Divisors of 70: Bitcoin Miners and AI Data Centers Discover Wall Street's Profitable Opportunity

Artificial intelligence and the Bitcoin mining industry have become the fastest-growing investment sector on Wall Street, with valuation multiples at the 70x level. Agreements for data center capacity not only indicate that trading is ongoing but are actually gaining momentum. B. Riley Securities investment banking head Joe Nardini’s recent observations clarify why demand for energy capacity has never waned.

Billion-Dollar Energy Deals: Hut 8 and Fluidstack’s Historic 15-Year Mega Contract

A transaction that took place last week is the best proof of the vitality of the data center market. Hut 8’s stock price rose by 20% following the signing of a 15-year, $7 billion lease agreement with Fluidstack for 245 megawatts of IT capacity at the River Bend campus. This valuation at the 70x multiple level is not just a deal—it’s an indicator of how Wall Street values AI and the crypto sector.

Despite recent market sell-offs, Nardini noted that these companies have “higher valuation multiples and attractive pricing opportunities to raise capital.” Even today, with Bitcoin trading around $79,000, such mega contracts are being considered. For energy and computing capacity owners, this is not just a temporary trend—it’s a long-term revenue source.

70-75x Profit Margins per Megawatt: Pricing Strategies of Data Center Developers

Nardini’s research reveals how astonishing the prices paid per megawatt are. High-quality energy and well-located data centers are priced up to $400,000 and even $450,000 per megawatt. Previously, this figure ranged between $500,000 and $550,000 per megawatt. This high pricing at the 70x level demonstrates how scarce energy capacity truly is.

The problem is that facilities in lower-quality or less preferred locations continue to receive “low-price” offers between $100,000 and $250,000 per megawatt. This proves that demand exists across every corner of the market. In one case, a tenant even indicated they were willing to pay the full rent upfront before completion—such high demand.

Bitcoin Halving and AI Boom: Why Miner Energy Demand Never Decreases

Even when Bitcoin reached around $83,000 in late December (above the current $79,000 level), the aggressive bids from miners and AI developers continued to attract attention. Nardini emphasizes that Bitcoin miners’ energy demand remains “large,” but the demand from AI and high-performance computing (HPC) sectors is “even greater.”

After the Bitcoin halving, despite significant margin pressures on miners, they increasingly shifted toward hosting AI and HPC hardware in GPU-supported facilities. This strategic shift has triggered sharp rises in some BTC mining stocks. In competitive environments with high-quality energy and suitable locations for GPUs, the dollar per megawatt metric becomes “very attractive.”

Wall Street Insider: Joe Nardini’s Observations During Deal Negotiations

Nardini paints a concrete picture based on reports from multiple negotiators. Private sellers are receiving NDA requests from about 25 potential buyers, which include Bitcoin miners, hyperscalers, and AI firms. He noted that even 160-year-old industrial facilities are being seen in these deals, and despite market difficulties, the primary attraction remains energy.

On the buyer side, large tech companies (hyperscalers), AI firms, and Bitcoin miners are involved, while the seller universe extends beyond crypto-focused players. Industrial companies owning idle facilities are seriously considering sales given the steady demand from the AI/HPC and Bitcoin ecosystems. One private client is building “30-megawatt units at a time” and seeking additional financing to grow now.

Expectations for 2026: Energy Demand Will Never Stop

Looking ahead to 2026, Nardini states that if interest rates fall, the environment will support risk assets, creating a “risk-on environment.” The operational realities shared by executives reinforce his positive outlook: tenants are in place, prices are strong, and if one customer doesn’t take a space, “someone else will.”

Nardini’s warning is simple: if developers cannot lease what they build or cannot get the needed prices, then it will be time to worry. But he says he hasn’t heard such signals at present.

“The fundamentals remain solid. Power and AI High-Performance Computing data center capacity demand continues unabated. Data center developers with capacity are seeing high-credit tenants at favorable rates, so the core economics of the business remain robust,” says Nardini.

This valuation at the 70x multiple level and billion-dollar deals show that AI trading is not just staying alive—on the contrary, it is one of Wall Street’s most profitable opportunities in 2026.