 ▲ Bitcoin (BTC), cryptocurrency mining, artificial intelligence (AI)/ChatGPT-generated image © |
Bitcoin (BTC) mining companies are significantly increasing fundraising through high-yield bond issuance to finance artificial intelligence (AI) data center development, stimulating both risks and opportunities in the market.
On February 26 (local time), cryptocurrency-focused media outlet Cointelegraph reported that a boom in AI and data centers led by Bitcoin mining firms is driving growth in the high-yield bond market. According to the report, companies related to AI data center development have raised approximately $33 billion over the past 12 months solely through long-term senior bonds, excluding convertible bonds.
Interest rate spreads in the financial markets are becoming increasingly evident. While regulated utilities and traditional energy companies typically borrow at rates between 4% and 5%, AI and cryptocurrency-related issuers are paying significantly higher rates, approaching 7% to 9%. Considering that the average coupon rate for U.S. dollar-denominated high-yield bonds stood at around 7.2% in the second half of 2025, the cost of capital applied to these companies remains relatively high.
Recent successful fundraising efforts include companies such as CoreWeave and Applied Digital. CoreWeave secured financing at interest rates of 9.25% and 9% in May and July 2025, respectively, while Applied Digital recorded a rate of 9.2% in November. TeraWulf issued bonds at 7.75%, and Cipher Mining did so at rates of 7.125% and 6.125%. Despite shifting their business models toward AI infrastructure, the market continues to demand a high risk premium from these firms.
Energy-focused media outlet TheEnergyMag analyzed the phenomenon, stating, “The message from lenders is clear.” TheEnergyMag explained, “Regulated loads and contracted generation are still treated as infrastructure, but AI and Bitcoin are classified as growth credit even when long-term purchase agreements are in place.” This suggests that even as mining companies accelerate their transition to AI infrastructure, it may take more time before they can access capital as cheaply as traditional infrastructure firms.
As the AI infrastructure boom intensifies, competition among Bitcoin mining companies to secure hardware is also growing fiercer. Canaan recently invested $40 million to acquire a 49% stake in three mining facilities in Texas, continuing its aggressive expansion. Despite the burden of high interest rates, mining companies are not slowing their data center expansion in order to meet surging demand for AI computing power.
The digital asset mining industry is seeking to diversify its revenue structure by integrating with the AI sector. Market attention is focused on whether large-scale capital injections through high-yield bond issuance will translate into tangible results in the AI infrastructure market. Companies are making all-out efforts to improve operational efficiency and secure long-term contracts to overcome high capital costs.
Disclaimer: This article is for investment reference purposes only, and no responsibility is assumed for any investment losses resulting from its use. The content should be interpreted solely for informational purposes.