The cryptocurrency mining and infrastructure sector surged on Friday following CoreWeave’s landmark $4 billion cloud computing partnership with OpenAI, while Galaxy Digital marked its Nasdaq debut with an 8% gain. Bitcoin held steady above $104,000 amid broader market consolidation, as investors balanced AI-driven optimism against rising inflation concerns.
Cipher Mining, Hive Digital, Hut 8, and TeraWulf led the charge with 10-20% stock price increases, reflecting renewed interest in data center operators positioned to benefit from artificial intelligence growth. The rally extended to crypto financial services firm Galaxy Digital, which began trading on the Nasdaq under ticker GLXY after years of operating solely on Canadian exchanges.
Coinbase shares rebounded 9% following Thursday’s sell-off triggered by a customer data breach disclosure and ongoing SEC investigations into its trading practices. Analysts suggest the market overreacted to these short-term challenges given Coinbase’s dominant position in U.S. crypto trading.
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CoreWeave’s AI Infrastructure Play
The $4 billion OpenAI deal represents CoreWeave’s largest cloud services contract to date, expanding its existing partnership with the ChatGPT developer. Shares in the specialized cloud provider jumped 26% following the announcement, outperforming broader crypto markets. This agreement highlights the growing convergence between AI infrastructure demands and blockchain-related computing resources.
Key beneficiaries include:
- Cipher Mining (CIFR): +18%
- Hive Digital (HIVE): +15%
- TeraWulf (WULF): +12%
These firms have increasingly positioned themselves as hybrid operators capable of supporting both proof-of-work blockchain networks and AI training workloads. Industry analysts note that GPU-rich data centers are becoming critical infrastructure for next-generation computing applications.
Galaxy Digital’s Market Milestone
Mike Novogratz’s Galaxy Digital saw its shares climb 8% during its Nasdaq debut, achieving a market capitalization of $3.2 billion. The listing completes the firm’s transition from its original Toronto Stock Exchange listing and provides U.S. investors with direct exposure to its diversified crypto operations, including:
- Asset management ($5.8B AUM)
- Bitcoin mining operations
- Institutional trading desk
The move comes as traditional financial institutions increase their crypto market participation, with Galaxy serving as a bridge between Wall Street and blockchain ecosystems. Company executives highlighted plans to expand their custody solutions and derivatives offerings in Q3 2025.
Bitcoin and Ethereum Price Action
Major cryptocurrencies showed muted responses to the equity market rally:
| Asset | Price | 24h Change |
|---|---|---|
| Bitcoin (BTC) | $104,200 | +1.3% |
| Ethereum (ETH) | $5,240 | +0.8% |
This stability occurred despite inflation expectations reaching multi-decade highs, with 10-year breakeven rates climbing to 3.2%. Some analysts suggest crypto markets are pricing in potential Fed rate cuts later this year, though policymakers remain cautious about persistent price pressures.
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The day’s trading activity underscores crypto markets’ growing sensitivity to enterprise technology partnerships and traditional market listings. While inflation concerns linger, investors appear focused on structural growth opportunities in blockchain infrastructure and institutional adoption catalysts. As AI and crypto convergence accelerates, mining firms with flexible operations could see sustained demand from both sectors.
