Pure-play bitcoin miners are seeing renewed momentum after months of trailing peers that diversified into data centers, with investor interest rising alongside bitcoin’s advance toward record highs.
MARA and CleanSpark Drive Gains
MARA Holdings (MARA) climbed 10%, while CleanSpark (CLSK) jumped 17%, leading the CoinShares Bitcoin Mining ETF on Thursday. The rally highlights a renewed focus on miners directly leveraged to bitcoin’s price.
Bitcoin Rally Spurs Optimism
Bitcoin (BTC) rose 2.2% to around $115,700, moving within 5% of its all-time high near $118,000 following the Federal Reserve’s rate cut. Historically, the year-end period has often produced some of bitcoin’s strongest gains, making miners with large BTC balances attractive leveraged plays.
MARA and CleanSpark hold 52,477 BTC ($6.2 billion) and 12,703 BTC ($1.5 billion), respectively. MicroStrategy (MSTR), the largest corporate BTC holder, also gained 7% on Thursday.
Rotation From AI and HPC Miners
Investor rotation may also be contributing, as profits from AI and high-performance computing (HPC) miners flow into pure-play bitcoin names. Bitfarms (BITF) has surged 150% in September, Iren Energy (IREN) gained over 600% since April, and Cipher Mining (CIFR) climbed 500% in the same period.
Thursday’s trading saw some cooling in these high-flying stocks, with CIFR down 7% and IREN down 4%, indicating capital is shifting toward bitcoin-focused operations.
