Riot and Bitdeer Jumped 13% While Bitcoin Fell Under $75,000

Bitdeer Technologies (NASDAQ: BTDR) closed at $6.02 on November 6, 2026, up 13.3% on the day. Riot Platforms (NASDAQ: RIOT) finished at $16.71, up 13.2%. The same day, Bitcoin traded down to $74,722 — its lowest level since August — before settling around $75,662 on November 8, down 2.9% for the week.

What does this change for miner stocks? The rally had almost nothing to do with Bitcoin's price. It had everything to do with AI.

What Drove the 13% Moves?

Riot's jump follows a lease announcement on November 4. The company signed a 15-year agreement with an undisclosed AI company for its Corsicana, Texas campus, covering 910 megawatts of computing capacity. Riot values the deal at roughly $28 billion.

The structure is a triple-net lease (Riot supplies land and power; the tenant runs the computers and pays utilities). Rent is charged on the full 910 megawatts regardless of actual usage. The first 400 megawatts are expected online in September 2027, with the full campus operational by July 2028.

This adds to Riot's existing AI contracts:

• A 20-year, 191-megawatt lease with another AI lab, worth about $9.1 billion
• A 50-megawatt lease with AMD (NASDAQ: AMD)

Riot now expects almost all future cash flow to come from long-term AI leases rather than Bitcoin's price swings.

Bitdeer is making the same turn, just earlier-stage. It signed a $4.7 billion, 16-year colocation lease (the tenant's servers sit in Bitdeer's facility) with AI lab Volta in Tydal, Norway, covering 121 megawatts and phasing in from December. Bitdeer's AI cloud revenue hit $14 million in Q2, up from $1.3 million a year earlier — though self-mining still produced $168.4 million.

Core Scientific (NASDAQ: CORZ) shows where this ends. It posted $215.4 million in Q3 colocation revenue, up nearly 60% quarter over quarter, on total revenue of $232.9 million with $133.6 million in adjusted EBITDA (a 57% margin). CEO Adam Sullivan said the company expects to exit Bitcoin mining entirely by year-end.

Do These Deals Support Bitcoin's Price?

No. The contracts are denominated in dollars, with no indication tenants must hold or buy Bitcoin.

The miners are actually adding to Bitcoin's sell-side pressure. Riot sold 20,264 BTC in 2026 for $1.5 billion, cutting its holdings from 11,380 at the end of Q2 to 2,418. In its November 6 weekly update, Bitdeer reported mining and selling 258.6 BTC that week and holding zero Bitcoin apart from customer deposits. Riot's management calls its Bitcoin treasury the main funding source for data center development and plans to sell nearly all newly mined coins going forward.

Why Is Bitdeer Riskier Than Riot?

Sullivan, who competes with Riot for AI tenants, called the Corsicana deal a major sector milestone. But he cautioned that "capital is the throttle on all new development" — and that constraint bites Bitdeer harder.

The numbers bear that out:

• Bitdeer stock: down 46.3% in 2026, down 10.4% over the past week
• Riot stock: up 31.9% in 2026, up 30.4% over the past week
• Bitdeer Q2 gross margin: -3.7%, with $1.8 billion in borrowings
• One customer accounted for 51.6% of Bitdeer's first-half revenue

Bitdeer filed in August to sell up to $1 billion in stock through an at-the-market program (gradual offerings directly into the market). Riot says it doesn't expect to issue new equity for planned projects.

Mining itself is unprofitable at current prices for many operators. JPMorgan estimated Bitcoin's production cost near $78,000 in September. Riot's direct production cost was $39,265 per coin in Q3 — a figure that excludes equipment depreciation.

So the miner rally doesn't lift Bitcoin. These companies found dollar-paying tenants, and they keep selling the coins they mine.