Bitcoin mining companies are rapidly transitioning to AI infrastructure amid growing demand, according to 10x Research. This shift has led to a 56% rise in a cryptocurrency stock basket index year-to-date, while Bitcoin itself has declined by 17%. The transition is highlighted by significant stock gains, with KEEL up 30%, CIFR and IREN each rising 29%, WULF climbing 24%, and HUT increasing 22% this week. Key developments include IREN's $1.6 billion purchase of Dell Blackwell systems, TeraWulf's acquisition of a 1 GW facility in Kentucky, and Hut 8's $9.8 billion lease agreement in Texas. Meanwhile, Bitcoin faces pressure from rising U.S. Treasury yields and expectations of a hawkish Fed, leading to institutional outflows from assets like BlackRock's Bitcoin ETF. Markets are also focused on upcoming PCE data and the first FOMC meeting under new Fed Chair Walsh.