Bitcoin strength lifts miners, but the real story is how HPC strategies, policy clarity, and infrastructure scale are rewriting miner valuations beyond simple HODL math. We compare HODL-to-market-cap shifts, rising volumes, and why builders are outpacing pure treasury plays.

• Bitcoin momentum and miner rerating
• Divergence between HODL size and stock performance
• HPC and AI demand as new revenue engines
• Cipher, Hive, Bitfarms, HUT 8 highlights
• Canaan’s ASIC-to-mining hybrid strategy
• HODL-to-market-cap compression explained
• MARA, CAMT exemption, and FASB impacts
• DMG’s Christina Lake and Core Plus stack
• Expansion of top-100 Bitcoin treasuries
• MNAV compression and the DAT dilemma
• Why cost basis and energy control matter
• Audience prompt on miners vs pure HODL

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