According to CoinMeta, a research report by Vaneck indicates that Bitcoin mining companies that have transitioned to leasing data center infrastructure from AI experienced an average decline of about 35% in their stock prices in October. Despite the drop in stock prices, the long-term leases that have been signed have not been canceled, and demand signals continue to strengthen. Vaneck believes that rising financing costs and macroeconomic sentiment drove this round of selling, and the market has underestimated the value of these companies' long-term leases. Such mining companies typically sign long-term leases of 10 to 20 years with investment-grade tenants. Currently, the valuation of these companies is significantly lower than that of data centers REITs; based on projections for 2028, it is about half of the latter's valuation. Vaneck argues that if these companies pause their expansion, the value supported by their existing leases alone would be higher than their current stock prices.