Shares of Bitcoin miners pivoting to AI data center infrastructure leasing fell approximately 35% on average in October, according to a VanEck research report. Despite the selloff, signed leases remain intact and demand signals continue to strengthen. VanEck attributes the decline primarily to rising financing costs and negative macro sentiment rather than fundamental deterioration. The firm argues the market is underestimating the value of long-term leases, which typically span 10 to 20 years with investment-grade tenants. With power identified as the key bottleneck for AI infrastructure—not chips—powered, grid-connected sites are becoming increasingly scarce. The report notes that these miners' valuations currently sit at roughly half the level of comparable data center REITs on a 2028 EBITDA basis. VanEck estimates that if expansion were paused, the value supported by existing signed leases alone would exceed current share prices.