CoreWeave’s $20 billion funding haul shows why Bitcoin is losing the competition for liquidity
CoreWeave’s massive debt and equity fundraising, including a $3.1 billion GPU-backed loan, highlights how much institutional capital is flowing into AI infrastructure. That demand contrasts sharply with Bitcoin, which has fallen over 50% from its peak even as global liquidity has expanded. A key explanation is that AI is absorbing risk capital that might otherwise have gone into Bitcoin. AI infrastructure is attractive because it offers yield, hard collateral, and long-term contracts tied to major tech customers, making it easier for investors to underwrite than Bitcoin’s non-yielding, scarcity-based value proposition. The BIS says hyperscalers may spend over $1 trillion on AI capex in 2025–26, reinforcing the scale of the boom. The longer-term risk is that if AI spending slows, overcapacity, higher financing costs, or refinancing stress could trigger a broad deleveraging. That could hurt Bitcoin at first, but after the shakeout, capital may rotate toward scarce assets like Bitcoin that are not tied to corporate cash flows or debt burdens.
