Shares of Bitcoin mining companies expanding into artificial intelligence infrastructure rose sharply Monday after Hut 8 and IREN announced a combined $12.6 billion in new contracts, easing concerns about softening demand for data center capacity.

Hut 8 advanced as much as 17 percent following a 15-year, $9.8 billion lease agreement for the second phase of its Beacon Point AI data center campus in Texas. The deal with an investment-grade tenant doubles the customer’s commitment to 704 megawatts and fully commercializes the site’s 1 gigawatt capacity.

IREN gained as much as 19 percent after securing $2.8 billion in multiyear cloud services agreements with Microsoft, Nvidia, Perplexity and Figure AI. The company raised its year-end artificial intelligence cloud annualized revenue run-rate target to more than $4 billion.

The CoinShares Bitcoin Miners ETF climbed 8.5 percent amid the broader sector rally. Other participants, including Cipher Mining, TeraWulf, Riot Platforms and MARA Holdings, posted gains ranging from 5 percent to 11 percent.

The agreements address recent investor doubts stemming from advances in open-source artificial intelligence models and potential increases in supply from cloud providers. Hut 8’s long-term lease and IREN’s diversified customer base across the AI value chain signal sustained demand for high-performance computing capacity.

IREN plans to expand its AI cloud capacity to 480 megawatts in 2026 and 1.2 gigawatts in 2027. Customer prepayments cover about 45 percent of associated capital expenditures, reducing execution risks.

The developments validate the strategic shift by former Bitcoin miners toward artificial intelligence infrastructure, reinforcing confidence in long-term revenue visibility for the sector.