- Bitcoin mining stocks like Bitfarms (BITF), Cipher Mining (CIFR), Bitdeer (BTDR), IREN (IREN), Marathon (MARA) posted near double-digit gains on Oct 13, leading the crypto equity rally.
- The surge was fueled by optimism that OpenAI’s new deal with Broadcom to co-develop custom AI chips would intensify demand for compute infrastructure.
- Broader crypto markets recovered from Friday’s rout, with Bitcoin ticking up close to 1% major altcoins also rose in trade.
After a sharp slide late last week amid escalating U.S.-China trade fears, crypto-linked stocks staged a dramatic rebound on October 13. Leading those gains were Bitcoin mining stocks that stole the show. Bitfarms (BITF) skyrocketed ~26%, Cipher Mining (CIFR) jumped ~20%, while Bitdeer (BTDR), IREN, and MARA (Marathon Digital) delivered gains in the 8–12% range.
So what sent these stocks soaring? For one, miners sit on hardware, server capacity, and power operations. These assets align neatly with the surging demand for AI compute infrastructure. With AI demand surging, investors are viewing crypto miners as a way to tap into the broader infrastructure boom.
And it wasn’t just the miners, Coinbase, Strategy (MSTR), and Robinhood logged modest gains amid the general upbeat tone.
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
Broader crypto market recovery
Cryptocurrencies also joined the rebound. Bitcoin rose about 0.9% on Oct 13, correcting from its weekend dip. Major altcoins posted higher returns, SOL jumped ~5%, AVAX climbed ~6%, HBAR ~4–5%, among others. The recovery was aided by easing trade rhetoric out of Washington and renewed risk appetite in tech sectors.
The OpenAI–Broadcom Spark
The spark for much of the tech rally came from OpenAI’s deal with Broadcom. Under the agreement, OpenAI and Broadcom will jointly develop custom AI chips and networking components, targeting a buildout of ~10 gigawatts of AI compute capacity over the coming years. Broadcom’s stock jumped nearly 9–10% on the news, adding over $150 billion in market value.
OpenAI plays the design and architectural side; Broadcom will orchestrate deployment and chip manufacturing. The rollout is slated to begin in the second half of 2026 and stretch through 2029. One thing is clear: there is a strong link between crypto equities and AI infrastructure narratives. With tech momentum strong and OpenAI deals grabbing attention, crypto miners may continue to outperform in equity markets.
