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Bitcoin Breaks Above $65,000, Crypto Mining Stocks Rally, IREN Up Over 24%

On July 30, Bitcoin broke above $65,000 per coin, driving a rally in crypto mining stocks. Cipher Digital and IREN surged over 24%, Core Scientific rose over 21%, Riot Platforms, CleanSpark, and Applied Digital gained over 19%, Hut 8 climbed over 17%, and MARA Holdings and TeraWulf rose over 16%. Morgan Stanley recently began covering several Bitcoin miners that have pivoted to become AI infrastructure providers, noting that companies with large grid-connected power assets will be well-positioned to capitalize on the surging demand for AI data centers. Morgan Stanley named Hut 8 as its top pick with a price target of $263, and set a $36 target for Riot Platforms, both rated 'Overweight.' Applied Digital received a 'Neutral' rating with a target of $36.50.

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