Are Pure Play Bitcoin Miners Going to Reprice Like AI/HPC Miners?

News Back to menu News Markets Finance Tech Policy Focus Prices Back to menu Prices Data Back to menu Data Trade Data Derivatives Order Book Data On-Chain Data API Research & Insights Data Catalogue AI & Machine Learning Indices Back to menu Indices Multi-Asset Indices Reference Rates Strategies and Services API Insights & Announcements Documentation & Governance Research Back to menu Research Events Back to menu Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Sponsored Back to menu Sponsored Thought Leadership Press Releases CoinW MEXC Phemex Advertise Stellar Videos Back to menu Videos CoinDesk Daily Shorts Editor's Picks Podcasts Back to menu Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Newsletters Back to menu Newsletters CoinDesk Headlines Crypto Daybook Americas State of Crypto Crypto Long & Short Crypto for Advisors Webinars Back to menu Webinars English Select Language English en Português pt-br Français fr Español es Deutsch de Русский ru Українська uk Filipino fil Italiano it Nederlands nl 한국어 ko 中文 zh Search / News Prices Data Indices Research Events Sponsored Search / Sign In Sign Up BTC $ 117,418.35 1.55 % ETH $ 4,591.15 1.63 % XRP $ 3.1007 2.14 % USDT $ 1.0002 0.01 % BNB $ 987.27 3.19 % SOL $ 248.09 3.88 % USDC $ 0.9996 0.01 % DOGE $ 0.2822 3.43 % ADA $ 0.9284 5.18 % TRX $ 0.3510 3.02 % LINK $ 24.51 4.76 % HYPE $ 58.52 1.90 % AVAX $ 34.54 15.03 % USDE $ 1.0010 0.01 % XLM $ 0.4007 2.97 % BCH $ 635.79 6.08 % SUI $ 3.9487 1.58 % HBAR $ 0.2485 4.99 % WBT $ 43.99 1.42 % LTC $ 118.25 2.88 % BTC $ 117,418.35 1.55 % ETH $ 4,591.15 1.63 % XRP $ 3.1007 2.14 % USDT $ 1.0002 0.01 % BNB $ 987.27 3.19 % SOL $ 248.09 3.88 % USDC $ 0.9996 0.01 % DOGE $ 0.2822 3.43 % ADA $ 0.9284 5.18 % TRX $ 0.3510 3.02 % LINK $ 24.51 4.76 % HYPE $ 58.52 1.90 % AVAX $ 34.54 15.03 % USDE $ 1.0010 0.01 % XLM $ 0.4007 2.97 % BCH $ 635.79 6.08 % SUI $ 3.9487 1.58 % HBAR $ 0.2485 4.99 % WBT $ 43.99 1.42 % LTC $ 118.25 2.88 % Ad Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Are Pure Play Bitcoin Miners Going to Reprice Like AI/HPC Miners? MARA and CLSK rally as bitcoin nears $118,000 and sector momentum builds. By James Van Straten , AI Boost | Edited by Nikhilesh De Updated Sep 18, 2025, 7:31 p.m. Published Sep 18, 2025, 7:24 p.m. What to know : Investors may be front-running a potential fourth-quarter bitcoin rally, historically the asset’s strongest period. Potential rotation from AI/HPC miners into pure-play bitcoin miners Pure-play bitcoin BTC $ 117,497.23 mining stocks are waking up from their slumber after lagging behind those pivoting to the red-hot data center business. Pure-play miners such as MARA Holdings (MARA) and CleanSpark (CLSK) surged 10% and 17% on Thursday, leading gains among the CoinShares Bitcoin Mining ETF members. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . There are two key factors that may be driving the sharp gains. The first is the idea that investors could be front-running expectations of a strong year-end for bitcoin, a period that has historically delivered some of its most bullish returns. BTC is climbing towards $118,000 following the Federal Reserve's interest rate cut, up 2.2% on Thursday and trading only 5% below its all-time high. With sentiment improving, miners with significant BTC stash on the balance sheet could be leveraged plays on bitcoin's potential rally to new records. MARA and CleanSpark remain the sector’s largest BTC holders with 52,477 ($6.2 billion) and 12,703 ($1.5 billion) tokens, respectively. Strategy (MSTR) , the world's largest corporate owner of BTC, is up 7% as well today. The second driver could be investors rotating profits from stocks in high-performance computing (HPC) and artificial intelligence (AI) , which have enjoyed outsized gains over the past months. Iren Energy (IREN) , Cipher Mining (CIFR) , and Bitfarms (BITF) have all surged, with Bitfarms up 150% in September alone, IREN gaining over 600% since April and CIFR advancing 500% during the same period. However, to reinforce the rotation thesis, CIFR is down 7% and IREN has slipped 4% on Thursday. Marathon Digital Bitcoin Mining AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Chainlink's LINK Surges 6% on Treasury Purchase, ETF Anticipation By Krisztian Sandor , CD Analytics | Edited by Nikhilesh De 1 hour ago Caliber bought $6.5 million in tokens as part of its digital asset treasury strategy, while the Chainlink Reserve's token buybacks near $8 million since last month. What to know : Chainlink's native token surged 6% to over $24.5 as altcoins led crypto markets higher in anticipation of spot-based ETFs entering the market soon. Caliber purchased $6.5 million worth of LINK tokens as part of its digital asset strategy, while the Chainlink Reserve bought another $1 million tokens. LINK is gaining momentum with multiple resistance levels breached, CoinDesk Research's technical analysis model said. Read full story Latest Crypto News Is Binance Cutting Deals with Team Trump? That's What Senate Democrats Are Asking 38 minutes ago Chainlink's LINK Surges 6% on Treasury Purchase, ETF Anticipation 1 hour ago Coinbase Adds USDC Lending With Morpho and Steakhouse Financial 1 hour ago XLM Technicals Signal Bullish Strength Amid 4% Rally 2 hours ago Tristan Thompson Taps Somnia to Bring Basketball Fandom On-Chain 2 hours ago HBAR Climbs 7% as Strong Volumes Drive Breakout Toward Key Resistance 2 hours ago Top Stories Is Binance Cutting Deals with Team Trump? That's What Senate Democrats Are Asking 38 minutes ago Coinbase Adds USDC Lending With Morpho and Steakhouse Financial 1 hour ago Nvidia to Invest $5B in Intel and Develop Data Centers, PCs; AI Tokens Climb 5 hours ago Arca CIO on Why Crypto’s 2025 Rally Isn’t a True Bull Market and Why Some Tokens Have Outperformed 7 hours ago Tristan Thompson Taps Somnia to Bring Basketball Fandom On-Chain 2 hours ago DeFi TVL Rebounds to $170B, Erasing Terra-Era Bear Market Losses 5 hours ago In this article BTC BTC $ 117,497.23 ◢ 1.55 % About About Us Masthead Careers Blog Investor Relations Contact Contact Us Accessiblility Advertise Sitemap System status News Markets Finance Tech Policy Focus Videos CoinDesk Daily Editors Picks Shorts Spotlight Podcasts CoinDesk Podcast Network Markets Daily Gen C Unchained with Laura Shin The Mining Pod Cryptocurrencies Prices Bitcoin (BTC) Ethereum (ETH) XRP Solana (SOL) Data Trade Data Deriviatives OrderBook Data On-Chain Data API Data Catalogue AI & Machine Learning Indices Mult-Asset Indices Reference Rates Strategies & Services Insights & Announcements Documentation & Governance Events CoinDesk: Policy & Regulation Consensus Hong Kong Consensus Miami Webinars Sponsored Thought Leadership Press Release MEXC Phemex Stellar Research Research Reports Ethics Privacy Terms of Use Cookie Settings Do Not Sell My Info X icon © 2025 CoinDesk, Inc. Disclosure & Polices : CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.