In a striking turn of events, pure-play bitcoin mining stocks are experiencing a resurgence after lagging behind their tech-savvy counterparts in the high-performance computing (HPC) and artificial intelligence (AI) sectors. Companies like MARA Holdings (MARA) and CleanSpark (CLSK) have seen their stock prices jump by 10% and 17% respectively on Thursday, leading the charge among CoinShares Bitcoin Mining ETF members. This sudden shift raises the question: Are traditional bitcoin miners poised to reprice similarly to their AI/HPC counterparts?
A Tale of Two Sectors
For much of 2025, the spotlight in the tech investment world has been fixed on companies pivoting towards AI and HPC. The promise of these cutting-edge technologies has driven enormous gains for firms like Iren Energy (IREN), Cipher Mining (CIFR), and Bitfarms (BITF). For instance, Bitfarms has skyrocketed by 150% in September alone, while IREN has soared over 600% since April, and CIFR advanced 500% during the same period. However, these gains are not without their volatility, as evidenced by CIFR’s 7% drop and IREN’s 4% slip on Thursday.
In contrast, pure-play bitcoin miners, primarily focused on the extraction and accumulation of bitcoin, have been somewhat overshadowed—until now. As investors begin to reevaluate their portfolios, some are turning their attention back to these traditional miners, potentially setting the stage for a significant repricing.
Riding the Bitcoin Bull
One of the key factors driving this renewed interest is the anticipation of a strong year-end performance for bitcoin. Historically, the final months of the year have been kind to the cryptocurrency, often delivering bullish returns. This year seems no different, with bitcoin climbing towards $118,000, up 2.2% on Thursday and trading just 5% below its all-time high. The recent Federal Reserve interest rate cut has only added fuel to the fire, boosting investor sentiment.
MARA and CleanSpark, two of the sector’s largest bitcoin holders, are in a prime position to benefit from this potential rally. MARA holds a staggering 52,477 BTC, valued at approximately $6.2 billion, while CleanSpark has 12,703 BTC, worth around $1.5 billion. These substantial holdings make them significant leveraged plays on bitcoin’s future performance, enticing investors eager to capitalize on the cryptocurrency’s upward momentum.
Profit Rotation: A New Strategy?
Another factor at play is the possibility of investors rotating their profits from the overheated AI and HPC sectors back into bitcoin mining stocks. With the recent cooling in some AI and HPC stocks, this strategy seems increasingly plausible. While tech giants have enjoyed a remarkable run, some investors may be seeking to lock in gains and diversify their portfolios, finding renewed potential in the more traditional—yet currently undervalued—bitcoin mining sector.
Strategy (MSTR), the world’s largest corporate owner of bitcoin, has also seen a 7% uptick today, further hinting at a broader investor interest in bitcoin-related stocks. This shift could signal a broader market trend where investors recalibrate their strategies to balance high-growth potential with the stability and historical reliability of bitcoin.
The Road Ahead
Despite the recent surge in pure-play bitcoin mining stocks, questions remain about the sustainability of this trend. As the year progresses, the performance of these stocks will likely hinge on several factors, including bitcoin’s price movements, broader market conditions, and the ongoing evolution of the AI and HPC sectors.
However, the current landscape presents a compelling narrative for investors. With bitcoin on the cusp of potentially setting new records and a possible rotation of profits from the tech sector, traditional miners like MARA and CleanSpark could be in for a significant repricing. The key will be maintaining momentum and navigating the inherent volatility of both the cryptocurrency and stock markets.
In the rapidly changing world of cryptocurrency and technology, one thing is certain: investors will be watching closely, ready to seize opportunities wherever they arise. As the debate continues on whether pure-play bitcoin miners can emulate the recent success of AI and HPC stocks, the coming months promise to be a defining period for both sectors.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
