Funds that had piled into artificial intelligence (AI) infrastructure stocks in the U.S. market moved into cryptocurrency-related shares, pushing related stocks broadly higher.

On July 27, CNBC reported that BitMine Immersion Technologies, which increased its ethereum holdings, jumped 11 percent to lead the gains. Coinbase Global, BitGo and Figure Technology also rose 4 to 6 percent.

BitMine Immersion rose the most. The company said in an update that it increased its ethereum holdings by nearly 10,000 tokens. At current prices, that is worth about $19.4 million. SharpLink Gaming, another ethereum treasury strategy company, also gained 6 percent.

Bitcoin treasury strategy company Strategy rose 7 percent after increasing its cash buffer for a fifth straight week instead of buying more bitcoin. Stablecoin issuer Circle Internet Group rose 2 percent after saying it bought IBM's patent portfolio of more than 1,000 blockchain-related patents worldwide. It did not disclose the deal terms.

The moves came as a sharp drop in oil prices, a fall in U.S. Treasury yields and risk-off sentiment toward AI-related shares, including memory chipmakers, combined. Owen Lau (오언 라우), an analyst at ClearStreet, said intensifying competition with Chinese chip companies and concerns about revolving financing led to a reassessment of AI infrastructure stocks, prompting funds to shift to alternative themes such as crypto.

By contrast, AI-linked bitcoin mining stocks fell across the board. Cipher Mining dropped 8 percent, the biggest decline, while Hut 8 and TeraWulf fell 6 percent and 4 percent, respectively. Pure-play miners also weakened. Riot Platforms fell 5 percent, Mara Holdings slipped 3 percent and CleanSpark dropped 4 percent. Core Scientific, which has significantly reduced the share of bitcoin mining in its business, fell 9 percent.

The market is focusing on the view that mining firms are no longer seen as simple bitcoin producers but as digital infrastructure companies holding power capacity, data centre assets and energy contracts. That has increased the tendency for pure-play miners such as Mara Holdings and Riot Platforms to move in step with AI-exposed companies within theme baskets, sector ETFs and algorithmic trading.

Michael Donovan (마이클 도너번), a senior research analyst at Compass Point, said, "Today's weakness partly reflects concerns that, along with the burden of capital spending, mining-AI group companies may need to raise additional funds at higher costs to maintain their development pipelines." Donovan also cited reports that Nvidia is discussing providing financial support to OpenAI related to plans to lease a new AI data centre in Ohio, saying it suggests credit is playing a bigger role in supporting expanded AI investment.

Donovan added, "Some investors are asking whether credit demand for these projects is nearing its limit, and whether any developer can finance pipeline funding without significant equity dilution, high-interest debt, or additional support from customers and strategic partners." He said this could weigh on the broader mining-AI group in the short term, but added that AI compute infrastructure itself remains attractive and is a structurally supply-constrained market.

Bitcoin and ethereum prices did not move as much as the stock market. Bitcoin was little changed below $65,000, while ethereum rose more than 1 percent around $1,900. The day's trading was seen as more notable for reallocations from AI infrastructure stocks into crypto-related shares than for a surge in coin prices.