What is a Good Business: Why Kevin O'Leary is Investing in Infrastructure, Not in Crypto Tokens

What is a good business in the world of digital assets? It’s not about buying and selling thousands of types of cryptocurrency. According to the famous Shark Tank investor Kevin O’Leary, the real profits are in the core assets: land, electricity, and the infrastructure supporting the entire industry. His major bet on data centers and mining operations indicates a profound shift in where money is truly flowing within the crypto ecosystem.

Land and Electricity: The True Value of Data Center Infrastructure

O’Leary shared with CoinDesk that he owns 26,000 hectares of land spread across various regions, all prepared for high energy-intensive operations. This includes 13,000 hectares in Alberta, Canada, which has been publicly disclosed, and an additional 13,000 hectares at confidential locations currently awaiting regulatory permits.

But O’Leary’s strategy isn’t just about buying land. His model is based on a deep understanding of what Bitcoin mining and AI data center operations truly need: large territories and cheap, reliable electricity. “I don’t need to build a data center,” he explains. “My job is to prepare locations that are ready to use, fully permitted and infrastructure-ready.”

His investment in BitZero—a company operating data centers in Norway, Finland, and North Dakota—demonstrates his approach. This company offers both Bitcoin mining and high-performance computing solutions, generating revenue by providing services to clients willing to pay for optimized infrastructure. The model is similar to traditional real estate development: profit from leasing space and resources, not from building the infrastructure itself.

The electricity contracts in some of these locations, where prices are below six cents per kilowatt-hour, are even more important than his Bitcoin holdings. This is why infrastructure investments lead his token holdings—approximately 19% of his assets are dedicated to crypto-related land and infrastructure.

Why Only Bitcoin and Ethereum Matter to Institutions

O’Leary is direct and unambiguous about the future of alternative cryptocurrencies: most will not rise again. His analysis of market data shows a remarkable concentration in just two digital assets.

According to him, institutional capital—the real money moving markets—is focused solely on Bitcoin and Ethereum. “To capture 97.2% of the total market movement since the advent of crypto, you only need two positions: Bitcoin and Ethereum,” he illustrates with data. All other cryptocurrencies have remained at the same level or only slightly increased—and in many cases, have not returned to their previous values.

An independent study by Charles Schwab supports this observation. Nearly 80% of the expected $3.2 trillion market valuation is centered on Bitcoin and Ethereum, even as thousands of new projects continue to emerge. This is a critical insight for investors: the big money is in just the two largest blockchains.

Regulation as the Key: How the Crypto Market Will Change

What potential could unlock massive institutional adoption in crypto? According to O’Leary, it is regulation. The United States Congress is currently reviewing a comprehensive crypto market structure bill that could transform the industry.

But the current draft of the bill has issues. It includes a provision that bans yield on stablecoin accounts—an unfair policy, in his view. Clients of traditional banks can earn interest on deposits, but in crypto, they are not allowed. This creates no incentive for users to try stablecoin products.

Coinbase, as a company earning significant revenue—$355 million in Q3 2025 alone from stablecoin yield offerings—has expressed strong concern over the bill due to this restriction. Circle, a USDC issuer and strategic partner of Coinbase, wants to offer rewards to account holders similar to traditional financial institutions.

O’Leary’s realization is profound: “Until we allow stablecoin users to earn yield on deposits, mainstream adoption will be difficult.” Regulation, instead of opening doors, could become a barrier—or, on the other hand, the most important catalyst for true mainstream adoption.

Life revolves around choosing where to invest. For Kevin O’Leary, the answer is simple: infrastructure, land, and electricity are the businesses capable of shaping the future of crypto and artificial intelligence. Not coins and tokens multiplying like jewelry in the market. The real profits are in the foundation—literal and figurative.