JPMorgan: Mining stocks rally despite BTC weakness

U.S.-listed mining stocks are rallying despite the decline in Bitcoin's price, driven by improved profitability and expectations of a business model shift toward AI data centers, according to a JPMorgan analysis. The bank noted that winter snowstorms in the U.S. have eased mining competition, protecting miners' revenue, while major stocks like Iren (IREN) have also shown strong performance. However, JPMorgan cautioned that many mining stocks are currently trading at valuations approximately three times higher than the average BTC block reward and advised investors to be cautious.