100MW facility is set to go live in Q4 2025, with additional capacity coming online through 2027.
Cindy's Thoughts: APLD is now the second publicly listed miner to secure a major deal with CoreWeave — a clear signal of the company's growing strength in AI infrastructure. The market responded with confidence, driving a sharp rally in APLD’s share price last week. As of now, it ranks #5 by market cap among all public miners we track. For those who may not be aware, I actually talked about Applied Digital’s AI strategy back in last September — feel free to revisit that post. 😉
That’s all for this week! Feel free to drop us a message if you have any suggestions, feedback, or just want to say hi.
Thanks for being part of our journey-see you next week!
Cindy & the BMS Team 💜