UBS Initiates Coverage on Bitcoin Miners Pivoting to AI Hosting

UBS issued a report on September 22, 2026, initiating coverage on five Bitcoin mining companies transitioning into AI data center hosting, assigning a "buy" rating to all. The firms have secured 4.8GW of leased capacity with significant expansion pipelines. UBS noted that power scarcity supports rental yields and highlighted a shift toward high-credit tenants like Meta, Amazon, AMD, NVIDIA, and Anthropic (Anthropic). The average target price upside is 36%.